Internet poker online
Archive for November, 2009
Given that compliance with the regulations of the Unlawful Internet Gambling Enforcement Act () have been delayed six months to June 1st, 2010, research on the effects of online gaming may now take center stage as lawmakers craft sensible legislation. At the helm of the is Keith Whyte, who sat down with Poker News Daily to discuss the internet side of problem gambling research.
In June, Congressmen Jim Moran (D-VA), Lee Terry (R-NE), and Frank Wolf (R-VA) introduced HR 2906, the Comprehensive Problem Gambling Act. The bill boasts 26 co-sponsors on both sides of the aisle and allocates $71 million over five years for problem gambling awareness, research, and treatment. Its language was incorporated into Senator Robert Menendez’s (D-NJ) S 1597, the Internet Poker and Game of Skill Regulation, Consumer Protection, and Enforcement Act.
Poker News Daily: Thanks for joining us. Talk a little bit about the differences between live and online problem gambling research.
Whyte: A lot of the research we have is not online and there may be some significant differences between online and live players. When we think about online players, one of the ways I try to break it down is to look at the risk factors for gambling problems: high speed of play, social isolation, use of credit cards, higher limits, and easy access. Those can all be found in the online arena. All of the studies have found that internet gambling users tend to be younger and male. Also cited is that online gamblers are not necessarily losing a lot of money; they are just on there 14 hours a day to the detriment of their work and family life. Problem gambling is not just about the money.
PND: Online gamblers have access to a wide variety of options at their fingertips like poker, blackjack, sports, and casino carnival games. Does that increase, decrease, or not affect the propensity for problem gambling to occur?
Whyte: It’s a pretty robust finding that the more types of things you gamble on, the more likely you are to have a gambling problem. The fact that online gamblers tend to play more types of games means that they are more likely to develop a gambling problem.
PND: Is an online problem gambling study in the works?
Whyte: As we work on Capitol Hill, there are a lot of people asking questions about the online environment. One of the reasons we haven’t done the research is funding and resources. As an advocacy organization for programs that assist problem gamblers, a lot of our focus is on prevention and treatment. For example, we’re still trying to build a safety net for problem gamblers at the state level. We are keen on trying to understand this better and I’d like to see the National Council in a position to support that research.
PND: Have any online poker or internet gambling sites come to you looking for research or offering assistance?
Whyte: has collaborated with Harvard University. Other examples have included the involvement of eCOGRA, but it’s nothing that we’ve done directly.
PND: Will regulation of the industry through a bill like Congressman Barney Frank’s (D-MA) HR 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act, deter problem gambling?
Whyte: That’s one of the concerns we have at the state level right now. We have no confirmation that regulated gambling is more responsible; it’s how that regulation is done. We’ve had problems with state governments not collecting and not releasing information, which makes it much more difficult for us to act.
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Given that compliance with the regulations of the Unlawful Internet Gambling Enforcement Act () have been delayed six months to June 1st, 2010, research on the effects of online gaming may now take center stage as lawmakers craft sensible legislation. At the helm of the is Keith Whyte, who sat down with Poker News Daily to discuss the internet side of problem gambling research.
In June, Congressmen Jim Moran (D-VA), Lee Terry (R-NE), and Frank Wolf (R-VA) introduced HR 2906, the Comprehensive Problem Gambling Act. The bill boasts 26 co-sponsors on both sides of the aisle and allocates $71 million over five years for problem gambling awareness, research, and treatment. Its language was incorporated into Senator Robert Menendez’s (D-NJ) S 1597, the Internet Poker and Game of Skill Regulation, Consumer Protection, and Enforcement Act.
Poker News Daily: Thanks for joining us. Talk a little bit about the differences between live and online problem gambling research.
Whyte: A lot of the research we have is not online and there may be some significant differences between online and live players. When we think about online players, one of the ways I try to break it down is to look at the risk factors for gambling problems: high speed of play, social isolation, use of credit cards, higher limits, and easy access. Those can all be found in the online arena. All of the studies have found that internet gambling users tend to be younger and male. Also cited is that online gamblers are not necessarily losing a lot of money; they are just on there 14 hours a day to the detriment of their work and family life. Problem gambling is not just about the money.
PND: Online gamblers have access to a wide variety of options at their fingertips like poker, blackjack, sports, and casino carnival games. Does that increase, decrease, or not affect the propensity for problem gambling to occur?
Whyte: It’s a pretty robust finding that the more types of things you gamble on, the more likely you are to have a gambling problem. The fact that online gamblers tend to play more types of games means that they are more likely to develop a gambling problem.
PND: Is an online problem gambling study in the works?
Whyte: As we work on Capitol Hill, there are a lot of people asking questions about the online environment. One of the reasons we haven’t done the research is funding and resources. As an advocacy organization for programs that assist problem gamblers, a lot of our focus is on prevention and treatment. For example, we’re still trying to build a safety net for problem gamblers at the state level. We are keen on trying to understand this better and I’d like to see the National Council in a position to support that research.
PND: Have any online poker or internet gambling sites come to you looking for research or offering assistance?
Whyte: has collaborated with Harvard University. Other examples have included the involvement of eCOGRA, but it’s nothing that we’ve done directly.
PND: Will regulation of the industry through a bill like Congressman Barney Frank’s (D-MA) HR 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act, deter problem gambling?
Whyte: That’s one of the concerns we have at the state level right now. We have no confirmation that regulated gambling is more responsible; it’s how that regulation is done. We’ve had problems with state governments not collecting and not releasing information, which makes it much more difficult for us to act.
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With poker at the center of our universe here at PokerNews, it’s often easy to overlook everything else going on in the gaming industry. If you’re as interested in all things gaming and casino as we are, you’ll enjoy the fruits of our research by…
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11 30th, 2009
The Sunday Majors delivered solid turnouts across the virtual felt this holiday weekend as post -Thanksgiving travel did not slow down online poker action. The PokerStars Sunday Million produced a field of 9,077 hopefuls, with Caio César…
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Last week, the U.S. Treasury and Federal Reserve announced that mandatory compliance with the regulations of the Unlawful Internet Gambling Enforcement Act () had been delayed until June 1st, 2010. Let’s take a look at the agencies’ reasoning.
The seven-page document issued by the Treasury and Federal Reserve on Wednesday begins with an overview of the UIGEA and states that the two government agencies consulted with the U.S. Department of Justice prior to delaying the compliance date. The final regulations of the UIGEA were published on January 19th as so-called “midnight rules” by the outgoing Bush administration. One day later, sitting President Barack Obama assumed office.
The document gives a brief timeline of events since then, noting that on September 18th, the (PPA), National Thoroughbred Racing Association, and American Greyhound Track Owners Association submitted a letter calling for compliance with the UIGEA regulations to be delayed by one year to December 1st, 2010. The two agencies explained, “Petitioners assert that many small regulated entities do not have the resources necessary to develop and implement appropriate policies and procedures by the December 1, 2009 compliance date and cite the possibility of confusion regarding the term unlawful internet gambling.” The latter three-word phrase was not defined in the UIGEA, which instead deferred to a muddled slate of state, federal, and tribal laws.
In October and November, members of Congress led by Barney Frank (D-MA) also asked for a delay, as did several organizations, including the American Bankers Association, Wells Fargo, the Credit Union National Association, and the National Association of Federal Credit Unions. On November 9th, other lawmakers including Senate Majority Leader Harry Reid (D-NV), whose home state serves as the epicenter for brick-and-mortar gambling in the United States, authored a letter purportedly expressing “an intent to consider legislation that would allow problematic aspects of the Act to be addressed.”
Meanwhile, Senator Jon Kyl (R-AZ) and Congressman Spencer Bachus (R-AL) weighed in, calling the reasons for a delay “speculative” in a November 3rd plea to the Treasury and Federal Reserve. Many of the groups clamoring for an extension feared overblocking, which could result in the denial of legal online wagering. In New Hampshire and North Dakota, credit card companies like Visa and MasterCard disallowed permissible online lottery transactions. In Kentucky, horse racing outfits feared that internet bets on the sport would come to a screeching halt. Several weeks ago, Churchill Downs Incorporated purchased YouBet, further complicating the matter.
In the end, the two government entities asserted, “Neither petitioners nor commenters supporting the petition have provided the Agencies with sufficient data or documentation to justify a twelve-month extension of the compliance date. The Agencies believe that a six-month extension is sufficient for regulated entities to address issues related to the definition of unlawful internet gambling.” The agencies added that documentation provided to banks and other financial institutions outlining the nature of business that their clients are engaged in should be sufficient to comply with the UIGEA.
The Treasury and Federal Reserve ultimately settled on using the Administrative Procedure Act to serve the delay on the grounds that the existing UIGEA rules are “impracticable, unnecessary, or contrary to the public interest.” Other pieces of law addressed were Executive Order 12866, the Regulatory Flexibility Act, and the Unfunded Mandates Reform Act. The document added, “The Agencies also believe that regulated entities need to be informed as soon as possible of the extension and its length in order to plan and adjust their implementation process accordingly.”
On Thursday, the House Financial Services Committee will discuss HR 2266 and HR 2267. No markup will occur during the informational hearing, which will be held in Room 2128 of the Rayburn House Office Building. HR 2267 establishes a comprehensive framework for regulating the internet gambling industry in the United States and, if passed, may mark the beginning of explicitly legal online poker in the North American country.
More here:
Last week, the U.S. Treasury and Federal Reserve announced that mandatory compliance with the regulations of the Unlawful Internet Gambling Enforcement Act () had been delayed until June 1st, 2010. Let’s take a look at the agencies’ reasoning.
The seven-page document issued by the Treasury and Federal Reserve on Wednesday begins with an overview of the UIGEA and states that the two government agencies consulted with the U.S. Department of Justice prior to delaying the compliance date. The final regulations of the UIGEA were published on January 19th as so-called “midnight rules” by the outgoing Bush administration. One day later, sitting President Barack Obama assumed office.
The document gives a brief timeline of events since then, noting that on September 18th, the (PPA), National Thoroughbred Racing Association, and American Greyhound Track Owners Association submitted a letter calling for compliance with the UIGEA regulations to be delayed by one year to December 1st, 2010. The two agencies explained, “Petitioners assert that many small regulated entities do not have the resources necessary to develop and implement appropriate policies and procedures by the December 1, 2009 compliance date and cite the possibility of confusion regarding the term unlawful internet gambling.” The latter three-word phrase was not defined in the UIGEA, which instead deferred to a muddled slate of state, federal, and tribal laws.
In October and November, members of Congress led by Barney Frank (D-MA) also asked for a delay, as did several organizations, including the American Bankers Association, Wells Fargo, the Credit Union National Association, and the National Association of Federal Credit Unions. On November 9th, other lawmakers including Senate Majority Leader Harry Reid (D-NV), whose home state serves as the epicenter for brick-and-mortar gambling in the United States, authored a letter purportedly expressing “an intent to consider legislation that would allow problematic aspects of the Act to be addressed.”
Meanwhile, Senator Jon Kyl (R-AZ) and Congressman Spencer Bachus (R-AL) weighed in, calling the reasons for a delay “speculative” in a November 3rd plea to the Treasury and Federal Reserve. Many of the groups clamoring for an extension feared overblocking, which could result in the denial of legal online wagering. In New Hampshire and North Dakota, credit card companies like Visa and MasterCard disallowed permissible online lottery transactions. In Kentucky, horse racing outfits feared that internet bets on the sport would come to a screeching halt. Several weeks ago, Churchill Downs Incorporated purchased YouBet, further complicating the matter.
In the end, the two government entities asserted, “Neither petitioners nor commenters supporting the petition have provided the Agencies with sufficient data or documentation to justify a twelve-month extension of the compliance date. The Agencies believe that a six-month extension is sufficient for regulated entities to address issues related to the definition of unlawful internet gambling.” The agencies added that documentation provided to banks and other financial institutions outlining the nature of business that their clients are engaged in should be sufficient to comply with the UIGEA.
The Treasury and Federal Reserve ultimately settled on using the Administrative Procedure Act to serve the delay on the grounds that the existing UIGEA rules are “impracticable, unnecessary, or contrary to the public interest.” Other pieces of law addressed were Executive Order 12866, the Regulatory Flexibility Act, and the Unfunded Mandates Reform Act. The document added, “The Agencies also believe that regulated entities need to be informed as soon as possible of the extension and its length in order to plan and adjust their implementation process accordingly.”
On Thursday, the House Financial Services Committee will discuss HR 2266 and HR 2267. No markup will occur during the informational hearing, which will be held in Room 2128 of the Rayburn House Office Building. HR 2267 establishes a comprehensive framework for regulating the internet gambling industry in the United States and, if passed, may mark the beginning of explicitly legal online poker in the North American country.
Read more here:
11 30th, 2009
Perhaps focusing on a subject that many in the poker community would view as obvious, many news outlets have recently begun to discuss the skills of top poker players not only on the tables, but also in the business and financial worlds. They have also analyzed the pros of regulated internet gaming, reflecting that the added revenue could reduce strain on the budgets of state and federal governments.
One of the members of the 2009 () Main Event November Nine, , was a guest last week on Bloomberg Financial News. The sixth place finisher in the WSOP Main Event, who had a previous career on Wall Street as an employee at the now-defunct Bear Stearns stock firm, entertained questions from Bloomberg news hosts Mark Crumpton and Lori Rothman and stated that there were many players he met during his run who were qualified to work in the business field.
“I got to meet a lot of people in their 20s who were very good card players that, were we still at Bear Stearns, I would have tried to get them to come join the firm,” Begleiter opined. He especially pointed out that the overall skills of his coach, former () Player of the Year Jonathan “FieryJustice” Little, would have made him an excellent businessman: “People like him would do very well here on Wall Street.”
In a November 25th article in the Newark Star Ledger, the discussion of poker players in the business world was discussed. In an interesting point, it was brought out that a number of hedge fund companies and brokerage houses were looking to the younger players in the poker world to be potential analysts. In the article, former poker pro Aaron Brown, who now works on Wall Street as a risk manager at AQR Capital Management, said, “Someone who has made a successful living as a poker player for a few years would more likely be a good trader than someone who hasn’t. They know to push when they have the edge and they know how not to bust, and that’s a tough combination to find.”
Meanwhile, another cable business program, CNBC’s “Closing Bell,” discussed what the world of poker could do for the country’s financial state. During a discussion last week on the Unlawful Internet Gambling Enforcement Act (), two analysts, Andrew Parmentire of Height Analytics and David Katz, an Oppenheimer gaming analyst, agreed that the online poker world, if regulated and taxed by the government, would be a boon to the business world. The duo focused on tax benefits, stating that the extra revenue could be put towards several problematic issues and increase activity in the markets.
These thoughts are well-known by many in the poker community due to the number of players who have come from the business side and been successful in the world of poker. One of the top female players in the world, , graduated from college with a business and finance degree and worked with Dun & Bradstreet before embarking on a highly successful poker career. and are a couple of players who have been able to parlay their business acumen beyond poker.
Perhaps the success of not only the “Old Guard” of the poker world, but also its “Young Guns” is best explained by Brandon Adams, who teaches behavioral finance at Harvard University’s Department of Economics. In the article in the Ledger, Adams explains, “They’ve essentially been the survivors in the system, a very difficult system where 95 percent of people lose money. Anyone smart enough and disciplined enough to survive that system is probably going to do very well in the trading world.”
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11 30th, 2009
When people think of poker in Australia, the first place that comes to mind is Melbourne because it hosts the Aussie Millions. Thanks to the APPT’s grand finale in Sydney, however, the country’s capital has earned its place on the…
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11 30th, 2009
Now is the perfect time to sign up for a PartyPoker account as our exclusive PartyPoker Free $50 Promotion - get $50 with NO deposit!
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11 30th, 2009
An interesting thread has sprung up on Two Plus Two showing how, before the days of HSDB when the nosebleed games were rather conveniently tracked for us, Patrik Antonius was already crushing the nosebleeds.
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