Monday, October 02, 2006

Well...back to playing live poker.

On 30 September 2006, the United States Congress passed The Safe Port Act. That measure also contained certain provisions known as the ‘Unlawful Internet Gambling Enforcement Act of 2006’ that will affect the processing of payments between US customers and online gaming companies, including PartyGaming...

The Act is expected to be signed into law by President Bush within the next two weeks...

...the Board of PartyGaming has determined that if the President signs the Act into law, the Company will suspend all real money gaming business with US residents, and such suspension will continue indefinitely...

24 Comments:

Blogger DrewOnTilt said...

May I be the first to comment that Der Fuhrer Bill Frist can go piss up a flag pole.

I'm just a talented amateur and this has hit me hard. I don't envy professional online players one bit right now. So sorry, guys. The blogs have been entertaining so thanks for making it fun while it lasted.

7:49 AM  
Anonymous StrangeNuts said...

I wonder if this will produce a 'poker run' like the bank runs in the 30s? Most casual US gamers will probably pull their money out. That would mean a sudden request for withdrawl of probably tens of millions in assets. A quick check of PartyGaming's current assets (http://www.partygaming.com/annual_report_05/balancesheet/index.html ) says they should fine but you never know. At the very least, I bet any request for withdrawl will take longer than usual.

12:24 PM  
Blogger eric said...

Supposedly, they keep all player deposits in a segregated account, so they'd be fine if everyone up and withdrew (well maybe a bit unhappy, but they could handle it).

Withdraws normally take about 6 hours. I made on early Oct 1 which took 18 hours. But then I made one Oct 2 that took about 4 hours.

I'm not withdrawing everything, though. I'm going to play up to the bitter end.

8:19 PM  
Anonymous Anonymous said...

here's the question i have for online poker players do who have large mortgages..and rely on their online poker income to cover it... yuck...

9:49 PM  
Blogger eric said...

I dunno what your question is, but yes I have a large mortgage and yes I relied on online poker to cover it.

However, I'm not too concerned about that because I made sure to buy below my means enough that I could take a substantial hit in income and still afford it.

And it's not like I'm going from tons of money to none. I'm going from good money to much-less-but-still-good money. I may not be able to play on party pretty soon, but I should still be able to play online at other sites, if for less profit. And I can play live. So I'll still be able to afford everything I have, I'll just have to perhaps add a few years to my "retire-within-X-years" plan.

12:37 AM  
Anonymous paul said...

Horrible news for so many people. I hope you keep the blog going, have always enjoyed reading it.

2:16 AM  
Blogger Jason said...

hows that hut on a small island sound now? Or anywhere that's not a us territory for that matter? I know if I didn't have children that's where I would be by the end of this year.

6:44 AM  
Blogger eric said...

paul, the blog isn't going anywhere. in fact, this might cause it to actually get a lot more interesting. Online poker isn't all that exciting to write or read about. However if I move out of the country and start traveling, well, that'll spice things up a bit (as would just going back to playing more live poker).

So to answer Jason, that hut is sounding nicer and nicer by the day. I've always wanted to travel/live abroad for a while, and this might just be the perfect opportunity. My main source of income has been taken away, and I could replace it with less profitable alternatives (other sites, playing more live) or I could just finally say screw it, I'm young, single, with decent savings, a deep loathing for the current regime (er, administration), and a serious case of wanderlust--time to hit the road!

I was thinking a few months in Canada being a ski-bum, a month in New Zealand hiking around, a few months in Thailand for cheap living and beautiful women. I could still play online to cover my costs, I just wouldn't be socking away the amounts I have been up to this point. But hey, you only live once.

8:43 AM  
Anonymous Anonymous said...

Do you think PokerStars will shut down along with PartyPoker?

Has anyone made an approximation about how much time is left?

6:41 PM  
Blogger eric said...

1st question: don't know. 2nd question: yes, there have been many approximations, ranging from 5 minutes to 500 years. So no one really knows.

7:55 PM  
Blogger GamblinSteve said...

Eric,

Just take a quick vacation up to Canada, open up a bank account, and all will not be lost.

6:00 AM  
Blogger eric said...

Well, I'd also need a mailing address. And a reliable proxy so I don't have a US IP address. And to figure out how to get the hundreds of thousands of bad US players who won't go through all that to actually do that so I can still play against them.

7:34 AM  
Anonymous az-playa said...

I wouldn't be surprised to see a few ads in the future for off shore "homes" for rent, complete with ISP and off shore internet address and remote access. Some enterprising person(s) could easily buy some servers, and place them in a house somewhere, rent space in the house by the sq ft to make it a legal rental, and allow renters to use the address, and log onto the servers which proxy for you without an American address. They'd even offer to help with establishing a local bank account, if needed. Feds will of course find out, and try to make that illegal, too, and round and round we'll go.

Good luck, E-squared, and send us some postcards from the world...

9:42 PM  
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