vanzack's Blog
Posted Friday, April 15, 2011 07:20 PM
Yes, todays news from the poker world is bad. No, it is worse than bad.
How bad? Bad enough to potentially bring down the 3 top poker sites - Pokerstars and Full Tilt together swamp the online sports betting world in terms of volume. So one can only assume that this is very bad for the extremely limited sports betting that is left out there for Americans.
The cliff notes are that Pokerstars, Ulitmate Bet, and Full Tilt were using undercover ways to fund and pay accounts in America. They bought off bank presidents, bought banks outright, and used CC and WU methods that the DOJ deems illegal according to the UIGEA of 2006. Indictments were handed out today, and no official word has come from the sites - but there is much speculation from very reliable sources that they will most likely shut down completely. At best, they will remain open for non-Americans, but Americans poker playing days online are all but done.
I wonder what Negranu, Hellmuth, Ivey - and those other posers will do now - will they just make a cash grab and disappear or will they fight with the money they made on the backs of the players to get something done. I wonder what this will do to the poker movement - it could go one way or the other - but what are the odds on a bunch of degenerates getting organized and getting something done? Maybe the PPA will do something - I hope so.
Sounds similar to sports betting? How ... [More]
Posted Thursday, January 28, 2010 12:00 PM
Im not a financial expert, but I try and follow this stuff to the point that I can talk intelligently about it.
I dont understand how the stock market goes up, while jobs go down and more importantly housing has the land mine of strategic mortgage defaults on the horizon exploding.
This is a good article about it.
Estimates are that between 20% and 33% of homes are underwater. I believe that the shame and guilt of the homeowners are what is keeping them paying their mortgage - but I do also believe that that is wearing away - and more and more will just make a financial decision to walk away from their homes - effectively ruining the housing market which in turn will sour the economy.
These are not people who cant afford to pay their mortgage - these are people who simply CHOOSE not to pay their mortgage based on a smart business decision - sell their good credit for what could be hundreds of thousands of dollars.
I have a buddy who bought a condo 3 years ago for 200K, and it is now worth 35K. I went through the process with him over the last year - at first he was sure he would pay, then he started wondering more about it, and just last week he decided to walk.
Does anyone have thoughts about this? I cant see how the economy can possibly recover... [More]
Posted Tuesday, November 11, 2008 11:22 PM
Placing a wager on sports is totally legal at the federal level in the US and is not governed by the Wire Act. The act of accepting wagers is what is covered by the wire act, an important distinction.
Let me quote the ruling that has stood since Nov 25, 1981 and has NEVER been challenged (USA vs Robert Baborian 528 F.Supp 324 paragraph 5):
Congress intended the "business of gambling" to mean bookmaking, i.e. the taking and laying off of bets, and not mere betting. The provocative question is whether this is still the proper definition when the bettor wagers substantial sums and displays the sophistication of an expert in his knowledge of odds making. This court concludes that the statute simple does not covers such a situation. This court finds that Congress never intended to include a social bettor within the prohibition of the statute and that Congress did not contemplate prohibiting the activities of mere bettors, even where, as with Mr Baborian, they bet large sums of money with a great deal of sophistication.
The truth of the matter is that the DOJ does interpret the law the way I stated it, and that is evidenced by the fact that there has not been a single prosecution at the Federal level since the case I cited (USA vs Baborian 1981). Not one single bettor has been brought up on federal charges since 1981 unless there was tax evasion, money laundering, or RICO thrown at them. The Wire Act simply appli... [More]
Posted Wednesday, June 18, 2008 10:50 AM
Todays top ten list, from the home office in Vegas (originator of all lines and master of everything gambling), top 10 ways to get attention by posting a catchy thread title:
10. {{{{{\\\\\\\\\\Use lots of punctuation like .............. or *************** in thread title
9. USE ALL CAPITAL LETTERS IN THREAD TITLE
8. Post your record (10-2 on last 12 plays) in thread title
7. Restate your username in your thread title. IE: "Vanzacks plays for today"
6. Post the word "lock" or some variation of incredible information inside.
5. Be totally vague but enticing in thread title.
4. Come up with catchy theme and stick with it.
3. Post some made up amount that you supposedly bet in thread title.
2. Make thread title as long as you possibly can.
1. Do all of the above.