Monthly Archives: January 2021

The World Poker Tour (WPT) continues to expand its presence onto virtual felts around the world. This week it announced its latest partnership with popular Asian poker app Poker King to host the WPT Spring Festival.

Poker King claims to be one of the largest online poker apps in Asia, with more than 1.2 million registered users. The site boasts two of the most recognizable and successful poker players as brand ambassadors: Tom Dwan and Phil Ivey.

WPT Spring Festival will be held on Poker King starting February 11, spanning nearly two weeks. It takes place entirely on the mobile app, featuring buy-ins and guarantees denominated in Chinese Yuan.

More than CNY 12 million ($1.85 million) in guarantees is spread across 13 events with buy-ins ranging from CNY 200 ($31) to CNY 10,000 ($1550).

As the WPT global footprint continues to expand, we are extremely happy that our players in the Asian region will be able to experience the thrill of a WPT event conveniently from their mobile devices, said Adam Pliska, CEO of the World Poker Tour, in a recent press release.

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Poker King Lands on the Radar with World Poker Tour Spring Festival Sponsorship - Pokerfuse

The first rule of tapering is dont talk about tapering anytime soon.

Federal Reserve policy makers probably think the prospects for the economy in 2021 look significantly better than they did when they gathered mid-December. For now, though, the economy is facing the surge in Covid-19 cases that began last fall, along with the related stepped up caution and restrictions. Following their two-day meeting Wednesday, they focused on the downside.

They noted in their post-meeting statement that the recovery in the economy and job market has slowed. They again committed to keeping rates near zero until the labor market is tight and inflation has obviously cleared its 2% target rate, and to keep buying $80 billion in Treasurys and $40 billion in mortgage bonds per month until substantial further progress has been made toward those goals.

Yet though the economy has weakened in recent months, economists have been raising their growth forecasts. Following the Feds December meeting, for example, economists at JPMorgan Chase reckoned that in the fourth-quarter of 2021, gross domestic product would be 3.4% above its year-earlier level. Since then, they have raised that forecast to 5.4%.

There are multiple forces driving the improved outlook. First, there is the Covid-19 relief package that was passed late last year. Its extension of jobless benefits, renewed support for small businesses and the direct payments it provided to many Americans assuaged concerns that GDP might actually contract in the first quarter relative to the fourth. Second, with Democrats gaining control of the Senate, another round of fiscal support is looking likely in the months ahead. Throw in expectations that enough people will be vaccinated for life to take on some semblance of normal later this year, and things start looking pretty rosy.

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Fed Needs a Poker Face to Avoid Taper Tell - The Wall Street Journal

With the complete changeover in the federal government in Washington, D. C., many have begun to float the trial balloon that there could be changes in the way online gaming and poker are viewed by the government. Added into this fact is the recent passing of one of online gamings most vocal opponents, the late Las Vegas Sands Corporation founder Sheldon Adelson. There are many moving cogs in this machine, however, and to think that there will be any immediate change in the situation might be just wishful thinking.

Despite Appearances, No Change in Federal Stance

At this point, the U. S. Department of Justice is working off the premise that online gaming is against the law because of the Wire Act of 1961. That law, initially established to prevent the Mafia from using phone lines to transmit sports bets, was used for 50 years as an explanation for preventing online gaming from taking place. But that was changed, reversed, and reversed again in just the last decade.

In 2011, the Office of Legal Counsel for the DoJ ruled that the Wire Act only applied to sports betting, which threw the floodgates open for the creation of intrastate online gaming. Nevada, New Jersey and Delaware quickly jumped on this bandwagon in 2013, but thats where the rush stopped. It would take four long years before another entity joined in with those three states the state of Pennsylvania and the Chinese Water Torture has continued since.

But the last presidential administration tried to throw cold water on the issue of online gambling. In a 2018 ruling from that administrations Office of Legal Counsel, the Wire Act was once again introduced as the standing law, overriding the previous decision. Now, that decision has been overturned.

Earlier in January, the U. S. Court of Appeals for the First Circuit overturned that viewpoint, ruling that the New Hampshire Lottery Commission could continue to sell lottery tickets. With the ascension of Joe Biden to the Presidency, it is unknown as to whether the DoJ will continue to pursue the issue regarding the enforcement of the Wire Act. What is known is that, for the moment, the 2011 decision by the Office of Legal Counsel is the standing opinion of the legal profession.

Continued Fluctuations and Bigger Issues

The continued fluctuations in the legal opinions are one of the reasons that the Commonwealth of Pennsylvania hasnt pursued a compact with any other operations. The law, as it was interpreted by the previous administration, made it illegal to even conduct online gaming. As it is allegedly interpreted now, there are still questions as to the legality of online gaming compacts, or the ability of states to partner together to offer gaming across borders, which would be crucial for the success of online poker.

Even with that said, however, the drive to push for online gaming regulations on the federal level just isnt there. Opposition to the federal efforts might have been removed with the passing of the anti-online gambling Adelson (the company now allegedly is looking into getting into the online gaming market in Nevada themselves), but there are still several strong opponents that would try to prevent online gaming and poker. Supposed family organizations (Focus on the Family prominently) and freedom oriented groups (Let Freedom Ring comes up in the anti-online gaming camp) are still against the industry, while Adelsons Coalition to Stop Internet Gambling is still out there, despite Adelsons death.

Then there is the simple fact that the Biden Administration has several more pressing issues on the table than whether people can put a bet down online. The continued COVID pandemic, financial and medical assistance for those affected by the virus, international relations and a highly wounded nation (especially after the insurrection of January 6) all might take a bit more precedence than my being able to check-raise an opponent while I hold the nuts. And this doesnt count the potential problems lurking in the future.

The federal government just needs to let the issue of online gaming be arbitrated by the states. They should also allow for these states to be able to reach business decisions between each other without threat of federal action (much like the feds have done with marijuana laws on a state-by-state basis). Even though there have been some changes for the positive, dont expect massive changes such as a bill for the federal regulation of online gaming to happen, even under the Biden Administration.

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Is There A Future for Nationwide Online Gaming and Poker in the US? - Poker News Daily

Rep. Jim Kasper, R-Fargo, introduced on Jan. 14 House Concurrent Resolution 3012, which would put a measure to allow the internet game on the 2022 general election ballot. If the measure is approved by the Legislature and gets a simple majority from voters, the state Constitution would change, and the process of how to bring online poker to North Dakota would begin.

The country is just going more and more into gaming online, Kasper said Thursday, Jan. 21. Lets not leave North Dakota as one of the few states that doesnt allow it.

Kasper said he played poker as a kid, but he became interested again when he saw the World Series of Poker on TV in 2003. It wasnt the typical five card draw he knew. Instead, it was Texas Hold em, which became increasingly popular in the 2000s.

After playing himself, he read in a magazine about the prospect of internet poker. That led to him drafting legislation in 2005 that would have legalized online poker in the state through a constitutional amendment.

The poker industry worldwide was watching my bill, he said.

The amendment passed the House but got a bad flop while in the Senate. The U.S. Justice Department opined that internet gambling of any kind was illegal, thanks to the Interstate Wire Act of 1961 that prohibited betting or wagering over wire communications.

The constitutional amendment was busted when the Senate voted it down 43-3.

The Justice Department has flipped in its opinion on whether online card gambling is allowed, with the latest stance in 2019 stating the Wire Acts ban applies to all forms of internet gambling, and not just sports.

The U.S. First Circuit Court of Appeals ruled last week against the Justice Department, saying the Wire Act does not apply to nonsports betting.

At least five states Nevada, Delaware, New Jersey, Pennsylvania and Michigan have legalized online poker. Kasper said he wanted to introduce the legislation again to see where it goes.

The legislation in North Dakota does not give details on how the game would be taxed or managed. It simply would allow voters to decide if online poker can occur in the state and if North Dakota would license and regulate the game.

Details on taxation and management would come later. The Legislature would set up a committee in 2023 or future sessions to figure out the details if voters approve the measure.

Its possible the state could join a group of states, he said.

There would be a lot of work that goes into it, he said.

Its unclear how much income online poker would draw from North Dakota. The poker industry estimated the 2005 legislation would have stacked up $500 million in annual taxes, with 80% going to reduce property taxes, Kasper said. Annual property taxes back then averaged about $400 million, he added.

Typically, proceeds from gambling in North Dakota go to "educational, charitable, patriotic, fraternal, religious or other public-spirited uses," according to state law.

Kasper said he hasnt been able to gauge support in the Legislature, but the proposed measure has sponsorship from both Republicans and Democrats.

Its just a game I enjoy, I think other people should have the opportunity to play it as well, he said.

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Online poker in the cards for North Dakota? - INFORUM

Rep. Jim Kasper, R-Fargo, introduced on Jan. 14 House Concurrent Resolution 3012, which would put a measure to allow the Internet game on the 2022 general election ballot. If the measure is approved by the Legislature and gets a simple majority from voters, the state Constitution would change, and the process of how to bring online poker to North Dakota would begin.

The country is just going more and more into gaming online, Kasper said Thursday, Jan. 21. Lets not leave North Dakota as one of the few states that doesnt allow it.

Kasper said he played poker as a kid, but he became interested again when he saw the World Series of Poker on TV in 2003. It wasnt the typical five card draw he knew. Instead, it was Texas Hold em, which became increasingly popular in the 2000s.

After playing himself, he read in a magazine about the prospect of Internet poker. That led to him drafting legislation in 2005 that would have legalized online poker in the state through a constitutional amendment.

The poker industry worldwide was watching my bill, he said.

The amendment passed the House but got a bad flop while in the Senate. The U.S. Justice Department opined that Internet gambling of any kind was illegal, thanks to the Interstate Wire Act of 1961 that prohibited betting or wagering over wire communications.

The constitutional amendment was busted when the Senate voted it down 43-3.

The Justice Department has flipped in its opinion on whether online card gambling is allowed, with the latest stance in 2019 stating the Wire Acts ban applies to all forms of internet gambling, and not just sports.

The U.S. First Circuit Court of Appeals ruled last week against the Justice Department, saying the Wire Act does not apply to nonsports betting.

At least five states Nevada, Delaware, New Jersey, Pennsylvania and Michigan have legalized online poker. Kasper said he wanted to introduce the legislation again to see where it goes.

The legislation in North Dakota does not give details on how the game would be taxed or managed. It simply would allow voters to decide if online poker can occur in the state and if North Dakota would license and regulate the game.

Details on taxation and management would come later. The Legislature would set up a committee in 2023 or future sessions to figure out the details if voters approve the measure.

Its possible the state could join a group of states, he said.

There would be a lot of work that goes into it, he said.

Its unclear how much income online poker would draw from North Dakota. The poker industry estimated the 2005 legislation would have stacked up $500 million in annual taxes, with 80% going to reduce property taxes, Kasper said. Annual property taxes back then averaged about $400 million, he added.

Typically, proceeds from gambling in North Dakota go to "educational, charitable, patriotic, fraternal, religious or other public-spirited uses," according to state law.

Kasper said he hasnt been able to gauge support in the Legislature, but the proposed measure has sponsorship from both Republicans and Democrats.

Its just a game I enjoy, I think other people should have the opportunity to play it as well, he said.

Readers can reach Forum News Service reporter April Baumgarten at 701-241-5417 or follow her on Twitter @aprilbaumsaway.

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Is online poker in the cards for North Dakota? - The Dickinson Press

Justice Kagan watching you go all in with a 2-7 offsuit.

A couple days ago on Jeopardy, attorney Stephen Newman, who introduced himself as originally from New Hartford, New York, but currently serving in the Los Angeles office for Stroock, tried his hand at taking down reigning champ, Eimer Stahl attorney Brian Chang.

Chang prevailed over second-place Newman, but the L.A. lawyer left us with an anecdote about playing poker against Justice Elena Kagan while she was a professor at the University of Chicago Law School. Jess Bravin cuts to the chase of Newmans story:

Unfortunately, that video appears to be gone, but you get the gist of the story.

Kagans poker acumen isnt news to me. A friend of mine who was very good at calculating odds himself told me years ago that while he went to Princeton, he played in a regular poker game with fellow students Elena Kagan and Eliot Spitzer. And while the latter preferred to take different gambles in his career, the players were apparently fairly accomplished back then so its unsurprising that Kagan is still whipping people today.

So remember, if youre ever arguing before the Supreme Court, dont read too much into one justices poker face.

Joe Patriceis a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free toemail any tips, questions, or comments. Follow him onTwitterif youre interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

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Justice Kagan: Poker Shark - Above the Law

Hosted by Lance Bradley and Donnie Peters, The Fives Poker Podcast runs each week and covers the latest poker news, preview upcoming events, and debate the hottest topics in poker.

A busy week in the poker world gives Lance and Donnie plenty to discuss on this episode of The FIVES Poker Podcast.

For the first time in nearly a year, the World Poker Tour crowned a new champion in a live venue with a nearly record-sized field turning up for the Lucky Hearts Poker Open at the Seminole Hard Rock. That wasnt the only headline that the World Poker Tour found itself in this week. The company was sold to an investment firm for more than $78 million and they also announced a new online series with a brand new partner.

The Doug Polk vs. Daniel Negreanu Challenge is nearly 80% complete with Polk bringing a new strategy to the table that seems to have tilted his opponent. Polk maintains his position as the leader but a big win by Negreanu has given his fans and backers some hope.

The guys also discuss the ending of the Phil Galfond vs. Chance Kornuth match in the Galfond Challenge, the Winamax Team Pro who qualifies for dumbest multi-accounter of all time, and give American online poker players some hope for a brighter future.

Subscribe to The FIVES and never miss an episode available everywhere you enjoy your favorite podcasts.

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The FIVES Poker Podcast: WPT in the Headlines, Polk Tilts Negreanu - PocketFives

Posted on: January 25, 2021, 03:52h.

Last updated on: January 25, 2021, 09:55h.

A recent federal appeals courts decision against a Trump Administration-era opinion on the Wire Act will almost certainly lead to exponential growth in online poker in the US. Thats according to 888 Holdings Yaniv Sherman, who talked with Casino.org after the ruling.

Currently, only Delaware, Nevada, and New Jersey participate in the Multi-State Internet Gaming Association. That allows sites, such as WSOP.com, to operate in those states to have players play against each other. That connectivity allowed the World Series of Poker to hold the first two days of its COVID-forced hybrid-format Main Event in both New Jersey and Nevada last month.

Theres interest among other states in joining the group. Michigan Gov. Gretchen Whitmer (D) signed a shared liquidity gaming bill into law a couple of weeks ago. Pennsylvanias expanded gaming legislation passed in 2017 would allow the state to enter the multi-state compact. However, Pennsylvania and other states have been hesitant to join. Thats due in large part to the Wire Act opinion the Department of Justice posted for review in 2018.

Before then, the 1961 law had been accepted as having a narrow application for using communications devices to transmit sports betting information across state lines. Trumps Department of Justice sought to expand the scope of the law to apply to other forms of gaming. However, that led to the successful lawsuit filed by the New Hampshire Lottery Corp.

As President Biden was sworn into office on the day of the First Circuit Court of Appeals decision, it seems unlikely that an appeal to the Supreme Court will take place, as the new president was cool to the idea of an expanded Wire Act scope.

Sherman, who serves as a senior vice president for 888 and head of its US division, noted that online poker in New Jersey generated about $38 million in revenue for licensees. In neighboring Pennsylvania, where, for now, players can only compete against others in the state, poker sites made $36 million.

Combined, New Jersey, Nevada, and Delaware have a population of slightly less than 13 million. Thats roughly the same size as Pennsylvania. Add in Michigans 10 million residents, and Sherman said the pool of players becomes quite sizeable.

And while the expansion of gaming may have a cannibalizing effect to some extent as other states approve sports betting and consider iGaming, Sherman said that wont happen with online poker.

With poker, its a net positive for everybody because it continues to grow, Sherman told Casino.org. If you have those (five) states, it could be well north of $200-$250 million in the short term.

And if youre looking at the 2025 joint projections that weve seen from Morgan Stanley and other reputable analysts and banks, youre talking about the gaming market being worth anywhere between $10 to $12 billion in 2025. Then I would argue that poker out of that should be well-positioned for about a 10 percent share, he continued.

With the favorable Wire Act ruling, Sherman hopes it will lead to more progress on the iGaming front. It may lead to West Virginia, another state with iGaming, to become part of the multi-state network. Elsewhere, nine operators in Michigan launched their casino apps this past weekend, and other states like Indiana have filed bills to allow online poker and casino gaming.

With more liquidity and more states, we can offer an amazing customer experience across the nation, he said. Were very excited about this. I mean, its been something weve been waiting for for a very long time.

While 888 operates its own online gaming websites, it also serves as a back-end provider platform provider as well.

The day before the Wire Act ruling, 888 and Caesars Interactive Entertainment announced a multi-year extension of their business-to-business partnership. The deal means 888 will continue to provide the platform for Caesars WSOP.com poker room.

With the extension in place, Caesars is looking to expand its online iGaming and poker network into other states.

In addition, 888 plans to roll out its Poker 8 platform in the US because of the deal. Sherman said the new platform will offer benefits across the board for players of all skill levels. That includes more mobile functionality to allow players to play more games on their phone or iPad and multitask easier while playing.

We added a portrait mode, which was important for players, because we realized that they wanted to be able to play with just one hand, he said.

The new platform also includes responsible gaming enhancements to ensure players are playing within their means.

Sherman noted 888 officially launched in Europe in November and said players liked using the new platform.

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888 Executive: US Online Poker to Benefit from Latest Wire Act Ruling - Casino.Org News

Online poker revenues in New Jersey for the month of December have been released by the New Jersey Division of Gaming Enforcement, and that means we have the full-year data for 2020.

Combined, the three online poker operators generated just over $3 million in revenue in December, marking a 74% increase over 2019 and an all-time high for December in New Jerseys seven-year history.

Sign up to partypoker NJ today to get a First Deposit Bonus up to $600

It continues the ten-month streak of year-over-year growth of at least 50% following the outbreak of COVID-19 which has helped fuel New Jerseys online poker market which otherwise had been declining since 2016.

All combined, the three online poker rooms namely WSOP.com operating on the 888poker network under Caesars license, PokerStars NJ under Resorts and the partypoker US Network under the Borgata license brought in nearly $40 million in 2020.

This is by far the most revenue reported in a single year, beating the previous record of 2014 when online poker rooms collected $29 million in revenue.

All operators enjoyed gains year-over-year, but the partypoker US Network which recently has been the smallest of the three was the standout in 2020.

Of all three operators offering online poker in New Jersey, the partypoker US Network comprising three skins: partypoker NJ, BorgataPoker and BetMGM saw the best growth in 2020.

Particularly, in the last quarter of 2020, the online poker rooms under the Borgata license reported the biggest annual increase in revenues, going up by 101.5%.

In comparison, WSOP.com saw growth of 53%, and PokerStars NJ grew by 46% in Q4.

Sign up to partypoker NJ today to get a First Deposit Bonus up to $600

Online poker under the Borgata license exceeded $1 million in monthly revenue for the first time since May and only the third time this year.

In fact, it did so well it not only leaped over Resorts in absolute revenue but also almost surpassed Caesars to take the pole position in the market.

It ended up accounting for 35% market share which is by far its largest in a long period and the closest it has come in leading the market. In November, it represented only 29% of the market.

The upward trajectory was primarily bolstered by the WPT Online Poker Open held last month boasting a record-breaking $1 million in guarantees. The $3500 buy-in tournament ended up attracting 395 entries to build a prize pool of $1,264,000 the largest in the history of the partypoker US network.

In fact, pretty much throughout 2020, the partypoker US network ramped up promotions, running cash game promotions and a tournament series every month. It reported $9.7 million in 2020 compared to $5.1 million in 2019 a 92% increase year-over-year.

Caesars on the other hand, with its WSOP/888 network sharing liquidity between New Jersey, Nevada and Delaware, retained the top position in December yet again, bringing in $1.17 million in tournament fees and rake which was just $100,000 more than Borgata. It held a market share of 39%.

It was the same month that saw WSOP.com host the $10,000 WSOP Main Event for US players. 705 players participated, generating $6.8 million in prize money unprecedented for any segregated online poker network in the world.

It even ended up drawing a bigger turnout than the international leg held on GGPoker open to players in most parts of the world.

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Meanwhile, PokerStars NJ under Resorts saw a big dip in market share in December, going down to 25.6% from 30.7% in November.

It reported $774,039 in online poker revenue in December much lower than its competitors but still representing an annual increase of 36%.

Unlike its competitors, PokerStars NJ has slowed down in promotions. It did run a cash game promotion and hosted a $100,000 New Jersey Classic tournament, but those events were significantly smaller compared to the offerings on the partypoker US Network and WSOP.com

The lack of big-sized promotions by PokerStars in New Jersey is surprising, to say the least. PokerStars is the market leader in almost every other jurisdiction it operates in. The operator has little experience in playing the underdog.

Although PokerStars NJ generated $12.6 million in 2020, over the last few months, the gap between the online poker giant and the partypoker US Network has narrowed.

In fact, in Q4, the partypoker US Network generated more revenue in rake and tournament fees than PokerStars NJ.

However, with the Federal Appellate Court rejecting the Trump administrations Wire Act reinterpretation, the Pennsylvania online poker market (which currently consists of just PokerStars PA) is expected to join the Multi State Internet Gaming Agreement (MSIGA).

Adding the liquidity of a state with a population of nearly 13 million would likely propel the PokerStars US Network to pole position in New Jersey.

The partypoker US Network and WSOP/888 have yet to launch online poker in the Keystone State, though, the scenario is expected to change in 2021 especially with the Wire Act out of the picture.

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Partypoker US Network Posts Big Online Poker Revenue Gains in New Jersey During the Final Quarter of 2020 - Pokerfuse

California Governor Gavin Newsom gave Los Angeles poker rooms the green light to reopen this week for the first time since November. But, the card rooms will be forced to operate under strict guidelines that may not be appealing to some poker players.

Newsom on Tuesday lifted regional stay-at-home orders across the state, relieving bans on in-person dining, live poker, and other activities. Los Angeles County has the most coronavirus cases (1,085,044) and COVID-19 deaths (15,592) of any county in the country, by a wide margin. As a result, Newsom had taken extreme measures to limit the spread of the virus.

The Democratic politician, however, is hopeful the county, and the state as a whole, can turn things around. As such, he is now permitting restaurants and card rooms to begin accepting customers outdoors. That means if youre looking for a legal card game in Southern California, youll have to play outside.

There are some additional restrictions imposed by the governor, including seating capacity. Card rooms are only permitted to operate at 50% of their maximum allowable room capacity, as determined by fire code. So, it would be wise to call ahead to put your name on a wait-list. Otherwise, you may end up waiting for hours. As soon as the doors open, you can rest assured hundreds of poker players will be excited to play.

Its been nearly two months since a legal poker game ran in Los Angeles County. The area is home to some of the biggest and best card rooms in the world, including Commerce Casino, which boasts more than 200 poker tables. Gardens Casino and Bicycle Casino (The Bike) also have more than 180 tables.

But, the number of tables available will be limited for quite some time due to COVID-19 restrictions. Each of the Los Angeles poker rooms will offer seating outdoors in makeshift, covered rooms. Thats been the norm in most California casinos since the coronavirus struck last year.

Newsom initially forced poker rooms to close statewide in March. He then briefly permitted Los Angeles card rooms to reopen in June before ordering them all to close again a couple of weeks later. They were allowed to reopen for a second time in early October before getting shut down again just after Thanksgiving.

Is the third time a charm? Thats what poker players in the area are hoping for, but it all depends on if businesses reopening across the state leads to another spike in COVID-19 cases.

Written by

Jon Sofen

Semi-pro poker player with 17 years experience on the felt and more than five years working as professional poker media.

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Los Angeles Poker Rooms Given Green Light to Reopen this Week - CardsChat.com