mike1
1758
2013/03/10 10:33
#302247
Manne wrote:
Pokerstars online setupWednesday, the Illinois state legislature introduced a bill that would legalize internet gambling, with a committee approving the legislative proposal on a 10-4 vote. The full senate is expected to decide on the landmark legislation in the next few days.
The bill represents Illinois' second attempt at legalizing online gambling, which would enable residents to play poker and other games of chance online. State senator Terry Link, a Democrat, said the gambling expansion will generate between $400 million and $1 billion in new government revenue.
For 2012, the online poker industry totals $33.8 billion around the world, according to industry insider Sam Shefrin in a recent interview with Investment Underground. "The U.S. Department of Justice indicted Full Tilt Poker, PokerStars and others in April of 2011 . . . . Online poker enthusiasts are hopeful that the U.S. can soon become like the U.K. and other countries where online poker is legal and regulated," said Shefrin.
If the measure is passed, online poker sites such as Pokerstars (which has bought Full Tilt) and 888 Poker could once again make its way to households, coffee shops, and offices throughout Illinois. Professional players, many of whom have since moved outside of the U.S. since the government shutdown in April 2011, will likely establish residences in Illinois in order to legally wager online.
In March 2012, Illinois became the first state in the United States to sell lottery tickets online after the United States Justice Department ruled that it would not prevent official state-sponsored lotteries from selling tickets on the Internet. In December 2011, the DOJ revised its opinion on the 1961 Wire Act and decided that the law only restricted wagering on sporting events.
As the saying goes, desperate times call for desperate measures.
Already faced with a weak U.S. economy, Illinois is struggling with its worst fiscal crisis in history. On Wednesday, Illinois governor Pat Quinn presented the state budget which proposed to slash $400 million from education in order to pay for skyrocketing public pensions. Next year, the state, which has long been a bedrock for public unions, expects a backlog of $2 billion in unpaid bills to vendors. Legalizing Internet gambling would be a desperate source of revenue for a state struggling to pay its bills. Gov. Quinn has vetoed previous attempts at legalization but has also signaled that he would welcome any influx of cash to state coffers. In various interviews, Quinn said that under the right circumstances, he would approve gambling expansion in the state as long as the revenues are "dedicated to education" and possibly teacher's pensions.
According to Sen. Link, most of the gaming revenue would be directed towards the state's Education Assistance Fund after local communities receive a share of the profits.
Opponents, including conservative advocacy groups and some GOP lawmakers, argue that Illinois should fix its long-term fiscal crises by reducing unsustainable commitments to public unions, not by expanding gambling activities which would increase the number of personal bankruptcies in Illinois. Others see the revenue share for local communities as benefiting mostly voters of the Democrat base, and a self-interested vehicle for shoring up campaign financing for local Democratic candidates in future elections.
In his March 6 budget address at the state assembly, Quinn added that "gaming expansion has to be done right. It must have tough ethical standards, a campaign contribution ban on casino operators, and no loopholes for mobsters."
The Illinois state legislature isn't just proposing the legalization of online poker and Internet gambling, its measure also allows for the construction of land-based casinos and the placement of slot machines throughout the state. The bill allows for one new casino in the city of Chicago and enables slot machines to be placed at airports and horse racing tracks.
Illinois Bill Would Legalize Online Poker - Page 2 - Technorati Gaming
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1758
Electing to continue grinding through the slump, Blom finally emerged a big winner over a seven-day span for likely the first time since he went on a massive heater to start the year. Before January was finished, Blom was up more than $5 million.
His profits fell all the way to under $1 million, before running well this week.
Unlike Blom, Gus Hansen still can’t find any traction. He’s down $1.6 million this year, to go along with huge losses late last year after Full Tilt relaunched. Since reuniting with his Full Tilt account in early November, Hansen has lost more than $4.8 million.
German online high-stakes pro Kagome Kagome, who frequently plays with Hansen at deuce-to-seven triple draw, had this to say about his colleague:
“I think Gus is a fearsome and smart player. Sometimes, however, he takes things a bit too lightly and starts making small mistakes. When that happens, I recommend he should reduce the amount of tables he plays at the same time.”
Like Blom, Hansen has dropped down in stakes when things haven’t been going his way. Hansen can sometimes be seen grinding the mid-stakes pot-limit Omaha tables — a far cry from the $500/$1,000 tables where he has battled at in the past.
“I actually envy him for his patience,” Kagome Kagome said. “Earlier this year when he had a really rough month, he moved down the stakes to regain his confidence.”
Here’s a look at the biggest winners and losers on 2013:
1. Alexander “PostflopAction” Kostritsyn: $3.1 million
2. Ben “Bttech86” Tollerene: $2.5 million
3. Viktor “Isildur1” Blom: $2 million
4. Phil “OMGClayAiken” Galfond: $1.8 million
5. SallyWoo: $1.6 million
1. Ben “Sauce1234” Sulsky: -$2 million
2. Gus Hansen: -$1.6 million
3. patpatpanda: -$1.3 million
4. Scott “mastrblastr” Seiver: -$1.2 million
5. punting-peddler: -$1.1 million
High-Stakes Online Poker: Viktor Blom Finally Stops The Bleeding