“The war has developed not necessarily to our advantage…”

I’ve felt the pressure of the sky falling this month with my disastrous dumping of cash during Millions and with the arrest of the NETeller founders, leading to NETeller pulling the plug on the US.

To make matters worse, my PRTY CFDs had been falling steadily from their glorious high of 37p and crashed yesterday to 28p, meaning I’ve lost around $30,000 on paper in the last fortnight I think. They crashed yesterday at the news that the US DoJ has issued subpoenas to banks that have had dealings with online poker rooms - a little witch hunt that will accomplish nothing. The US DoJ is retarded. Don’t they have better things to do?

But I think this will be the future of online poker:

Absolute Poker has moved past third-party payment processors and into processing credit card transactions. Transactions are not coded as Internet gambling transactions, and instead are processed by an outside company that appears as GLOBAL with a 1-800 number on credit card statements.

I don’t know anything about the technology the US banking industry is going to employ to track online gaming transactions after the UIGEA ‘grace period’ - but I think it will be pretty hard to stop this kind of thing.

I think the industry will prove pretty resilient. Where there is a will, there is a way, and there will always be a lot of will when there are millions or billions to be made….

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9 Responses to ““The war has developed not necessarily to our advantage…””

9 Comments »

1. Of course the US DOJ is retarded, just ask Bill Gates and Paul Allen

   Comment by Indi — January 25, 2007 @ 12:43 am

2. Do you think it’s smart investing in the same industry as the one you draw your income from?

   Comment by Thinker — January 26, 2007 @ 11:11 pm

3. Probably not - I have a number of sources of income and every single one is from online gaming. So i’m pretty much screwed - know of any good menial jobs going? I’m thinking I can make a mean cocktail….

   Comment by admin — January 27, 2007 @ 2:19 am

4. Hey Jonny,
   Surely the sky aint falling whilst 1800-HOTBOY still operates
   If Absolute’s financial services company says something like “Young Porn” on the credit card statement, the DOJ will give it the big tick of approval.

   Comment by PaulB — January 27, 2007 @ 10:29 am

5. “there have been developements in the war and they probably aren’t to our advantage” yes an all time classic. After a decade of barbarity in which the imperial japanese killed 20 million chinese civilians ( often just for amusement) Japan was facing imminent nuclear destruction if it didn’t surrender. the japanese emporor thought he might open dialogue with this humourous classic and the allies might be amused enough to overlook japanese atrocities. Nice one Hirohito

   Comment by bugsy — January 27, 2007 @ 1:12 pm

6. correct bugsy good pick up - hirohito and his dry wit - standup comedian in the wrong job

   Comment by admin — January 28, 2007 @ 12:38 am

7. John,

   If you send me your email address I will forward you some market information which might be of interest to you. I know you are trying to improve your knowledge in that area.

   Comment by Chris Upton — January 29, 2007 @ 3:24 pm

8. Stand strong with those stocks string boy, while the water is a little murky now, I predict that the current ‘war’ on all things online will only help to consolidate the industry (which I see as a good thing) and only the top rooms will be able to hold out, and rebound strongly when this mess blows past. (I also am a subscriber that ‘Poker’ will receive a ‘carve out’ similar to horse racing or something along those lines.)

   Your stock will move up and down based on a nervous market, but I still stand buy the fact that PRTY will crack 40p within 6 months. Would even be willing to place bets accordingly…

   Comment by RentBoy — January 29, 2007 @ 3:42 pm

9. I hope you’re right but I no longer trust the industry’s mettle. If you really think they will crack 40p at some stage soon, you should just buy some CFDs or something, set a safe stop, sit back and get rich Timmy. That’s what we thought we were doing, setting a ridiculously conservative 25p stop and now it looks like we’re pretty much going to bust out.

   Comment by admin — January 29, 2007 @ 4:00 pm

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