Pokerplayer article(s) on US ban

[FatBoyFat]

Been a reader and subscriber of PP and IE since the first issues but I thought the articles (pg. 16/17 & pg.21) on the US ban and the implications for security of customer funds was very poor indeed (obviously a VRBNO reference.) I thought PP had an opportunity here to help the poker playing readers but the articles, for me, fell well short of the mark. Anyway, I've sent a letter off to PP but I know a couple of the lads read here so if I don't get an answer from the mag I was hoping I might get a response here. I've attached the email below but one point I didn't put in the mail was the quote from PaddyPower poker. In relation to protection and reassurances over the safety of online accounts their operations spokesman said 'Each customer's poker winnings are held in a PaddyPower.com account and transferred to a particular poker table when a player decides to sit down.' No shit Sherlock. Thats covered it then my money is as safe as houses. I presume nobody else was that arsed and I am being particular anal. I'm turning into a bit of a Victor Meldrew in my old age. 31 going on 51. FBF

Dear Pokerplayer,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

One of my main concerns following the US ban on online poker was the security of my online bankroll as prior to the lunacy of Senator Frist I had held it in a combination of poker sites and online e-money merchants such as Neteller and Moneybookers. I was therefore extremely pleased to see an article on the US ban and a follow-up piece on the protection of customer funds. I had tried to do a bit of digging myself but had not got that far.

I was expecting an informed article covering issues such as what ‘regulated by the FSA’ for Neteller actually means to the customer? For example, what amounts of my funds, if any, are underwritten by the FSA if Neteller passes into administration? I was also expecting warnings that in the unlikely event that Party Gaming, 888 were to cease trading then the return of your funds would not be guaranteed. Given that these companies are publicly listed I would imagine the situation with private companies such as Pokerstars and Full Tilt would be even less secure. I was also expecting a guide on the steps to take to minimise your exposure to any issues arising from the US ban.

Instead I learnt that there is ‘zero chance of my money going south’ (are Dennis Publishing prepared to underwrite this?), that reputable sites ‘have their arses covered, which means they’re good for your money’ and that the big names have ‘huge financial clout.’ I hope the last point was not a euphemism but these points would not make me sleep any easier, if indeed I was losing any sleep over this. Okay, I agree that there is only a small chance of problems and I am certainly not a doom monger but I also do not want to keep my head in the sand in relation to any potential fall-out from the ban on online gaming.

Have you been on Party Poker lately? It is a shadow of its former self to such an extent that it appears they no longer let you know how many players are on the site. I will be waiting for their interim results before holding large sums at Party Poker and whilst I agree with you that they have a ‘huge business’ they also have a huge cost base to go with it. As I am sure former shareholders of Enron, WorldCom or Parmalat would agree, big companies with huge financial clout do not always have their arses covered and to suggest there is zero chance of your money going south would be both misleading and incorrect.

In my opinion the prudent approach would be to wait and see what happens with these companies and in the meantime keep your exposure to online poker sites (US facing or not) to a minimum. I found about $300 I didn’t know I had by cleaning out my poker accounts following the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />US legislation and I am sure other readers would find the odd amount in their dormant accounts too. I am now going to withdraw and re-deposit after each session (or after each bonus is cleared) and as far as possible I will keep funds in a reputable bricks and mortar UK bank. To that end I have set up an off-shore USD denominated account (to avoid the 1.9% fee each time I transfer GBP to USD with Neteller) and hold the majority of my funds with that bank. If I need to boost my bankroll I transfer from the bank into Neteller thus keeping my exposure with those associated with online gaming to a minimum. The added bonus of this is I’m now earning a good rate of interest on the balance that previously with Neteller attracted 0%.

FBF

[Valiant23]

Re: Pokerplayer article(s) on US ban Nice one Mr Angry! :clap I bet that was wrote after a night-time feed. ;) Seriously though mate I like that a lot. Good one. :ok