If you haven’t heard, our broke government wants to get its hands on the online poker industry’s potentially US$6 billion dollar annual revenue pie. They’ve frozen bank accounts linked with Full Tilt Poker, Poker Stars, and Absolute Poker and have indicted 11 founding executives of the companies. All totaled, the government wants US$3 billion in fines and restitution!
As you may know, I enjoy the game of poker. I don’t think it’s gambling because you are playing against opponents, not the house. This is the crux of the argument as to why the online poker industry should live or die. The government thinks poker is gambling, but online poker executives obviously think otherwise.
If poker was gambling, why is it that we always see familiar faces win big tournaments. Names such as Phil Hellmuth, Phil Ivey, Chris Ferguson and John Juwanda are everywhere! You only win 49% of the time in gambling, but these guys win much more, that’s why they are so wealthy. One interesting thing Phil Hellmuth told me at a charity event last year is that Full Tilt Poker player/shareholder Phil Ivey makes some US$2 million a month from his site!
DUMB PLAYERS ARE GAMBLERS