Poker Mac

Bill would bring Billions in tax revenue and protect consumers.

Robert Menendez, Democratic Senator from New Jersey, took time out from his work trying to help reform our healthcare system, to introduce senate bill S.1597. The goal of this bill is to legislate online poker in the U.S. with the goal of increasing tax revenue and provide protection from less reputable sites.  The full text of the bill has been uploaded to scribd.  The PPA is undoubtedly excited about this development.

Does this bill have a chance of passing?

A key question.  As many know, Barney Frank of Massachusetts, introduced a separate bill to the House of Representatives back in May.  That bill did not get the traction that we are all hoping Senator Menendez’s bill will achieve.  Perhaps with a worsening recession, a few of the brighter minds on the capitol will open up to the revenue generation possibilities.  After all, why shoud all of our rake go to Malta, Gibraltar and the Isle of Man.  Can’t we allow Howard and Dolly to run their rooms in piece and pay taxes to Uncle Sam as a bonus to all Americans.

What does this mean for online poker in the U.S?

A bit unclear.  Thinking back to the days before UIGEA, it seemed as though the unregulated poker world brought on a boom that filled card rooms with new players.  What is unclear to me, is whether loosening restrictions on U.S. online poker will have any effect on brick and mortar poker.  It seems the recession would outweigh any effects of a lifting of the UIGEA.

She has always looked a little pissed off to me.  Apparently she had good reason to be.

On Nov 14, 2008, a suit was referred up from lower courts to the Nevada district court.  Clonie (Cycalona) Gowen is suing Full Tilt Poker, Tiltware LLC, Pocket Kings Ltd., Kolyma Corporation, A.V.V., Raymond J. Bitar, Howard Lederer, Andrew Bloch, Phillip Ivey, Christopher Ferguson, John Juanda, Phillip Gordon, Erick Lindgren, Erik Seidel, Jennifer Harman-Traniello, Michael Matusow, Allen Cunningham, Gus Hansen and Patrick Antonious.  The nature of the suit is: Breach of Contract, Breach of Fiduciary Duties, Breach of Covenant of Good Faith and Fair Dealing, Unjust Enrichment and Fraud/Intentional Misrepresentation.  Info from Justia.com – complaint available here.

Perhaps this suit clears up some of the controversy we saw this spring at WSOP 2008.  Clonie played several days without a Full Tilt patch early on.  Later in the series, she was seen with Full Tilt Poker patch in place, and the rumors died out.  One could speculate that she was in the midst of negotiations with FTP and the various entities associated with it.  It turns out, as documented in the complaint, that all the other FTP pros received payouts from the company but Clonie did not receive a distribution.  Howard Lederer apparently offered her $250,000 to go away.  Now she is reportedly demanding $40 million from the defendants or 1% of the net worth of the company as she was contracted as an original member of Full Tilt Poker.  There is no doubt that the Pros have contributed in a big way to FTP’s brand.  I would want my $40 million too.  The cool part about this contract is that it was not a written contract and was made when all the original investors and Team Full Tilt gathered in Phil Ivey’s Golden Nugget suite.