Venetian Poker Room Director Discusses Deep Stack Event
The first installment of the 2009 Venetian Deep Stack Extravaganza is in the books. The 25 event tournament series attracted over 7,000 players and generated a total prize pool of nearly million. Despite sagging revenues in Las Vegas, the Venetian has proven that poker remains a staple of gambling options on the Strip.
The second tournament series of the year takes place between April 1st and April 26th, ending in a ,500 buy-in Main Event that begins on April 25th. The casino hosts its major Deep Stack Extravaganza during the World Series of Poker. It takes place from June 1st all the way through July 15th. The final edition runs between November 1st and November 25th.
Keeping the game alive at the Venetian is its Director of Poker Room Operations, Kathy Raymond. The casino veteran sat down with Poker News Daily to discuss the popular Las Vegas tournament series.
Poker News Daily: Tell us about the origins of the Venetian’s Deep Stack Extravaganza.
Raymond: It’s a great event. We started out back in 2007 with the first Deep Stack. We were pretty much the first ones in the industry to go with that concept. It was a result of listening to our players. There are a lot more players now than there were five years ago who are trying to hone their skills. Other tournament structures didn’t allow them to utilize their newfound poker skills, so we created the Deep Stack Extravaganza at the Venetian and it continues to be successful.
The first one kicked off in February of 2007 and was an automatic success. It didn’t take long for players to go to other card rooms and say that they wanted to see deep stack tournaments. Heading into 2009, we’re starting to see the response of other casinos. When people follow your lead, it’s complimentary.
It’s so much better for the players. We are constantly looking to enhance poker players’ experiences. Our goal is to make their experience the best it can be.
PND: Talk about running a high-stakes tournament series in the middle of an economic slump.
Raymond: Our events are meant to be affordable. We have 17 events with a 0 buy-in to appeal to those players who may not have deep pockets. We also offer satellites. We’re getting to the point where we’re seeing all kinds of players in these events. With the large fields that we have, the return on investment if you make the money is substantial.
In this economy, players are also looking to score big. If times are hard, they want to be able to have a shot at good prize money for a minimal amount of investment. All of our events are pretty much that way.
PND: Are there any changes planned?
Raymond: We’re sticking with what works. This is what our players wanted. If anything, we’re trying to enhance the experience. During last November’s event, as a thank you to everyone who played in 2008, we offered a free buffet every single day of the event. This wasn’t your average buffet, either.
We’re not looking to change structures and we’re not looking to add more chips. We’ve reached the maximum number of chips that are feasible. If you give out more than that, then you have to adjust the blind structure.
PND: Have there been discussions to feature more non-No Limit Hold’em tournaments as part of future Deep Stack Extravaganza schedules?
The main interest of most players is No Limit Hold’em. There are those players who play games like Omaha and HORSE, but the general consensus is No Limit. We’ve gotten to the point where we want to satisfy all segments of the poker playing populace, but generally tournaments in other genres of poker are few and far between in comparison to No Limit.
PND: The Borgata in Atlantic City has announced a major deep stack tournament for late March. Talk about their facility.
Raymond: The Borgata has a phenomenal poker room. They have good management and good tournament directors. They’re at a point where they aren’t a monopoly, but they’re dominant in their market. When you look at their competition, they’ve taken the lead in terms of giving players what they want.
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Borgata to Host $500,000 Deep Stack Tournament
On March 21st, the Borgata in Atlantic City will host a 0,000 Deep Stack poker tournament. The buy-in is ,650 and the contest awards 30,000 chips to each player. The event has received so much interest that a total of two starting days are planned, with a winner being crowned on March 24th.
The Venetian in Las Vegas is most often associated with deep stack tournaments. In fact, the Las Vegas casino hosts its Deep Stack Extravaganza quarterly, recently wrapping up a highly successful event to open 2009. The tournament in Atlantic City will make its home in the famed Borgata Poker Room, an 85 table venue that’s one of the largest in the world. The tournament’s full schedule is as follows:
Day 1A – Saturday, March 21st at 11:00am ET
Day 1B – Sunday, March 22nd at 11:00am ET
Day 2 – Monday, March 23rd at 11:00am ET
Day 3 – Tuesday, March 24th at 11:00am ET
The Borgata, which last hosted a World Poker Tour (WPT) event in September, is offering players the chance to win their way into the Deep Stack event without coughing up ,650 to do so. The satellite schedule looks like this:
Friday, March 6th at 11:00am: 0 buy-in
Sunday, March 8th at 11:00am: 0 buy-in
Sunday, March 15th at 11:00am: 0 buy-in
Friday, March 20th at 4:00pm: 0 buy-in
The 0 buy-in satellites dole out one entry into the 0,000 Deep Stack tournament for every 10 players. One entry into the half-million event will be given out for every five players in the 0 buy-in satellites. This isn’t the first Deep Stack tournament to take place at the marquee New Jersey casino. In fact, the Borgata hosted its inaugural Deep Stack event last May. Borgata Director of Marketing Ray Stefanelli told Poker News Daily, “Having introduced our first ever 0,000 Deep Stack poker tournament last May and seeing the popularity and success that a deep stack tournament had in drawing amateurs and poker pros alike, we are excited for the upcoming event in March.”
The Borgata recently lost its second WPT tournament, the Winter Poker Open. However, it instead ran a ,000 buy-in Main Event with million in the prize pool. In the end, Steve “thorladen” Weinstein emerged victorious from the pack of 1,017 players. The tournament was actually chopped four-handed, with Todd Terry, Robert Merulla, and Robert McLaughlin, and Weinstein (all East Coast natives) splitting the massive prize pool.
Stefanelli told Poker News Daily what makes poker at the casino unique: “Borgata is committed to offering a comprehensive poker program through innovative gaming initiatives and first-class service, including deep stack tournaments and events. This year’s 0,000 Deep Stack tournament, for example, starts with 30,000 in chips, has two starting days, and offers a championship-style event structure.” The tournament’s blind levels will run for 50 minutes each and a total of 11 will be played on each starting day. A ten minute break is given at the end of every other level and redraws occur when the field reaches 27, 18, and 10 players. The blinds start at 25-50 and antes kick in at Level 5.
Sunday through Thursday, the Borgata plays host to 0 buy-in poker tournaments that kick off at 11:00am ET. On Fridays and Saturdays, the price tag jumps to 0 (the Friday installment takes place at Noon ET). Monday through Thursday, the 0 buy-in tournament repeats at 7:00pm ET for night owls. Its Texas Hold’em Bad Beat Jackpot stands at 5,000, requiring four deuces to go down in smoke to a superior hand. Two weeks ago, the Jackpot ballooned to 6,000 and was hit when four sevens lost to four tens on a board of 10-7-2-10-7. Michael Richard pocketed 2,000 for the bad beat in the 0 pot, which occurred at a / No Limit Hold’em table.
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Daniel Negreanu Discusses High Stakes Poker Experience
Fresh off a final table appearance at the World Series of Poker (WSOP) Europe in London, Team PokerStars Pro member Daniel Negreanu will now see his cash game expertise unfold on GSN beginning this Sunday, March 1st, at 9:00pm ET. Negreanu is one of a handful of poker pros who will appear on the fifth season of High Stakes Poker and sat down with Poker News Daily to talk about his experience.
Poker News Daily: Describe the atmosphere on the set of Season 5 of High Stakes Poker. For fans watching at home, what goes into making the show and what’s a typical day like as a player?
Negreanu: This season is going to be more intense than in the past because the level of play has increased to a point where everyone is good, the stakes are bigger, and there are more exciting moves. This year, it’s slightly less about the interaction among the players and more about the poker. Depending upon what shift you get, they film about 12 hours per day. It’s pretty fluid considering the production and tape changes going on; very few breaks take place. It runs a lot like an actual cash game.
PND: Due to its airing on television, is the game’s competitive environment different than what you’d find in other high-stakes cash games around the world?
Negreanu: You have an eclectic group of players on High Stakes Poker. There are online guys, old school guys, and business guys looking to give it a shot. It’s not typical, but it inspires a lot of viewers to say that they can do it.
PND: You’ve been involved in some of the richest pots in High Stakes Poker history. Talk about the personal allure for you of participating.
Negreanu: I enjoy it. I enjoy playing live cash games. It’s spooky walking into that room because of all the memories of past shows that I have. I’ve been lucky in my lifetime in tournaments and had my bad luck in cash games displayed on High Stakes Poker.
PND: Who on Season 5 of High Stakes Poker impressed you the most?
Negreanu: Tom Dwan. I hadn’t had a chance to play against him before. He’s relentless. He plays a great big stack and has a lot of money. He keeps the pressure on, makes moves, and also makes big lay downs.
PND: You finished fifth in the WSOP Europe Main Event in September and won the British Columbia Poker Championships two months later in your native Canada. Talk about the run you were on to close out 2008.
Negreanu: I’ve been playing some of the best poker ever in terms of tournaments. I haven’t been letting luck play as big of a role as others do. I’ve rededicated myself to what was successful in 2004 and beyond. It’s a system that works even better against online players who are a lot more aggressive. They cannot possibly keep beating me. My strategy is being cautious and letting others do what I call the “Matusow Blowup.”
PND: Is it just a matter of being patient or is there more to your strategy than that?
Negreanu: It’s a whole small ball system. If I were to compare it to boxing, it consists of throwing a lot of jabs, but keeping my guard up. I’m looking for them to lay their guard down and then go in for the knockout punch. I would describe it as “weak-loose-passive.”
PND: The 2009 WSOP schedule, which was announced last month, will not feature any rebuy tournaments. Talk about your thoughts regarding rebuys and why they should or should not have been included.
Negreanu: I’ve been playing in rebuy tournaments my whole life. I think they’re fun, but I don’t think they belong in an event where we crown a World Champion. Everyone should be on a level playing field aside for their background. Guys like Phil Ivey, Dwan, and me can succeed because we’re not afraid to rebuy 20 or 30 times. If these records are supposed to be considered “clean,” then everyone should be on an even playing field.
PND: Finally, Doyle Brunson has seemed to take quite an interest in your golf game, including a few jabs in recent blogs. Talk about your game. Is it really that bad?
Negreanu: It was that bad when I used to play with him. I’m actually on my way to a golf course right now!
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Andrew Cimpan Wins L.A. Poker Classic
The World Poker Tour’s (WPT) L.A. Poker Classic kicked off last Saturday from the Commerce Casino. A total of 696 poker hopefuls entered, representing a growth of 5% from 2008. In the end, one man stood tall above the rest, Andrew Cimpan, who pocketed nearly .7 million for the win and earned a ,000 entry into the WPT Championship at the Bellagio in April.
A whopping 303 hands were dealt at the final table, with nearly 200 of them coming heads-up. In fact, it took 66 hands for a single elimination to occur. The honor of being the first player ousted from the televised six-handed final table went to Full Tilt Poker pro Chris Ferguson, who put all of his chips at risk after calling an all in by Cimpan with A-K on a 10-8-8 board. Cimpan held pocket fours, giving Ferguson plenty of outs. However, the turn came a six and the river came a three, ending Ferguon’s dreams of winning his first WPT title. “Jesus” took home 0,538 for his efforts.
Pat Walsh hit the skids in fifth place. With blinds of 50,000-100,000 and a 10,000 chip ante, Nguyen raised to 250,000 pre-flop. Walsh bumped it up to 950,000 and Nguyen pushed all in. Walsh called for his tournament life, flipping over A-2. Nguyen had him dominated with A-J and the better hand held. Walsh earned 0,694 for his fifth place finish in Los Angeles. His elimination came on the 97th hand of final table play.
Chris Karagulleyan, who was the chip leader entering the final table and a former winner of the Legends of Poker during the WPT’s inaugural season, was ousted from the L.A. Poker Classic in fourth place, earning 0,963. Cimpan moved all in from the small blind for ten times the big blind and Karagulleyan called for all of his chips with A-9. Cimpan reluctantly flipped over Q-8. Both players hit a pair on the flop of A-Q-10, but Cimpan improved in the hand for good when the turn came another queen.
Six hands later, online poker pro Mike “SowersUNCC” Sowers was eliminated in third place. After an up and down final table for the North Carolina native, Sowers pushed over the top of a re-raise by Nguyen holding pocket fours. However, he found himself to be a 4:1 underdog against Nguyen’s pocket queens. The board bricked out for the youngster, who won a ,000 buy-in tournament during the 2008 Borgata Winter Open for nearly 0,000.
On the 303rd hand of final table play, Cimpan pushed as the chip leader with K-5 of clubs. Nguyen turned over A-9 and the flip came 10-5-3, pairing Cimpan. The turn came a 10, leaving Nguyen rooting for an ace or a nine to win the hand and double up. If not, Cimpan would become the winner of the 2009 L.A. Poker Classic. The dealer turned over the four of spades, leaving Nguyen with a 5,424 consolation prize. At the time of the final hand, there were only 55 total big blinds in play.
Cimpan told WPT Live Updates Hostess Amanda Leatherman after the final cards had been dealt, “I’m so tired. I can’t fake it. Nguyen didn’t let me play the game that I wanted to play.” He also sent a shout out to his daughter, Joy (who is 13 years-old), and his son, Joshua (who is nine). Entering the marathon heads-up battle, Nguyen stood with twice as many chips as Cimpan.
Here were the final standings and payouts from the Commerce Casino:
1st Place: Andrew Cimpan – ,686,760
2nd Place: Binh Nguyen – 5,424
3rd Place: Mike Sowers – 4,797
4th Place: Chris Karagulleyan – 0,963
5th Place: Pat Walsh – 0,694
6th Place: Chris Ferguson – 0,538
Saturday marks the start of the WPT Celebrity Invitational from the Commerce Casino. A 0,000 prize pool and a ,000 seat into the WPT Championship will be up for grabs. The WPT then takes a two week hiatus until the Bay 101 Shooting Star event:
Bay 101 Shooting Star (San Jose, California)
March 16th through 20th, 2009
Foxwoods Poker Classic (Mashantucket, Connecticut)
April 3rd through 8th, 2009
WPT Championship (Las Vegas, Nevada)
April 18th through 25th, 2009
Stay tuned to Poker News Daily for the latest from the WPT tournament trail.
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High Stakes Poker Host Looking Forward to Season 5
This Sunday, March 1st, at 9:00pm Eastern Time, the fifth season of “High Stakes Poker” will debut on GSN. The fifth installment has been a longtime coming and perhaps no one is looking forward to it more than its host, A.J. Benza. The gossip columnist turned poker icon sat down with Poker News Daily to talk about the 13 brand new episodes of the high-stakes ring game.
Poker News Daily: How did you become involved with High Stakes Poker?
Benza: When the idea came about, GSN sent out a note saying they were looking for an “A.J. Benza-type person.” They didn’t know I lived in Los Angeles and asked if I played poker. I said sure, but I had really never played. I bluffed my way onto the show and got a few e-mails from viewers who were really crazy about poker telling me to drop dead. Over time, I received support from other people like me, who maybe don’t know everything, but weren’t afraid to ask.
High Stakes Poker is not like other shows where they’re playing for ,000 or for charity. This is their real money and they act like they’re trading bottle caps. It’s almost voyeuristic to see people trade money that quickly.
PND: How were you able to expand your knowledge of the game?
Benza: My Co-Host Gabe Kaplan and our producer, Mori Eskandani. They had a lot of patience with me in the beginning. There are terms they used that made me petrified to go into work, but I’d learn little by little and ask questions. I started to steadily learn and watched other shows on television. You can’t teach the mathematical minds that these players have. In high school, I had to take algebra and trigonometry twice. I’m not a math guy.
PND: What are you looking forward to seeing the most when High Stakes Poker Season 5 debuts on Sunday, March 1st at 9:00pm ET on GSN?
Benza: Last season, we had a half-million dollar buy-in show. I believe there were one or two million dollar pots. We’ve done five shows so far this season and there have already been a few half-million dollar pots, one of which was earned on a bluff.
This season is special because we have both veterans and young guns. There are hundreds of thousands of young kids playing poker on the internet. One kid in particular, Tom Dwan, is almost on a rain man level. He’s amazing. His mind goes off and he calculates the odds and percentages. Ilari Sahamies is a very stoic guy and doesn’t say much. I’ve only seen him order drinks. You also have the old guys. This season is going to be great because you’ll see the young guns going against old vets. The old guard, such as Doyle Brunson, doesn’t play hands that these new guys do. The game is different.
PND: What goes into voicing over the shows that air?
Benza: The game is played about two months beforehand. They’ll chop the tape into 13 one hour episodes and then Gabe and I will sit in Hollywood, watch a hand, talk it out, practice it, and do it again. By the third time, we usually have it down right. Sometimes there’s chatter at the table, so we’ll let the players talk. Sometimes there’s no chatter, so we have to do all of the talking.
Each player has a mic and, let’s just say, sometimes things happen beneath the waist that can turn a hand into a comical one. It happened this year to one of our more established players and it certainly makes for a lot of fun. This year, Barry Greenstein is trying to coin a new catch phrase, “Math is idiotic.” He’s trying to stay away from the math and tell young players that sometimes you just go out and play a hand.
PND: When will we be hearing about High Stakes Poker Season 6?
Benza: I hope it happens tomorrow. I don’t want to have to wait like last year. You can be the number one show on a network, but it happens all of the time. Sometimes you have to wait your turn. I think we’ll have more viewers and after 13 weeks, I can’t see GSN moving its number one show off the network.
There were a bunch of poker shows three or four years ago and now there are just a couple. We’re the standout show. When you look on the Net and see that people have downloaded individual hands half a million times, it’s unbelievable. If you’ve never watched poker before, you might get addicted watching Season 5 of High Stakes Poker.
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Bellande Renews Sponsorship Deal With Bodog
In the current day of professional poker, players look to find ways to alleviate the pressures faced by everyone who works for a living. Many times this is done by being the spokesperson or sponsored player for one of the multitude of online poker sites that crave a vibrant face to place on their product. These sponsorships – which can pay the players’ buy ins for tournaments, and offer them the possibility to offset the variances inherent in poker – are very difficult to come by and, when you do have them, it can be in your best interests to keep active. It was announced earlier this week that one such deal between a top pro and an online room has been renewed, although details were not released.
After one of the better years of his career, professional poker player Jean-Robert Bellande recently renewed his exclusive sponsorship deal with Bodog, one of the sites that still cater to American action. As a part of the Bodog team, he participates in much of the action online with the site and – along with fellow professionals David Williams, Evelyn Ng and Justin Bonomo – is sponsored into many worldwide tournaments and made-for-television events.
A press release from his management company Poker Royalty pointed out the reasons for Bellande’s continued sponsorship by Bodog. “Jean-Robert is a player with so much charisma and personality that he is a perfect fit for Team Bodog. This was about the right brand fit, and Jean-Robert obviously embodies the Bodog lifestyle,” said James Sullivan, President of Poker Royalty. Bellande was also enthusiastic about the renewal when he stated, “I am thrilled to continue my relationship with Team Bodog. The company is a fantastic organization and I am excited to continue with such a select team of world-class poker players.”
Bellande’s history of success in poker dates back to 2001, but it wasn’t until 2005 that the poker world began to take notice of him. In 2005, he made the final table of a WSOP Circuit event and scored a nearly 0,000 victory at the 2005 Winnin’ O’ The Green at the Bicycle Casino in Los Angeles. He barely missed winning his first WSOP bracelet last year with a second place finish in the 00 No Limit Hold’em Shootout and also cashed in the Championship Event, finishing in 442nd place of the massive 6,844 player field. All totaled, Bellande has won nearly one million dollars since he began playing in 2001.
While his success on the poker tables has earned the sponsorship from Bodog, his association with Poker Royalty has earned him notoriety beyond just being a poker player. He has appeared on the made-for-television productions of the World Poker Tour’s “Bad Boys Of Poker” and the GSN poker show “High Stakes Poker.” In 2007, Bellande also became the first poker player to participate in a reality show when he was a part of Survivor China. He finished in eighth place on that program and admitted that he used many concepts and strategies from his poker background to his advantage on the show.
Bellande’s renewal of his contract with Bodog caps what has been a busy month in the sponsorship world of poker. Earlier this week, Betfair signed 2007 EPT Poland champion Peter “Zupp” Jepsen to a deal that will give the site an excellent roster of young talent, including 2007 WSOP Europe titleholder Annette “Annette_15” Obrestad. Additionally, former World Champion Jamie Gold stunned the poker world with his reported eight figure deal with online poker newcomer Aced Poker in early February.
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Hand Dissection – Chris “The Universe112” Leveroni
Full Tilt Poker’s FTOPS XI has come to a close, and with it several champions have been born. One of them is Chris “The Universe112” Leveroni, a 19-year-old whiz kid from Amherst, MA, who earned more than 0,000 during the series. Leveroni earned 0,358 by taking down Event #7 on February 7, and then two days later received a 0,400 payday by taking third in the second chance, ,000 rebuy of Event #12.
With the success he achieved during FTOPS XI, Leveroni vaulted up to #52 on PocketFives.com’s World Wide Rankings (as of Feb. 23, 2009).
Leveroni took some time with Poker News Daily to go over a hand he played during the final table of his Event #7 win. With six players remaining, Leveroni got involved in a hand with chip leader Adam “bustin busters” Acosta that helped push The Universe112 closer toward the biggest cash of his poker career.
Hand Setup:
Seat 3 (bustin busters): 3,362,574 chips
Seat 4: 606,990 chips
Seat 6 (The Universe112): 2,196,636
Seat 7: 2,233,750 chips
Seat 8: 1,282,214 chips
Seat 9: 1,321,336 chips
Blinds are 20,000/40,000 with a 5,000 ante
Poker News Daily: First, can you go into the dynamics of this final table a little bit? What image are you portraying at this stage of the tournament?
Chris Leveroni: This table was particularly solid for the final table of a major (event), but was also playing fairly tight at this particular stage. I would say that my immediate image had to be somewhat tight, mainly because I was being hit with the deck, though there were players at the table who know my general game pretty well so my image was my typical LAG (loose-aggressive) style to them.
Cards are dealt:
Seat 4 folds
The Universe112 raises to 102,000 with 2d 2h
Seat 7 folds
Seat 8 folds
Seat 9 folds
bustin busters calls 62,000
PND: How often are you opening preflop and with what range of cards?
CL: I’d say I’m opening a fairly wide range here mostly because of the way the table was playing. I fold pairs much more often than most so if I’m opening 22 here I’m probably opening a lot of hands.
PND: Can you explain any history you’ve had playing with bustin busters? How do you feel about his game and what are your initial thoughts on him defending his big blind here?
CL: Bustin seemed like a fairly typical tournament player but I had noticed he would defend his blind a lot more frequently than most, possibly with a sub-optimal range.
FLOP: 7c 9c 8d
bustin busters checks
The Universe112 checks
PND: Is checking behind a safe play or do you have a plan drawn out depending on what falls on the turn?
CL: This is a really bad flop against what I perceive to be a fairly loose preflop calling range so I’m pretty well prepared to give up when I check behind.
TURN: 9h
bustin busters checks
The Universe112 bets 80,000
bustin busters raises to 215,000
The Universe112 calls 135,000
PND: Describe the action here. What does his check/raise mean and what is your plan of attack on the river?
CL: Once he checks the turn I am virtually certain he doesn’t have a hand so I’m betting for some value. I realize my hand looks very weak and I’m hoping he’ll call a bet with Ace-high or something. I also was prepared in case he wanted to spazz out a little. When he raised the turn I literally could not conceive of any hand he would do this with for value. I decided calling and calling all reasonable rivers was the way to maximize value.
RIVER: 8h
bustin busters bets 477,555
The Universe112 raises to 1,874,636, and is all in
bustin busters folds
The Universe112 shows 2d 2h (two pair, Nines and Eights)
PND: Your cards become worthless when the board pairs on the river. How often do you think you can get him to fold by moving all in with a bluff?
CL: The river is sort of an annoying card but seeing as I’m still confident he has no hand the shove is made very easy.
PND: You decide to show your cards after he lays his hand down. What kind of value is there in letting the table gain information about you? Did you use this to set up any plays later on in the tournament?
CL: I showed because I knew that those at the table who knew my game wouldn’t much alter their decisions and because it might tilt bustin busters or skew the play of any others at the table who did not know my game well.
PND: Finally, describe a little bit what it feels like to win an FTOPS event and take down your biggest online score to date.
CL: It felt great but I was tired and hungry and happened to have been really sick that day. So I rushed to the local CVS before it closed to get some Nyquil.
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PricewaterhouseCoopers: Up to $52 Billion in Revenue from Internet Gambling
On Thursday, the Safe and Secure Internet Gambling Initiative (SSIGI) released the results of a study performed by U.S.-based PricewaterhouseCoopers (PWC). The financial advisory firm found that up to .9 billion over a ten year period could be added to the pockets of the U.S. Government by taxing and regulating the internet gambling industry. The internet gambling study, which is dated September 26th, 2008, comes on the heels of a similar examination performed one year earlier.
The study utilizes Congressman Barney Frank’s (D-MA) HR 2046, the Internet Gambling Regulation and Enforcement Act. The bill provided a complete licensing and regulatory framework for the internet gambling industry in the United States, which was largely stunted by the Unlawful Internet Gambling Enforcement Act (UIGEA) upon its passage in 2006. HR 2046 generated 48 co-sponsors, but was not acted upon during the 110th Congress and now must be reintroduced for consideration. Frank told the Reuters news agency that he plans to sponsor internet gambling legislation in March.
PWC utilizes Congressman Jim McDermott’s HR 5523, the Internet Gambling Regulation and Tax Enforcement Act. It was a companion bill to HR 2046 and imposed a licensing fee of 2% of deposits on internet gambling companies operating in the United States. HR 2046 allowed individual states, Indian Tribes, and professional sports leagues to opt out. Therefore, PWC’s two page write-up includes a wide range of scenarios. A total of 10 states – Illinois, Indiana, Michigan, Nevada, New Jersey, New York, Oregon, South Dakota, and Washington – have some form of brick and mortar gambling. Others, such as Florida and Kentucky, have legalized race tracks.
Under the scenario where only a few states opt out of HR 2046 and HR 5523, a total of .4 billion over a ten year period from 2009 to 2018 could be raised. This total is determined by adding up revenue derived from licensing fees (.1 billion), wagering taxes (.6 billion), individual income taxes (.1 billion), and corporate income taxes (.6 billion). This number also assumes that all professional sports leagues do not allow legalized internet gambling.
Under the scenario where a high percentage of states opt out, as do all professional sports leagues, the total that could be generated over the a year period from internet gambling is cut in half to .9 billion. This total is determined by adding up revenue derived from licensing fees (.5 billion), wagering taxes (.4 billion), individual income taxes (.2 billion), and corporate income taxes (3 million).
If professional sports leagues did not opt out of the bill, then revenues generated from internet gambling would skyrocket. PWC asserts, “We estimate the legislation could increase federal revenues by as much as .9 billion over the 2009 to 2018 period in the event that no sports leagues or states opted out of the regulatory regime.” If sports leagues were to opt in, PWC expects that at least .9 billion over a ten year period could be raised, even if a large number of states opted out. If sports leagues opted out, but no states followed suit, then .9 billion could be raised.
The report assumed an effective date of October 1st, 2009. Ironically, that would come exactly two months before the financial services industry must come into full compliance with regulations of the UIGEA, which were pushed through as midnight rules by the outgoing Bush Administration.
A similar study was conducted by PWC one year ago and the latest results were generated using updated revenue projections from H2 Gambling Capital. SSIGI spokesperson Jeff Sandman commented in a press release distributed on Thursday, “We are optimistic that the Obama Administration and Congress will pay closer attention to this issue as they seek to find new revenues that can be generated without raising taxes for critical federal, state, and local government programs.”
The UIGEA was passed during the waning moments of the 2006 Congressional session and attached to the SAFE Port Act at the urging of former Senate Majority Leader Bill Frist (R-TN). The SAFE Port Act was passed by a 421-2 vote in the House of Representatives and by unanimous consent in the Senate.
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Chris Karagulleyan Leads L.A. Poker Classic Final Table
In August of 2002, Chris Karagulleyan took down the World Poker Tour’s (WPT) Legends of Poker during the tournament series’ very first season. The final table featured the introduction of then-amateur pro Mark Seif, with Stan Goldstein, Can Kim Hua, and Hon Le also appearing. Six and a half years later, Karagulleyan is back in the spotlight, holding a commanding chip lead entering the final table of the L.A. Poker Classic.
Karagulleyan is the proud owner of 4.1 million chips, nearly double the next closest stack, which belongs to Mike “SowersUNCC” Sowers; the online poker pro holds 2.4 million. Karagulleyan’s Season I WPT victory was worth 8,000. He took 29th in the Foxwoods World Poker Finals during Season III for ,000 and finished 95th in the same tournament one year later for ,000. It’s been a long road for the Beruit native back to a WPT final table, as his tournament series profile notes that he has lost a portion of his poker winnings to other forms of gambling.
Here are the chip stacks of the six survivors entering final table play on Thursday:
1st in chips: Chris Karagulleyan, 4,080,000
2nd in chips: Mike Sowers, 2,405,000
3rd in chips: Pat Walsh, 2,200,000
4th in chips: Binh Nguyen, 1,895,000
5th in chips: Cornel Andrew Cimpan, 1,740,000
6th in chips: Chris Ferguson, 1,565,000
On his first WPT tournament win in 2002, Karagulleyan told Live Updates Hostess Amanda Leatherman, “There were only 157 players, but they were good. It was tough. This is going to be a challenge, but I think I’ll win. I’ll do my best to win it for my fans.” On his competition, he added, “I like everyone and they’re good players. I like the way they play because they muck fast and they don’t take a lot of time to act.”
Mike Sowers is a final table veteran as well. He earned face time on ESPN during the 2008 World Series of Poker (WSOP) by finishing eighth in the ,000 buy-in Pot Limit Hold’em Championship. The star-studded final table included eventual bracelet winner Nenad Medic, along with Andy Bloch, Kathy Liebert, Poker News Daily columnist and WPT Host Mike Sexton, Amit “amak316″ Makhija, Patrik Antonius, and Phil Laak. He also finished as the runner up in a ,060 buy-in No Limit Hold’em Second Chance tournament held during the most recent Full Tilt Online Poker Series (FTOPS).
Chris “Jesus” Ferguson is making his second WPT televised table appearance and his first in an “open” event. Ferguson finished fourth in the WPT Invitational in 2005 for ,000. That tournament, which also featured Johan Storakers, Tom Everett Scott, and Chau Giang, was won by Alex Brenes. Ferguson is the owner of five WSOP bracelets and won the Main Event in 2000 after defeating T.J. Cloutier. He’s also reached the finals of the National Heads-Up Poker Championship, which airs on NBC, three times in the four years it’s been held and owns an amazing 16-3 record. Last year marked the first as its champion and he’ll be on site at the Caesars Palace poker room to defend his title in a few weeks when the fifth running of the event begins. He’s also a popular ambassador of the game through his work with the Poker Players Alliance (PPA).
Play resumes at 4:00pm Pacific Time on Thursday and will conclude when a winner is determined. Here are the chip stacks heading into the final table:
1st: Chris Karagulleyan – 4,080,000
2nd: Mike “SowersUNCC” Sowers – 2,405,000
3rd: Pat Walsh – 2,200,000
4th: Binh Nguyen – 1,895,000
5th: Cornel Andrew Cimpan – 1,740,000
6th: Chris Ferguson – 1,565,000
Wednesday’s play saw the field dwindle from 20 players down to six. The final standings from the day along with the payouts for each player are as follows:
7th: Blake Cahail – 0,403
8th: Payman Arjang – 3,632
9th: Mark Bryan – ,883
10th: Tam Ly – ,477
11th: Donnie D’Auria – ,477
12th: Zach Hyman – ,477
13th: Jeremy Kottler – ,796
14th: Peter Feldman – ,796
15th: Dan Lu – ,796
16th: Teddy Monroe – ,114
17th: Nick Schulman – ,114
18th: Xuan Nguyen – ,114
19th: Matt Woodward – ,433
20th: Billy Pilossoph – ,433
Amazingly, Donnie D’Auria won a Season Pass during a WPT Boot Camp, allowing him to freeroll his way into several events, including the L.A. Poker Classic. The tournament’s winner will take home nearly .7 million. Check back to Poker News Daily on Friday for the results of the marquee WPT event.
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Titan Poker Introduces Spring Poker Madness
Players on the iPoker Network room Titan Poker will soon find their Loyalty Points balances increased as part of the site’s Spring Poker Madness promotion. The additional points are based on how many Loyalty Points players accrue during the month of March, which begins on Sunday. The promotion comes on the heels of Club Titan’s introduction.
A press release distributed by Titan Poker explained why doubling players’ Loyalty Points has gotten site members buzzing: “This is exciting news, as the doubling of loyalty rewards means more benefits and subsequently higher cash outs.” The additional bonus points earned by Titan Poker customers during March will be placed into their accounts in April. Points will be generated as follows:
50,000 – 99,999 Points Earned in March
20,000 – 39,000 Regular Monthly Loyalty Points
+ 20,000 – 39,000 Bonus Monthly Loyalty Points
= 90,000 – 179,999 Total Points
0 – ,750 Cash Out
100,000 – 149,999 Points Earned in March
45,000 – 67,500 Regular Monthly Loyalty Points
+ 45,000 – 67,500 Bonus Monthly Loyalty Points
= 190,000 – 284,999 Total Points
,750 Cash Out
150,000 – 199,999 Points Earned in March
75,000 – 99,999 Regular Monthly Loyalty Points
+ 75,000 – 99,999 Bonus Monthly Loyalty Points
= 300,000 – 399,999 Total Points
,750 – ,000 Cash Out
200,000 and Over Points Earned in March
At least 110,000 Regular Monthly Loyalty Points
+ At least 110,000 Bonus Monthly Loyalty Points
= At least 420,000 Total Points
At least ,000 to Cash Out
The month of February has seen Titan Poker customers participating in a massive .5 million rake race. The top 800 players will finish in the money for at least 0, with its winner pocketing 0,000. Second place will capture ,000 and third through fifth places will take home ,000. Leader Board Points for the .5 million rake race are given out based on rake taken during a hand, ranging from one point for {content}.25 to {content}.50 to ten points for .01 to . At the time of writing, Titan Poker member poker813 has a sizable lead on the field with 782,000 Leader Board Points. His next closest competitor, foxynadja, has just 696,000. The rake race is one of the largest ever held online.
In just over one week, Titan Poker players can put their skills to the test in the site’s .5 Million Guaranteed, which takes place on Sunday, March 8th. The buy-in is a healthy ,580, but satellites start at just .21. On Wednesdays and Saturdays, Titan Poker hosts a 9 rebuy tournament at 19:35 GMT that awards one seat for every ,580 in the prize pool. In addition, at least three seats will be up for grabs. On Mondays, a 5 buy-in freezeout at 19:35 GMT also guarantees at least three seats. Four times per week, Titan Poker hosts a .50 rebuy tournament that awards one entry into the .5 Million Guaranteed for every ,580 collected (no seats are guaranteed).
Team Titan Poker includes Mohamed Ali Azabi, Maria Cabaleiro, and Kirill Magnusov, who were among 12 players that won six month sponsorships with the iPoker Network site. Titan Poker has sent its players to tournaments around the world, including the European Poker Tour (EPT), World Series of Poker (WSOP), Asian Poker Tour (APT), and Aussie Millions.
The iPoker Network is owned and operated by Playtech, a publicly traded company on the London Stock Exchange, where it can be found under the symbol “PTEC.” The Network also includes CD Poker, Chili Poker, Mansion Poker, Noble Poker, Sun Poker, and VC Poker.
The iPoker Network is largest group of sites that does not accept players from the United States, according to traffic ranking site PokerScout.com. The Network has a seven-day average of 6,200 ring game players. Its 24 hour peak is nearly double that number, 11,005 players. The top site by average cash game volume is PokerStars (24,800 players), followed closely by Full Tilt Poker (10,400).
PTEC finished trading on Wednesday down ₤8.75 to close at ₤365.00. Its 52 week high is ₤558.00.
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