My world is crashing down around me
London Stock Exchange article
This is real bad, obviously. If you've been living under a rock for the past few days (or rather, you're not regularly visiting poker forums) you might not know that Senator Frist R-Tenn slapped some anti-online gambling legislation onto the end of the port security bill, in an 11th hour effort to drop his fascist right wing religious morality hammer onto my head.
Fuck that guy and the religious right and their morality police. WHY THE FUCK DO THEY WANT TO MEDDLE IN OUR LIVES. QUIT TRYING TO SAVE US FROM OURSELVES. ALL THIS DOES IS DRIVE PEOPLE AWAY FROM YOUR MORALITY MESSAGE. WHY CAN'T YOU SEE THAT?
The legislation doesn't explicitly make playing poker online illegal. Instead, it attacks the funding methods. In particular, no credit cards transfers or EFT bank transfers to online gambling or related entities (potentially, neteller, firepay, etc).
So I suggest that all of you who have money in party poker and aren't keeping up on all this immediately cash out. I think you can only take out 10k per day, so some of you better get cracking...
11:59 AM: So it looks like you can cash out 10k per transfer from Party to Neteller. The transfers typically take a couple hours, but I can only imagine with the mass exodus of Party withdraws, it could take much longer.
I wonder how much Party has in liquid assets and what percentage of the total account money is comprised of medium/high stakes pros vs your random low stakes fish. Certainly the pros and regular players will be following this much closer and therefore more likely to yank their cash this morning. This whole thing has the potential of destroying online poker if Party decides to freeze a bunch of money. I'm not sure if the industry could ever recover -- mostly because of the fears of the casual player. Just think of how many tens of thousands of random fish have no clue about any of this legislation or party's stance on it.
What a mess.
More updates to come throughout the day as more information becomes available...
posted by WiltOnTilt at 8:37 AM
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