How About a $1,000,000 Buy-In WSOP Event in 2010?

Last Thursday, Seth Palansky, Communications Director for Harrah's Entertainment and the World Series of Poker, was my guest on Keep Flopping Aces, my internet radio show that webcasts every Thursday at 9 p.m. Eastern Time on http://www.roundersradio.com/.

During a part of our conversation where we discussed new innovations for the WSOP that might crop up in future years, I suggested a tournament with a $1,000,000 buy-in. I’m sure the idea was driven by The Challenge, the online event in which Tom “durrrr” Dwan offered $1.5 million to any player who beats him over 50,000 hands at four simultaneous heads-up online tables at stakes of $200-$400 or higher, in either pot-limit Omaha or no-limit Texas hold’em.

Finnish poker player Patrik Antonius is Dwan’s first taker, but he’s not the only high-stakes player eager to gamble at that level. Next up are Phil Ivey and David Benyamine, and there may be others too.

With punters willing to play that big, think how much publicity the WSOP would garner by adding a feature event with a $1,000,000 buy-in. Sure, there probably won’t be more than three tables for an event with a m illion-dollar buy-in—and one table seems like a more prudent expectation—but the publicity the WSOP would generate around the world in the poker media and the mainstream media too, would be worth its weight in gold.

Harrah’s might just help things along too, by adding a $1,000,000 overlay for each table. So while a three table event with nine players per table would produce $27 million in buy-ins, it would yield a prize pool of $30 million from the million dollars Harrah’s would add for each and every table that begins the event.

ESPN should love the idea. After all, it’s more TV programming for them, and with the attendant publicity surrounding the astronomical buy-in for this event, their viewership numbers ought to go through the roof.

It’s a winner all the way around. Or so it seemed to me. And to Seth Palansky too. We even talked about naming the event after me. So if you see the Lou Krieger $1,000,000 Buy-in WSOP No-Limit Hold’em Tournament at the WSOP some year soon, remember—you read it here first. Better yet (if you dream at all, why not dream big?), if Harrah’s decides to pay my buy-in, I’ll be able to afford to play in an event that carries my name.

What’s your opinion? Do you think a WSOP event with a $1,000,000 buy-in sounds like a good thing? And if you do, how many entrants do you think the WSOP can expect for the first year?
Send me your thoughts and I’ll publish the best of them in a week or so.

Repealing UIGEA and Taxing Online Gambling Worth $52 Billion Over 10 Years

A new analysis prepared by accounting firm PricewaterhouseCoopers [PWC.UL] concludes that the United States could raise nearly $52 billion in revenue during the next decade by repealing the Unlawful Internet Gambling Enforcement Act (UIGEA) and taxing online gaming instead.

UIGEA bars businesses from knowingly accepting payments related to unlawful Internet gambling.

PricewaterhouseCoopers' latest estimate of how much the United States could raise from regulating and taxing Internet gambling is about 22 percent higher than it was in 2007 because U.S. online gambling has grown despite the ban, according to Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative.

House of Representatives Financial Services Committee Chairman Barney Frank (D-MA) plans to reintroduce a bill within the next month (see blog entries dated February 4 and 25) that seeks to overturn UIGEA, approved when Republicans controlled both houses of Congress and Republican George W. Bush was in the White House.

High Stakes Poker Returns to TV March 1

Here’s a heads-up for TV poker fans. The Game Show Network’s High Stakes Poker, the only no-limit Texas hold’em poker on television, returns for its fifth season this Sunday, March 1 at 9 p.m. (8 p.m. Central Time) on GSN.

Several of the world’s top poker pros will be in action, including Doyle Brunson, Eli Elezra, Daniel Negreanu, Phil Laak and Antonio Esfandiari.

A.J. Benza returns as host, with popular poker analyst Gabe Kaplan (pictured right) providing commentary.

This is by far my favorite televised poker show, and it seems to be a favorite of most other poker players too. I’m glad it’s starting up again.

Texas Tries to Legalize Casinos ... Again

Two Texas state senators, Houston Democrat Rodney Ellis and Dallas Republican John Carona, want to establish Las Vegas-style casinos in Texas.

Texans go out of state to gamble, and according to Ellis and Carona, the state should get a piece of that action through casino tax revenue and jobs.

"Texans are already gaming. They're going to continue to do so. I say let's regulate it and let's tax it and let's use the money to pay for public schools and highways and other needy programs in the great state of Texas," Ellis said.

Their proposal would establish up to 12 destination resort casinos and also permit slot machines at horse and dog tracks, and casino gambling on Indian reservations.

This is the second time around for Ellis and Carona. They introduced a similar bill last session, but it failed, and social conservatives are once again threatening to fight the proposal. Lining up with the social conservatives are out-of-state casino interests who don’t want to see competition in Texas, and a rift between casino and race track interests is said to be forming.

Hard to figure how this one will play out, but I’m not overly optimistic—even when additional tax revenues brought about by new casinos seems to be a terrific motivator in these tough economic times.

Seth Palansky, WSOP Communications Director, on This Week's "Keep Flopping Aces"

Seth Palansky, Communications Director for Harrah's Entertainment and the World Series of Poker, will be my guest this Thursday, February 26, on Keep Flopping Aces, which webcasts at http://www.roundersradio.com/ at 9 p.m. Eastern Time.

We're going to talk all about this year's World Series of Poker, and what's new and different this time around. Since the WSOP just released its schedule of events a few weeks ago, there'll be plenty to chat about, including Event No. 2, a brand-new $40,000 buy-in tournament, and the impact of doing away with rebuy events for 2009.

Palansky came to the WSOP a year ago from the NFL, where he headed communications for the league's cable channel for five years. No stranger to big sporting events, Palansky has worked Super Bowls, Olympics, World Series, Heavyweight Championship boxing matches, the Daytona 500, major golf and tennis tournaments, and of course the World Series of Poker.

This should be a fascinating first half-hour of the show, and if you're planning on attending this year's WSOP, you ought to listen and get a heads-up straight from the horse's mouth on what's new, and what to expect at the 40th Annual WSOP.

The Tom “durrrr” Dwan Challenge Is On!

The Challenge, as it’s come to be known, is on. Tom “durrrr” Dwan (pictured left) offered $1.5 million to any player who beats him over 50,000 hands at four simultaneous heads-up online tables at stakes of $200-$400 or higher, in either pot-limit Omaha or no-limit Texas hold’em. Dwan’s opponent, should he lose, need only pay $500,000 at the end of the match. While the stakes are astronomical, the 3-to-1 odds Dwan is laying are attractive, and were bound to attract some eager and well-heeled opponents.

The first taker: Finnish poker luminaryPatrik Antonius. And at the end of 1,541 hands, a mere three percent of the 50,000 hands comprising the challenge, Dwan is winning slightly less than $135,000.

Others interested in taking Dwan up on his offer are Phil Ivey and David Benyamine, and though Ivey was the first player to accept the challenge, after examining their schedules, Antonius was first to step up to the plate.

Dwan was quoted as saying that he plans to play Ivey and Benyamine too, unless things go terribly wrong in earlier matches. Antonius and Dwan are figuring on four to six months to complete their match. Although there’s no firm schedule, railbirds at Full Tilt can keep checking the “durrrr Challenge” tables in the Omaha Hi cash game section.

We’ll report back on this match periodically … so stay tuned.

Barney Frank: Bill to Repeal UIGEA Coming Next Month

Earlier this month (see blog entry for February 4) I called your attention to Massachusetts Congressman Barney Frank’s plan to reintroduce a bill repealing the Unlawful Internet Gaming Enforcement Act (UIGEA). This idea has gained steam and now there’s a timeline being floated about in Washington. “The bill introduction should happen in the next month,” Frank’s staff told Reuters. “Mr. Frank will bring back legislation to repeal the UIGEA.”

Although UIGEA was passed in 2006 as a dead-of-night, no debate or discussion, eleventh-hour attachment to Safe Port Act—a piece of must pass legislation—it was only last November that the regulations implementing it were finalized. The law, which doesn’t change the legal status of poker or other online gaming, makes it illegal for banks, credit-card companies, and payment processors such as PayPal and Neteller to transfer funds from players to online casinos, and back again.

Frank will predicate his legislation on the fact that UIGEA breaches civil liberties while hurting trade ties with the European Union.

Last year Frank tried unsuccessfully to overturn UIGEA. But now, with a Democratic congress and White House, his chances for success appear much better.

Repealing UIGEA is also likely to settle the ongoing trade disputes with the tiny Caribbean nation of Antigua and the much larger European Union. Although Antigua was awarded damages, reopening the US market to online gaming sites housed there is really the prize they’re after.

In addition, if online gaming sites were to be legalized, regulated, and taxed in the United States, it would generate needed tax revenue in the billions, while providing an enhanced level of safety to customers.

Jamie Gold Inks Eight-Figure Endorsement Deal with Online Poker Newcomer, Aced.com

Jamie Gold, who won the main event at the 2006 World Series of Poker, announced that he signed a deal with Aced, a new online poker site. Although terms were not made public, estimates of his endorsement deal run to eight figures. Aced will also sponsor Jamie at major tournaments across the United States and throughout the world.

The Aced.com site now states “Jamie Gold, the all time WSOP Money Leader now plays exclusively at Aced.com.” Aced, which began operations in September 2008, is a member of the Merge Gaming Network.

Aced Poker Room Manager, Brandon Berndt, said, “We are extremely excited to have Jamie on board, not only because of his obvious value as an ambassador for us within the poker world, but for the unparalleled enthusiasm, insight, and creativity he brings to the ongoing development of our brand. He could have chosen so many other sites, but we share his values and vision. He is worth every penny—or billion pennies.”

Gold had a rough time of it in the aftermath of his WSOP victory. A legal imbroglio cost him a large share of his winnings and won him few fans, but Gold has a lot of charm and brings energy, humor, insights, along with a fresh, creative, and upbeat personality to the poker table. I'm wishing him well at Aced.com.

Well Know Players Banned From Online Sites for Playing Multiple Accounts

Josh Field, aka JJProdigy, who cheated before and was seemingly given another break when he issued his mea culpa to the poker community, was banned from Cake Poker last week after an investigation revealed Field was still engaged in multi-accounting.

Field was a known multi-accounter who was involved in scandals at various sites and was banned from many major online sites as a result.

According to current information, Field played as “OnThatGrind” and allowed players he was staking to use that account in high limit games, resulting in his banishment from Cake Poker.

Other instances where players used multiple accounts at Poker Stars and Full Tilt Poker included some very well-known names such as high-stakes player Dustin “NeverWin” Wolff and “YourTimeisUp.”

These bans involved the use of multiple aliases or accounts to play in games at separate times, rather than playing on several accounts simultaneously.

50 Percent of Online Players Distrust Poker Sites According to New Survey

The big news today is a survey of 2,500 poker players taken by a British research company showing that fully one-third and up as many as half of the respondents do not trust online poker sites.

Poker site operators have to be very concerned over these results, since trust is paramount when it comes to gambling online—or in a brick-and-mortar casino for that matter. When up to half of a relatively large survey group of 2,500 have trust issues about online poker sites, clearly the sites have some work ahead of them. Even if scrupulously honest, perception is as important as reality, and a site that’s not trusted is not in an enviable position.

The survey was carried out by 72Point, an independent research company hired by London-based mobile technology provider Probability plc in advance of their launching a new mobile poker product.

Here are some survey results: To the statement, “I trust them, they provide a good service,” only 12.5 percent answered affirmatively. Nearly 37 percent gave a qualified answer (a “yes, but”) to the statement, “I mostly trust them.” Worse yet, nearly 20 percent said they mistrust poker sites and had “a lot of doubts” about them, while an additional 31 percent do not trust online poker sites “at all.”

Reasons for distrust include 33 percent who are concerned over whether cards are really randomly dealt online, along with 32 percent who worry about the safety of their money and bank details. More than 20 percent are concerned about regulation, while 13 percent are worried about “software bots” online.

It's All About the Bike--at least today it is!

The Tour de Palm Springs charity ride went off without a hitch, and on the evening news the ride’s organizer said the annual charity ride had more than 10,000 cyclists—the majority of whom were from out of town.

The Tour de Palm Springs is the largest charity bicycle event on the west coast. Thousands of bicyclists ride for over 80 local charities in the Coachella Valley while being serenaded by over 65 bands of all types. In addition, over 1,000 volunteers feed, nourish, serve and entertain the riders from start to finish. The event featured more than 60 vendors lots of family activities.

I met up with a couple of my riding buddies at 7:30 that morning and we jumped into the front of the group that was starting at 8:00. Another group left an hour earlier, at 7 a.m., but they were going 100 miles. I was envious because I had hoped to do a century ride, but after being sick for the better part of three weeks leading up to the tour, my level of fitness was way below the point where I could ride 100 miles. I’d have to make do with 58.

Other riders left after we did—groups riding 25, 10, and five miles, that didn’t leave until 9 a.m.

Our route took us north on Indian Avenue where we turned left on Garnet and paralleled I-10 for a few miles. At that point we were riding gradually uphill on a ratty road surface into a stiff wind. We were right out there among the windmills that you see coming into Palm Springs from Los Angeles. It’s always windy out there, but today was windier than usual. The wind, combined with a temperature hovering somewhere around 40 degrees made it a cold and nasty stretch of road.

The only saving grace was that we would eventually cross north over the freeway for a few miles, then head east with the wind finally at our backs. But for that stretch of road, I was pedaling hard and all I had to show for my efforts was an average speed of about eight miles per hour, and none of the riders I came across looked very happy at that point.

Once we turned north and crossed the freeway, the course took us up the aptly named Wall Road—a short, rather steep hill, that continued up until we reached Dillon Road. That was where the 100-milers kept going north on a big loop, while we turned east on Dillon Road. We’d link up again further east on Dillon before splitting off from them at Thousand Palms Canyon.

Once we hit Dillon road, the first section was downhill. With the wind at my back I was flying downhill at 38 miles per hour and making up for a lot of time lost on that slow, into-the-wind section we just left.

At the first rest stop, we met up with some of the other cyclists from the World Gym who were on the 100 mile course. They left an hour before we did, but covered more ground, and we all converged on that first rest stop at about the same time.

That stop was midway up the seven mile long hill on Dillon Road. I was eager to get that section behind me, so I didn’t really stop. I just grabbed some Gator Aid and took off again. The seven mile long hill crests at a fire station. From there it’s a series of long rollers—downhill and uphill segments—where you can use the speed built up on the downhill segments to carry you most of the way to the crest of the next rise. Once again, we were hitting speeds in the mid thirties on the downhill segments and were able to keep a good pace.

My friend Tony and I would take turns drafting each other on the flat segments so we could save energy by riding in the slipstream of the lead rider. At about the twenty-eight mile mark, we reached Thousand Palms Canyon Road. Here we turned right while the 100-milers kept heading east. It’s a fast, five mile run down the canyon, with the next rest stop at the base of the hill. It’s a hill all the local cyclists use as a regular training ride. We approach it from the bottom, climb to the top of Dillon Road, then turn around and ride back down just as fast as we can.

But this time we didn’t have to climb the canyon. After the seven-mile hill on Dillon Road, we were rewarded with a swift, enjoyable descent to the next rest stop. By this time the day warmed up to the point where we weren’t even cold on the descent, so most of us used the rest stop as a chance to shed our wind jackets, leg warmers, and arm warmers too. We stuffed them into the back pockets of our riding jerseys as the sun warmed us up. The air was calm too; we were far removed from those uber-windy sections of the course we traversed earlier.

Once we left this rest station we were out of the mountains, heading back to the more heavily populated sections of the valley. We rode right past my house, and when we did I knew we had only about 15 more miles to go. At the ten-miles-to-go mark we hit a final rest stop, where we stopped, had peanut butter and jelly sandwiches and a couple of fig newtons, sat in the warming sun for a few minutes and talked with some other cyclists we knew, then got back on the road for the run through Palm Desert, Rancho Mirage, Cathedral City, and into Palm Springs.

We were among the early arrivals of those who had done the 55 mile loop, though those who began later than we did but traveled only 25, 10, or 5 miles finished quite some time ahead of us.

On the way in, we passed a few more riders from our World Gym group, and we also ran into a few of the guys who had intended to go 100 miles but changed their minds, and wound up doing about 65 miles instead.

Bands were playing at the finish line in Palm Springs, where we rode through a roped off segments, grabbed some water and Gator Aid, picked up our commemorative T-shirts, then walked down Palm Canyon Drive, Palm Springs main street which was lined with vendor tents selling everything from bicycles to jerseys to sunglasses to pills guaranteed to zap the lactic acid that hard riding build up.

It was a good day on the bike. What began as a hellishly cold, windy day on an uphill part of the course where you felt like the cross winds would literally blow you off your bike, turned into a nice day with temps in the mid to upper 60s, plenty of sunshine, and no real wind at all.

I’m still mildly upset over the fact that I was sick and unable to attempt the 100-mile ride. By the time I finished, I realized I was not fit enough to go 100 and was better off settling for just under 60 than trying for 100 and failing.

The good news is this is really just the beginning g of the cycling season, and there are plenty of other century rides available here in southern California all through the spring, summer, and early fall too. I’ll do one of them too. At least one.

Warning: Contains Cycling Content Only ... No Poker

Tomorrow is the Tour de Palm Spings, a charity bicycle ride that annually attracts somewhere in the neighborhood of 9,000 cyclists to the desert for rides of 5, 10, 25, 55, and 100 miles.

I've been training arduously for this event, pedaling upwards of 170 miles a week, and riding with two different groups on their weekly, fast paced training rides (That's me, between the middle and right hand guys who are kneeling down).

My goal was to do a century--a 100 mile ride--and I was on course to do it. But then I had the flu for about four or five days, got better for a few days, then came down with a bad cold that sidelined me for six days.

The net result is that I've only ridden four of the past fourteen days, and still getting over my cold, and am definately not fit enough to do a 100-mile ride. But I will ride 55 miles.

The bad news is that I was psyched and geared up to go 100 miles. The good news is that there are plenty of century rides available throughout southern California all spring, so I'll pick one up somewhere when my fitness is back where it was, and where it needs to be.

For those of you familiar with the area, the route begins in downtown Palm Springs, goes north to Desert Hot Springs, then east on Dillon Road, which features a seven mile long hill along with incredible views of the now snow-capped mountains. After a series of rollers that last a few miles, most of the hard work is done. There's an exhilarating, five mile, high-speed descent down Thousand Palms Canyon; then we work our way over to Washington and Country Club in Palm Desert, where we turn west for the remaining 20 miles back to downtown Palm Springs.

For any of you techies out there, I'm riding a 2007 Trek Madone 5.2 with Shimano Ultegra components--a mid-grade carbon fiber bike. The only changes I made to it is that I swapped out the rather heavy and unresponsive Bontrager clincher wheels for Reynolds MV32 carbon tubulars that are lighter and much faster too.

When Your Opponent Plays His Hand Heads-Up

He might as well have played the hand face up. At least that’s what I was thinking during this hand—and I still think so.

Sometimes an opponent plays a hand so transparently that you almost know for certain what he has.

I was in a mid-limit hold’em game at Agua Caliente Casino, my local card room, when I was dealt pocket eights. Three players limped in and I called from late position, hoping to flop a set or at least see a board that didn’t figure to help anyone else.

I knew all my opponents. The early position limper—the first guy in—was a very aggressive player. The other two were pretty much straightforward, A-B-C players, and were fairly easily read.

The big blind checked his option and the small blind folded. We took the flop five-handed. The flop looked positively benign; it was 7-5-2 with no flush draw. Everyone checked to me and I bet, hoping to fold anyone who might be hoping to hit one of their overcards on the turn. The big blind folded, the aggressive player who was the first one to voluntarily enter the pot before the flop raised, and the others all folded.

What kind of range could my opponent be playing? He could have held, in my estimation, any pair from aces down through sevens, as well as A-K through A-T suited or not, and even a hand like A-9, A-8, or even A-7 suited. That’s a pretty wide range of hands, and with six ways to make a pair and sixteen ways to make combination hands like A-K, that’s a total of 36 pairs that would have me beaten, along with 112 big-card hands that I was ahead of, along with additional cards if he was fooling around with a really small pair, or a hand like A-6s down through A-2s.

While I didn’t do the math at the table—it’s really tough for me to run numbers in my head and kept track of the game too—I really didn’t have to. From the range of cards I knew my opponent would play it was clear that I figured to be ahead at that point in the hand. Moreover, I knew my opponent would probably not raise if he had a genuinely big hand. Instead, he’d try to get me to take the lead so he could checkraise the turn.

In other words, if he had A-A, K-K, or Q-Q, he would have called my bet instead of raising. If he had 9-9, T-T, or J-J, he might have raised in order to force anyone holding a queen, king, or ace to fold. This meant the chances of his hand being ahead of mine were really small, and I pretty much knew where he was in the hand.

So I reraised, representing a much bigger hand than I really had. By doing this, I gave myself any big cards, like a queen, king, or ace, that might fall on the turn. Because I rerasied, I knew he’d now have to consider the possibility that I had a big pair and that’s why I three-bet him. If an overcard fell that did not give him a set, he’d now have to consider the likelihood that I was holding a set over him.

He called, but he slowed down too. He checked the turn when another deuce fell, pairing the board but changing nothing. I bet and he called. A queen came on the river. He checked again. I bet and he folded.

When a tricky player raises the flop in a fixed-limit game instead of calling and trying for a checkraise on the turn—when the bets double—it’s usually a sign that he does NOT have a big hand. And in the case of my opponent, who is aggressive and eager to checkraise at every opportunity, his raise on the flop had an effect that was precisely opposite from what he intended. He wanted me to believe that he was raising with a big hand. But coming from him, it was clear that he had no hand at all.

Had that play been made by one of my other opponents, the A-B-C players, I would have credited them with a big hand, not a couple of big cards that the flop missed completely. But against Mr. Tricky Aggressive, his raise exposed his entire hand to me, and allowed me to get the maximum value from my own rather middling pair of eights.

That sort of thing doesn’t happen enough, but when it does, and you can play against an opponent who’s essentially confronting you with his hand face-up, it doesn’t get much better than that.

More Congressional Action on UIGEA (But No Results Yet!)

Representative Barney Frank, (D-MA) chairman of the House Financial Services Committee (pictured left), plans to reintroduce a bill within the next month to set up a licensing and regulatory framework for online gaming.

Frank also expects anti-gambling regulations, rushed through in the final weeks of the Bush administration, to be included among those Congress may rescind.

Although Frank was quoted as saying, “I expect an Obama Department of Justice to be less zealous about locking people up. These outrageous arrests in transit—they should be stopping that stuff,” it doesn’t look like a slam-dunk deal to me. During his confirmation hearings Attorney General Eric Holder told Senator John Kyl that he was dead set on enforcing the provisions of Unlawful Internet Gambling Enforcement Act (UIGEA), and it’s hard to know for sure where those chips will fall.

Today the House Judiciary Subcommittee on Commercial and Administrative Law is holding a hearing entitled, “Midnight Rulemaking: Shedding Some Light,” and one of the items set for discussion is HR 34, the Midnight Rule Act, which might undo UIGEA’s newly imposed regulations.

The hearing is more broadly oriented than UIGEA and is aimed at a legislative fix for midnight rulemaking—the term for last-minute regulations passed by an outgoing administration.

And even if HR 34 were passed, there is no guarantee that UIGEA regulations would be among those rules overturned.