I have had a lot of thoughts and musings regarding the poker world lately. So I thought I would compile them into one blog here for whatever it’s worth.
- I guess you could say the timing of my last blog railing against Annie Duke and her Epic Poker League was pretty funny. I just got through calling her brother Howard Lederer the “Bernie Madoff of Poker” and two days later I read a headline news story calling FTP (for which Howard is a significant shareholder and Board member) a “Ponzi scheme.” I wouldn’t go so far as to label it that myself, but there is no question at this point that they were paying themselves with player funds, so call it what you want, that SOB still belongs in prison.
For that matter, you can go ahead and throw anyone else who was “in the know” (it will be interesting to find out how many of our poker heroes that entails) regarding FTP in there as well. Maybe they can all go the the same prison and play poker against each other. The loser must “drop the soap” in the showers. That seems to be a fitting payback for Howard Lederer, a man who made himself out to be a poker superstar when he was terrible at poker. Now maybe he might wish he had simply tried to improve his poker game rather than trying to think he was above the law and run an online poker room from the United States.
I was always amazed that those guys tried to get away with that. I don’t care how good their lawyers were and how well they tried to create a firewall between their shell company and Full Tilt Poker, you still have to be able to sleep at night don’t ya? They thought they had a loophole around the very clear law that has always existed which says that you can not own or operate an online gaming business from the United States. I guess they thought their shell company (Tiltware and now Pocket Kings ltd.) would always keep them protected. Well, they were wrong.
I guess in retrospect we as poker players probably should have had better sense than we had. Why would we expect someone with the mentality of trying to skirt the law in the manner that they did (and flaunt it once they felt they were successful) to also run their business in an ethical way? Anyone with that kind of mentality would surely have to be a strong candidate to do other shady things. Man, I kind of feel a little dumb now for buying in to their whole facade. I hope we see a lot of jail time for these folks involved in this mess.
- Now that such a large number of poker players have been involved in scams as I pointed out in my last blog, and the FTP squad will almost surely never see another endorsement dollar ever again (unless the people paying them are stupid), who the hell are the Las Vegas poker rooms going to endorse if/when online poker becomes licensed and regulated? Who will their “red pros” be? If you think about it, there aren’t many poker players left!
A lot depends on who the sponsors are. For example, Phil Hellmuth should be fine to endorse an online Vegas run poker room (think MGMpoker.com or Wynnpoker.com etc.). But if our goal is to get major Fortune 500 brands sponsoring poker players at some point (by wearing clothing at the tables much like golfers wear a major companies logo), in my opinion Hellmuth is screwed. Him continuing to support UB after all of their disasters and also him just looking like a fool on TV all the time isn’t going to ever land him a Fortune 500 brand. I think he really shot himself in the foot for the long term, but my guess is he probably made more money than he will ever need, so maybe he is the smart one haha.
That being said, I am SHOCKED that Hellmuth and Annie Duke haven’t come across more scrutiny over their UB relationship considering they were essentially paid with player funds as well. I mean UB can’t pay everyone now right? And Hellmuth has a truckload of UB money. How is that any different than the situation with Lederer, Furgueson, Furst etc? Why are we so comfortable asking them to return the money but not Hellmuth and Duke? Shoot, I know I wouldn’t want to be thought of as a thief if for example my brother were to do something sketchy, so I don’t want to draw the comparison that Annie deserves to be investigated simply because her brother is a crook, but often times the apple doesn’t fall far from the tree and Annie has an eerily similar situation. I don’t understand why she is getting a free pass here.
It will be interesting to see who the Vegas casinos choose to endorse their online poker rooms whenever that day comes. My guess is that they will be looking for people who don’t have any baggage. Since the industry will be essentially resetting itself, my hope is that they choose people who were able to stay out of the criminal side of the game of poker and look for representatives who people can actually trust. But the list is so short now!
I guess this is a good example of how doing the right thing in life might actually reward you in the long run. Every prominent player who maintained a clean image and ignored temptation to become a crook has now watched their stock go up tremendously in a licensed and regulated poker environment. Congrats to everyone who falls under the category!
- I do want to applaud Tom Dwan for opening himself up to the poker community by doing open Q & As as well as interviews. He made himself available to answering questions to Noah Stephens-Davidowitz, who in my opinion is easily the most respected poker journalist in the world right now. He runs a site called Subject Poker which is designed to be site containing hard hitting journalism that doesn’t exist anywhere else in the poker industry today. If you want the real scoop on what is going on in our industry, Subject Poker is very clearly the best website for that.
Back to Dwan though. I think Dwan’s promise to return every cent he was paid from FTP is a great gesture. He plans to return over a million dollars to the players. He is the only player who has stepped up to this point and I think this is a very smart and noble move by Tom Dwan. He was also able to answer a number of tough questions. In some of his interviews, even he has admitted that he still thinks he might be somewhat jaded on his perspective regarding some of the people running FTP because he was friends with them at one point. So he seems somewhat reluctant to fully admit that some of his friends are in fact scumbag criminals, although he has admitted that there is no question that some are. My 2 cents would be that Tom Dwan ought to have a “come to Jesus” (and I don’t mean Jesus Furgueson!) moment with himself and just realize that any of his friends who he even thinks “might” be a criminal, IS a criminal.
I have had a very similar situation in my past, and it always takes awhile to be truly convinced that your friends or business partners are indeed scumbags. But in the end, I did come to realize that in my situation that my friends and business partners were all scumbags. I think Tom Dwan is young and it is hard to fault him. But he is going to realize that if it looks like scum, smells like scum and acts like scum, IT IS SCUM!
- I think it will be interesting to see how the FTP mess affects our prospects of fully licensed and regulated online poker. On one hand, it could be viewed as the poster child for why we do need licensing and regulation. On the other hand, it could be viewed as the exact reason why the government should just continue tokill the industry the way they have been. We are all obviously hoping for the former, but man, who knows. This is UGLY!
Within 10 minutes of FTP being labeled a “Ponzi scheme” by the DOJ, I had like 10 emails of the mainstream news article being forwarded to me from friends who don’t even play online poker. I will never know their honest opinions on how they perceive this stuff as I am sure they wouldn’t want to make me feel badly, but you never know how people perceive this stuff. Sure, every sensible person I talk to agrees that the industry should be regulated, but our country is not run by sensible people.
- They say congress has a 12% approval rating right now. This doesn’t make sense because only 1% of the country is rich.
Have you ever met one of these “12% ers”? I would sure be interested to know what categories these people fall under. For example, are they all people who spend under 1 hour a year reading the news? Are they mentally challenged in some way? Are they very poor and have no access to information they way other folks do? Are they people who try and just stay positive no matter what their circumstances? Are they lobbyists that are getting everything they want? I would be interested to know who these people are because I have personally never met one of these exotic “12% ers”?
- I was thinking the other day that the FTP saga would make for an amazing movie someday. Then I saw on 2+2 that they were already throwing around names for what that movie might be called. I do think it would make an amazing movie. You reading this Hollywood?
- Oh what the hell I’m just going to say this: Man am I glad I endorsed Poker Stars and not FTP!
FTP would not have been possible post 2008 for me. I would have taken a pro spot prior to that if offered, but once I realized that they could not prove they were segregating player accounts, I would not have represented them. Once I found that out, I always kept my FTP balances much, much lower than Poker Stars. I was never afraid to keep basically any amount in my account in Poker Stars money, but always cashed out of FTP as fast as I made it, for the most part. Eventually I quit playing on the site in early 2010.
- Finally, I am going to end this blog with a completely shameless plug for my book Treat Your Poker Like A Business Since so many folks are trying to earn money in poker illegitimately, for those who are looking to do things the “right way”, this book is perfect for you.