Casino News Media Update
Australian online casino games continue to rise in popularity
Crown Casino Aussie Millions event aims to top Melbourne Cup money stakes
Aspinall's Online Casino - Aspers - Star Partner poised to shake up Asia Pacific region
World Series of Poker parties rate with world's best say insiders
WSOP Ante Up for Africa won by Alex “Diesel” Boloton
Russian casinos to increase focus on poker
PartyGaming's PartyCasino sees massive popularity in Australian region, boosted by new games, site revamp and multi currency facilities
Microgaming sees more branded casinos open, Expekt.com, Captain Cooks Casino discusses Microgaming offering's with media man
Gambling911.com parent company, Costigan Media, files suit to open warrant in online poker $30 million seizure
Mobile casino games, mobile gaming poised to reach new levels, PartyGaming, Slotland ramp up
TOMB RAIDER online slot classic a favorite of Aussies
Tom Cruise visit to Australia sees Party Gaming's Mission: Impossible and Top Gun games enjoy spike in popularity
Marvel Entertainment slot games collaboration with PartyCasino.com on track
Virgin Games considering more Hollywood themed slot games, following Transformers success
CasinoClub Launches Two New Slot Machine Games
Harrah's Entertainment gaming boss predicts consolidation; legal US online gambling
Lottery news media jackpot coverage in Australia sees rise in online bingo players
Rouge pit casinos changing names in attempt to become reborn, Affiliate Guard Dog and Casino Meister watch dogs tracking closely
Titan Casino, Titan Poker increase accountability and ramp up global awareness
Titan Poker extends Wimbledon tennis action extends off the court
JackpotCity.com rumoured to embark on global television campaign
DC Comics to release super hero themed slot games
Play4Property.com to release online game of skill
Paris Hilton being pursued by online casino, poker companies
WWE wrestling legends express interest in casino game deals, following Hulk Hogan's Hulk-A-Mania Experience and upcoming Andre The Giant NextGen gaming release
Network Ten rumoured to show poker themed TV show
Media companies turning to gaming to boost revenues, as traditional channels drying up
UFC expecting significant sports betting and PPV buy rates, Australian tour plans
American gambling online soon to be legal across the board advises Goldman Sachs
Bigpond adds gambling themed games to online shop offerings
Poker tournaments leading to legal can of worms; sponsorships, loan shark territory
Partypoker, 888 highest profile in United Kingdom
Australian pokies in clubs fuelled by Woolworths and Coles, News Limited and Fairfax reports
Online gaming more popular that TV or sex with youth sector
Sports betting industry in Australia under spotlight and government enquiry begins; some players rumoured to be betting
James Packer's City of Dreams maintains focus on goals, despite economic recession
Media Man Australia group of companies enter business negotiations with Mob Candy Magazine
Australian Casino News.com website adds more classic casino games
Property News Media.com adds more Australian casino news to coverage
Casino News Media.com approaching Hitwise "top ten" status, to match Media Man parent
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Saturday, July 04, 2009
Crown Casino wants to trump Australia's richest horse race, by Michael Warner - Herald Sun - 4th July 2009
A poker tournament is looking to trump the Melbourne Cup as Australia's biggest-paying major event.
Crown casino has raised the first-prize purse for its annual "Aussie Millions" poker championships to $2.5 million, putting its main event just $800,000 short of last year's Melbourne Cup winner's cheque of $3.3 million.
And the poker prize pool will soar again in 2010 on the back of a TV series tipped to reach more than 100 million lounge rooms across the globe.
The Australian Open, offering $2 million for both men's and women's championships, now sits in third place ahead of the AFL Grand Final ($1 million) and the Australian Masters Golf ($270,000).
Podium prizes for the Albert Park Formula One Grand Prix and the Phillip Island MotoGP are minimal.
"A first prize of $2.5 million gives the Aussie Millions a status it deserves on Melbourne's major events program," Crown CEO David Courtney said yesterday.
"Crown is now sharing the limelight with some of Victoria's other major events, including the Melbourne Cup, Australian Open, and the AFL Grand Final."
The Aussie Millions, running each January in conjunction with the Australian Open, is now the world's fifth largest poker tournament and the biggest outside the US.
"Huge growth in the number of overall participants reflects the increasing popularity of the game locally and internationally," Mr Courtney said.
He said the tournament generated more than 8000 hotel-room nights across Melbourne, rivalling all other Victorian major events.
This week, Melbourne poker champ Joe Hachem and cricket legend Shane Warne are heading a band of Aussie hopefuls in Las Vegas vying for the World Championship of poker and a bumper first prize of more than $9 million. (Credit: Herald Sun).
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A poker tournament is looking to trump the Melbourne Cup as Australia's biggest-paying major event.
Crown casino has raised the first-prize purse for its annual "Aussie Millions" poker championships to $2.5 million, putting its main event just $800,000 short of last year's Melbourne Cup winner's cheque of $3.3 million.
And the poker prize pool will soar again in 2010 on the back of a TV series tipped to reach more than 100 million lounge rooms across the globe.
The Australian Open, offering $2 million for both men's and women's championships, now sits in third place ahead of the AFL Grand Final ($1 million) and the Australian Masters Golf ($270,000).
Podium prizes for the Albert Park Formula One Grand Prix and the Phillip Island MotoGP are minimal.
"A first prize of $2.5 million gives the Aussie Millions a status it deserves on Melbourne's major events program," Crown CEO David Courtney said yesterday.
"Crown is now sharing the limelight with some of Victoria's other major events, including the Melbourne Cup, Australian Open, and the AFL Grand Final."
The Aussie Millions, running each January in conjunction with the Australian Open, is now the world's fifth largest poker tournament and the biggest outside the US.
"Huge growth in the number of overall participants reflects the increasing popularity of the game locally and internationally," Mr Courtney said.
He said the tournament generated more than 8000 hotel-room nights across Melbourne, rivalling all other Victorian major events.
This week, Melbourne poker champ Joe Hachem and cricket legend Shane Warne are heading a band of Aussie hopefuls in Las Vegas vying for the World Championship of poker and a bumper first prize of more than $9 million. (Credit: Herald Sun).
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Friday, July 03, 2009
Poker star in court after win - AAP - 3rd July 2009
A top New Zealand poker player has been dragged through the courts by his closest card-playing mate after a big cash haul at a Melbourne casino.
Lebanese men Jamil Dia and Constantine Harach used to be the best of friends, playing competitively for years as afar afield as Russia, often agreeing to share each others wins and losses to spread the gambling risk.
But all turned sour for the Wellington immigrants at Melbourne's Crown Casino in January 2005 and the saga has been playing out in Kiwi courts ever since.
As the facts go, Mr Dia, a bakery owner, won more than NZ$700,000 ($554,000) that day at the casino when he was crowned 2005 Australian poker champion.
Mr Harach, a hairdresser, was rankled by the win and has claimed since that they'd agreed this time to share 20 per cent of each other's winnings, a claim denied by Mr Dia.
The pair are now locked in a bitter dispute that has ended up in court five times to date, the Dominion Post newspaper reports.
Mr Dia appears to have the winning hand this time around, with a District Court judge unconvinced that the two men did have an agreement.
But Mr Harach appealed the decision in New Zealand's High Court yesterday, with a decision by Justice Forrie Miller reserved. (Credit: AAP)
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A top New Zealand poker player has been dragged through the courts by his closest card-playing mate after a big cash haul at a Melbourne casino.
Lebanese men Jamil Dia and Constantine Harach used to be the best of friends, playing competitively for years as afar afield as Russia, often agreeing to share each others wins and losses to spread the gambling risk.
But all turned sour for the Wellington immigrants at Melbourne's Crown Casino in January 2005 and the saga has been playing out in Kiwi courts ever since.
As the facts go, Mr Dia, a bakery owner, won more than NZ$700,000 ($554,000) that day at the casino when he was crowned 2005 Australian poker champion.
Mr Harach, a hairdresser, was rankled by the win and has claimed since that they'd agreed this time to share 20 per cent of each other's winnings, a claim denied by Mr Dia.
The pair are now locked in a bitter dispute that has ended up in court five times to date, the Dominion Post newspaper reports.
Mr Dia appears to have the winning hand this time around, with a District Court judge unconvinced that the two men did have an agreement.
But Mr Harach appealed the decision in New Zealand's High Court yesterday, with a decision by Justice Forrie Miller reserved. (Credit: AAP)
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Wednesday, July 01, 2009
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Tuesday, June 30, 2009
Casino News Media Update
Crown Casino Crown Towers ready for Tom Cruise and Katie Holmes stay in Melbourne
Russian land based casinos shut down
Twitter Changing Professional Poker: Report
World Poker Tour Season Eight Announced
PartyGaming rumoured to release more Hollywood blockbuster theme slots, Alien, Andre The Giant
Virgin Games website removes Michael Jackson promo
CasinoClub.com and SlotsClub.com ramp up multi currency facilities and revamp websites
Media Man Australia revamps Casino News Media, Classic Slots Online and Australian Casino News websites
Lottery jackpot draw held tonight; Australia
American gaming changes on the way, California, Texas; could be windfall to U.S states
UIGEA: Odds are Good on Overturning U.S. Online Gambling Ban
Online poker proving popular with world's financial wizards
Donald Trump to revisit land based casino business in Vegas, Atlantic City
Gambling911.com revamps Australian content
Star City Casino model gunman court trial on the way
Tabcorp chasing payments to former director
PartyPoker.com climbing way back up PokerScout rankings
CAP Euro Goes to Budapest
JackpotCity.com to embark on Australian media and new media campaign
William Hill likely to leave UK base
Elle MacPherson still dating casino king, Damian Aspinall
Calvin Ayre eying off Philippines, Australia
UFC enjoying solid success with BetUS sports betting
Captain Cooks Casino releases more Microgaming titles
Playtech to sign a deal 2 or 3 times bigger than William Hill agreement
Australian online gambling landscape heats up between Centrebet, Betfair, PartyGaming, and overseas operators
Marvel Entertainment online slots deal with PartyCasino.com exceeding expectations
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Australian Casino News
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Crown Casino Crown Towers ready for Tom Cruise and Katie Holmes stay in Melbourne
Russian land based casinos shut down
Twitter Changing Professional Poker: Report
World Poker Tour Season Eight Announced
PartyGaming rumoured to release more Hollywood blockbuster theme slots, Alien, Andre The Giant
Virgin Games website removes Michael Jackson promo
CasinoClub.com and SlotsClub.com ramp up multi currency facilities and revamp websites
Media Man Australia revamps Casino News Media, Classic Slots Online and Australian Casino News websites
Lottery jackpot draw held tonight; Australia
American gaming changes on the way, California, Texas; could be windfall to U.S states
UIGEA: Odds are Good on Overturning U.S. Online Gambling Ban
Online poker proving popular with world's financial wizards
Donald Trump to revisit land based casino business in Vegas, Atlantic City
Gambling911.com revamps Australian content
Star City Casino model gunman court trial on the way
Tabcorp chasing payments to former director
PartyPoker.com climbing way back up PokerScout rankings
CAP Euro Goes to Budapest
JackpotCity.com to embark on Australian media and new media campaign
William Hill likely to leave UK base
Elle MacPherson still dating casino king, Damian Aspinall
Calvin Ayre eying off Philippines, Australia
UFC enjoying solid success with BetUS sports betting
Captain Cooks Casino releases more Microgaming titles
Playtech to sign a deal 2 or 3 times bigger than William Hill agreement
Australian online gambling landscape heats up between Centrebet, Betfair, PartyGaming, and overseas operators
Marvel Entertainment online slots deal with PartyCasino.com exceeding expectations
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Mike Sexton Reviews the 2009 World Series of Poker, by Mike Sexton - Poker News Daily - 25th June 2009
It’s once again time for the World Series of Poker (WSOP) – the 40th edition. For poker players, the WSOP is the ultimate in “thrill of victory and the agony of defeat.” It’s where dreams come true and also where dreams are shattered. Many of us dote about the bracelets, the history, and the tradition that set the WSOP apart from other tournaments, but the beauty is that most players really can win life-changing money.
This year’s kickoff event was a $40,000 buy-in No Limit Hold’em tournament commemorating the 40th annual WSOP. Personally, I think it’s a dumb idea to ever have a bigger buy-in for a No Limit Hold’em tournament than the Main Event, so I wasn’t for it. I didn’t play in it because I missed the first week of the WSOP this year. I took a vacation with my wife Karen and son Ty (nine months old) to Yellowstone National Park – and it was great! It was a vacation for our second anniversary and Ty is the first child for either of us. It’s official - my priorities have changed from poker to parenting!
I do love the WSOP, though. I’m guessing I will play in 10 to 12 events this year. It may be their 40th, but it’s my 25th WSOP, my Silver Anniversary. One thing’s for sure: I will never forget my first-ever WSOP. It was 1984. I lived in North Carolina back then and had been a professional poker player for about six years. I always wanted to go the WSOP and play against the best. I never went, though, because I was an avid Little League coach back then (which, incidentally, was the greatest joy of my life). We started practicing in April and our season started in May – the same time as the WSOP in those days – and, therefore, I couldn’t go.
In 1984, I finally decided to take a week off from Little League and go to my first WSOP. Back then, they only had one tournament every other day. That meant in a week’s time, you could only play in three events. So, I entered three events, made two final tables, and was hooked for life on the WSOP. Because of my success in that first WSOP, I decided to move to Las Vegas a few months later and I’ve lived there ever since. I’ve often wondered where I’d be today if I hadn’t cashed in any of those three tournaments.
Here’s the bad part: 25 years later, I still remember how I was knocked out of those tournaments at my first WSOP – and it still hurts! Why can’t I just let it go? Because it’s my Silver Anniversary WSOP, I’ll relive the pain and tell you what happened (If you don’t like bad beat stories, skip the next couple of paragraphs).
With five players left in the Pot Limit Omaha tournament, I was average in chips and the leader was Tom McEvoy, who happened to be the reigning World Champion of Poker at the time. Noted author David Sklansky was also still there as well as a high-stakes Pot Limit Omaha player named Bill Bennett, the eventual winner.
McEvoy was playing extremely aggressive, too much so for Pot Limit Omaha, in my opinion. Even though he was the World Champion at No Limit Hold’em, I wasn’t convinced he played Pot Limit Omaha that well. Tom was raising nearly every pot and once again raised the max pre-flop. I was on the button and picked up a nice hand, A-K-Q-8 (A-Q of diamonds, K-8 of Clubs). I called, as did the big blind. The flop was Q-8-3 with two hearts and one club. The big blind checked and McEvoy led out and bet the pot. I was contemplating raising and going for it all right there. McEvoy must have sensed it because he blurted out, “If you raise it, I’m going to put you all-in.” After that statement, I decided to go with this hand for sure. So I then said, “Well, I guess you’re going to put me all-in then, because I’m raising it!” I raised, the big blind folded, and true to his word, McEvoy set me all-in. I can still remember how much my heart was pounding when I called him.
I was shocked and thrilled when he turned up his hand. He had a 3-4-5-8 and no heart draw! Yippee!! I had the top two pair and he had the bottom two pair. Then it happened - a seven came on the turn and a six on the river. Wham! Bam! He made a straight and won the pot. Instead of me being the chip leader, I was out. I won’t forget that hand as long as I live. That bracelet could/should have been mine!
Even with all the pain, I love the WSOP. I like that, for the first time ever at the WSOP, there are no rebuys in any tournaments. I’ve always campaigned for that because I think everyone should have an equal chance to win a bracelet. Rebuy tournaments are not equal to everyone; they favor the deep pockets.
Sadly, I must say that I can’t believe the $50,000 HORSE tournament is not being televised this year. In my opinion, this is a poor decision and not good for poker. And even though they’re doing it again, I still think it’s a bad idea to put the Main Event final table four months down the road. Whether or not I like the final table in November, however, you can be sure of this: If I’m breathing, I’ll be playing in the Main Event. Needless to say, it would be a dream come true to get to that final table. If it happens, I hope to meet you there! (Credit: Poker News Daily)
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Mike Sexton
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World Series of Poker
It’s once again time for the World Series of Poker (WSOP) – the 40th edition. For poker players, the WSOP is the ultimate in “thrill of victory and the agony of defeat.” It’s where dreams come true and also where dreams are shattered. Many of us dote about the bracelets, the history, and the tradition that set the WSOP apart from other tournaments, but the beauty is that most players really can win life-changing money.
This year’s kickoff event was a $40,000 buy-in No Limit Hold’em tournament commemorating the 40th annual WSOP. Personally, I think it’s a dumb idea to ever have a bigger buy-in for a No Limit Hold’em tournament than the Main Event, so I wasn’t for it. I didn’t play in it because I missed the first week of the WSOP this year. I took a vacation with my wife Karen and son Ty (nine months old) to Yellowstone National Park – and it was great! It was a vacation for our second anniversary and Ty is the first child for either of us. It’s official - my priorities have changed from poker to parenting!
I do love the WSOP, though. I’m guessing I will play in 10 to 12 events this year. It may be their 40th, but it’s my 25th WSOP, my Silver Anniversary. One thing’s for sure: I will never forget my first-ever WSOP. It was 1984. I lived in North Carolina back then and had been a professional poker player for about six years. I always wanted to go the WSOP and play against the best. I never went, though, because I was an avid Little League coach back then (which, incidentally, was the greatest joy of my life). We started practicing in April and our season started in May – the same time as the WSOP in those days – and, therefore, I couldn’t go.
In 1984, I finally decided to take a week off from Little League and go to my first WSOP. Back then, they only had one tournament every other day. That meant in a week’s time, you could only play in three events. So, I entered three events, made two final tables, and was hooked for life on the WSOP. Because of my success in that first WSOP, I decided to move to Las Vegas a few months later and I’ve lived there ever since. I’ve often wondered where I’d be today if I hadn’t cashed in any of those three tournaments.
Here’s the bad part: 25 years later, I still remember how I was knocked out of those tournaments at my first WSOP – and it still hurts! Why can’t I just let it go? Because it’s my Silver Anniversary WSOP, I’ll relive the pain and tell you what happened (If you don’t like bad beat stories, skip the next couple of paragraphs).
With five players left in the Pot Limit Omaha tournament, I was average in chips and the leader was Tom McEvoy, who happened to be the reigning World Champion of Poker at the time. Noted author David Sklansky was also still there as well as a high-stakes Pot Limit Omaha player named Bill Bennett, the eventual winner.
McEvoy was playing extremely aggressive, too much so for Pot Limit Omaha, in my opinion. Even though he was the World Champion at No Limit Hold’em, I wasn’t convinced he played Pot Limit Omaha that well. Tom was raising nearly every pot and once again raised the max pre-flop. I was on the button and picked up a nice hand, A-K-Q-8 (A-Q of diamonds, K-8 of Clubs). I called, as did the big blind. The flop was Q-8-3 with two hearts and one club. The big blind checked and McEvoy led out and bet the pot. I was contemplating raising and going for it all right there. McEvoy must have sensed it because he blurted out, “If you raise it, I’m going to put you all-in.” After that statement, I decided to go with this hand for sure. So I then said, “Well, I guess you’re going to put me all-in then, because I’m raising it!” I raised, the big blind folded, and true to his word, McEvoy set me all-in. I can still remember how much my heart was pounding when I called him.
I was shocked and thrilled when he turned up his hand. He had a 3-4-5-8 and no heart draw! Yippee!! I had the top two pair and he had the bottom two pair. Then it happened - a seven came on the turn and a six on the river. Wham! Bam! He made a straight and won the pot. Instead of me being the chip leader, I was out. I won’t forget that hand as long as I live. That bracelet could/should have been mine!
Even with all the pain, I love the WSOP. I like that, for the first time ever at the WSOP, there are no rebuys in any tournaments. I’ve always campaigned for that because I think everyone should have an equal chance to win a bracelet. Rebuy tournaments are not equal to everyone; they favor the deep pockets.
Sadly, I must say that I can’t believe the $50,000 HORSE tournament is not being televised this year. In my opinion, this is a poor decision and not good for poker. And even though they’re doing it again, I still think it’s a bad idea to put the Main Event final table four months down the road. Whether or not I like the final table in November, however, you can be sure of this: If I’m breathing, I’ll be playing in the Main Event. Needless to say, it would be a dream come true to get to that final table. If it happens, I hope to meet you there! (Credit: Poker News Daily)
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Monday, June 29, 2009
PartyGaming to build first grassroots poker team; Signs Ian Fraser - 26th June 2009
PartyPoker is to create its first ever grassroots poker team to compete at major poker events.
PartyPoker.com has previously stayed out of the player sponsorship market with the exception of main site ambassador Mike Sexton, but has sponsored UK player Ian Frazer as the new team’s first member.
A PartyPoker.com spokesman said: “The sponsored player and grassroots team initiative will continue to grow, with all VIPs reviewed for suitability. We are looking for players that have shown themselves to have star quality in their play but who are also fun, humorous and possess a strong character and willingness to co-operate. Our extensive international television distribution gives players the chance of brilliant exposure.”
VIPs, loyal players and players with historic links to PartyPoker will form the basis of the team.
Ian ‘The Raiser’ Frazer, a 50-year-old building contractor from London with live tournament winnings of over US$1.3m, started playing online at the site in 2004, and has finished on the final table of five offline Party tournaments.
Frazer will host invitation-only private tournaments on PartyPoker.com and represent PartyPoker.com at events at the World Series of Poker (WSOP) in Las Vegas, on which he has started blogging on the PartyPoker blog.
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PartyPoker is to create its first ever grassroots poker team to compete at major poker events.
PartyPoker.com has previously stayed out of the player sponsorship market with the exception of main site ambassador Mike Sexton, but has sponsored UK player Ian Frazer as the new team’s first member.
A PartyPoker.com spokesman said: “The sponsored player and grassroots team initiative will continue to grow, with all VIPs reviewed for suitability. We are looking for players that have shown themselves to have star quality in their play but who are also fun, humorous and possess a strong character and willingness to co-operate. Our extensive international television distribution gives players the chance of brilliant exposure.”
VIPs, loyal players and players with historic links to PartyPoker will form the basis of the team.
Ian ‘The Raiser’ Frazer, a 50-year-old building contractor from London with live tournament winnings of over US$1.3m, started playing online at the site in 2004, and has finished on the final table of five offline Party tournaments.
Frazer will host invitation-only private tournaments on PartyPoker.com and represent PartyPoker.com at events at the World Series of Poker (WSOP) in Las Vegas, on which he has started blogging on the PartyPoker blog.
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How Internet Gambling is Keeping Wall Street Rich - Gambling911 - 28th June 2009
Using skills honed on the Street, he's turned poker into just one more exotic financial transaction. Now, though, instead of commuting to midtown Manhattan in a suit, he flies to Las Vegas for million-dollar tournaments or sits at home in boxer shorts, playing five online tables simultaneously. "Some friends have told me that my greatest trade ever was Lehman for poker," Pahuja says. "Other people act kind of snide about the fact that I gamble for a living. I shrug it off and tell them that I must be doing okay since I'm not one of the guys out there looking for a job. I'm making more money at poker than I could make on Wall Street right now."
It's not just the recently unemployed who've moved from monitoring interest-rate fluctuations on Bloomberg terminals to searching out games on Full Tilt-it's guys who still have jobs but are looking to make up for the shortfall in their once-hefty bonuses. One hedge-fund trader, who competes under the name chosenpromise, is compensating for a withered paycheck by playing high-stakes Texas Hold'em. "There is not as much immediate upside on Wall Street as there used to be," he says. "After things got bad I upped my poker hours significantly."
Though some ex-Wall Streeters prefer taking risks with other people's money, Pahuja enjoys putting his own on the line, believing that playing poker taps into his entrepreneurial side. Besides, with their shared reliance on probability, psychology, and swagger, playing the market and playing cards have always been two sides of the same coin. And in an era when an entire cohort of Ph.D.-level quants have been discredited as speculative fools, risking next month's car payment on a bluff seems like a perfectly reasonable application of statistical expertise. "More than ever before, I'm seeing a lot of my guys playing online poker," says Jin Zeng Joshi, a vice president at Dynamics Associates, a Manhattan-based executive-recruiting firm that focuses on the financial industry.
The perceived correlation between playing cards and trading stocks is so strong that when the markets were booming some managers even looked favorably on potential employees with poker chops. Trainees at the investment firm Susquehanna International Group are given Getting the Best of It, a book on gambling technique by David Sklansky, as assigned reading. On the other hand, Wall Street skill sets are hardly guaranteed to be transferable; the wolves of Vegas are more than happy to take on players from mathematical and financial backgrounds. Chosenpromise, who's the most seasoned of the players interviewed for this story, considers a million hands played to be the test of time. He's hit that number and has emerged as a big winner.
The high odds against major-league success haven't dampened the enthusiasm of 26-year-old Dante Conti. He recognized the parallels between the game and money management soon after his division got axed from Bank of America's Los Angeles office early this year. Looking to unwind after the trauma of being fired, he went to Las Vegas for a weekend. A couple of his friends are professional poker players, and Conti took notice. "Poker seems easy compared to investment banking," he says. "Reading people's betting styles and knowing what to do against them, it all came to me pretty naturally."
Conti spent the next few weeks playing $500 single-table poker tournaments for three to five hours a night, and developed a winning habit. He's found a new job in finance, but continues to play online poker at night. "Weirdly," he says, "considering all that's happened, there seems to be way less uncertainty in poker than there is on Wall Street." (Credit: Gambling911)
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Using skills honed on the Street, he's turned poker into just one more exotic financial transaction. Now, though, instead of commuting to midtown Manhattan in a suit, he flies to Las Vegas for million-dollar tournaments or sits at home in boxer shorts, playing five online tables simultaneously. "Some friends have told me that my greatest trade ever was Lehman for poker," Pahuja says. "Other people act kind of snide about the fact that I gamble for a living. I shrug it off and tell them that I must be doing okay since I'm not one of the guys out there looking for a job. I'm making more money at poker than I could make on Wall Street right now."
It's not just the recently unemployed who've moved from monitoring interest-rate fluctuations on Bloomberg terminals to searching out games on Full Tilt-it's guys who still have jobs but are looking to make up for the shortfall in their once-hefty bonuses. One hedge-fund trader, who competes under the name chosenpromise, is compensating for a withered paycheck by playing high-stakes Texas Hold'em. "There is not as much immediate upside on Wall Street as there used to be," he says. "After things got bad I upped my poker hours significantly."
Though some ex-Wall Streeters prefer taking risks with other people's money, Pahuja enjoys putting his own on the line, believing that playing poker taps into his entrepreneurial side. Besides, with their shared reliance on probability, psychology, and swagger, playing the market and playing cards have always been two sides of the same coin. And in an era when an entire cohort of Ph.D.-level quants have been discredited as speculative fools, risking next month's car payment on a bluff seems like a perfectly reasonable application of statistical expertise. "More than ever before, I'm seeing a lot of my guys playing online poker," says Jin Zeng Joshi, a vice president at Dynamics Associates, a Manhattan-based executive-recruiting firm that focuses on the financial industry.
The perceived correlation between playing cards and trading stocks is so strong that when the markets were booming some managers even looked favorably on potential employees with poker chops. Trainees at the investment firm Susquehanna International Group are given Getting the Best of It, a book on gambling technique by David Sklansky, as assigned reading. On the other hand, Wall Street skill sets are hardly guaranteed to be transferable; the wolves of Vegas are more than happy to take on players from mathematical and financial backgrounds. Chosenpromise, who's the most seasoned of the players interviewed for this story, considers a million hands played to be the test of time. He's hit that number and has emerged as a big winner.
The high odds against major-league success haven't dampened the enthusiasm of 26-year-old Dante Conti. He recognized the parallels between the game and money management soon after his division got axed from Bank of America's Los Angeles office early this year. Looking to unwind after the trauma of being fired, he went to Las Vegas for a weekend. A couple of his friends are professional poker players, and Conti took notice. "Poker seems easy compared to investment banking," he says. "Reading people's betting styles and knowing what to do against them, it all came to me pretty naturally."
Conti spent the next few weeks playing $500 single-table poker tournaments for three to five hours a night, and developed a winning habit. He's found a new job in finance, but continues to play online poker at night. "Weirdly," he says, "considering all that's happened, there seems to be way less uncertainty in poker than there is on Wall Street." (Credit: Gambling911)
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