Tuesday, April 26, 2011

Online Poker & Sports Betting: Move Or Be Moved

There have been hundreds of blog posts about the recent changes in online poker. Most are like this: ZOMG... BLACK FRIDAY!

This isn't one of those posts.

In fact, recent online poker changes were like earning a boy scout badge. I was prepared. I had ZERO online when the site seizures occurred. (It didn't hurt that the sites had made it very difficult to deposit in 2011.)

I was planning on playing stud satellites for the WSOP. And I only planned on depositing enough to cover the entry fees (as needed.) But that plan has gone kablooey.

The blow back of the DOJ actions actually affected me most in the sports betting arena. Most of the offshore betting operators have now scaled back their deposit options. Some of the prominent operators were having their cash out checks bounce. I've read some bettors had their deposits via courier held up in customs.

Without a safe deposit mechanism, online sports betting is not a viable option for me anymore. While I still have a fairly small bankroll online, it can be used for other pursuits.

I can only see the following options for my wagering future:

-Move to (or near) Nevada. Nevada allows legal sports betting and hosts the biggest poker events in the USA. I could afford to make this move, but it would involve leaving a lot of physical & emotional baggage behind.

-Move to another country. Not likely to happen unless violent unrest begins to unfold in the USA.

-Since I'm unlikely to move myself immediately, I'm moving my activities to fantasy sports & horse betting. Both activities are explicitly legal in NY (and most of the USA). Both activities have proven profitable for me over a multi-year sample.

While I'm not sure what the best long term option is right now, I'm not going to uproot my entire life just to bet on an over/under.

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