We all love to win in Online Casino Malaysia. To have a really nice tournament score. To see those dollars materialise in your online poker account. It is after all the prime motivatation to play for the vast majority of online players.

However this often creates a problem. Suddenly to have a large chunck of cash gives you a very liberal feeling when it comes to spending. Suddenly you have bought that $2000 watch that caught your eye, suddenly you are giving out $50 tips like some business tycoon or film star, and suddenly you are buying pretty much what you want whenever you want it.

Sure this feeling gradually subsides, but the fact of the matter is that in poker money won is never really there for liberal spending, unless you are retiring completely from poker, or have a really ridiculous sized score (eg WPT Main Event scale).

You might have spent $5K in tourney fees before that “significant” $18K score, and you could quite easily spend another $10K before you hit another. Variance is by its very nature unpredicatable, and really cold periods can creep up on you. That money is not profit, and it is not a “Christmas bonus”. You are dealing with a fluid operating role. That money won is very much part of that role.

Sure exurberance goes hand in hand with poker, and we all know it is a requirement to buy those diamond studded jeans from the shopping mall at Caesars, the moment you have anything half resembling a decent win 😉

So how do you deal with it without spoiling the obvious fun and pleasure. Really the best way is to wait a few days in a period of reflection until the money properly sinks in. Then decide what you want your operating role to increase to. Look if you have enough to be fully rolled for a level up. Also assess if there are any imporant financial things outside of poker that need to be sorted. Then after this period, have a look at what’s left, and if there is anything then its time for the spending spree.

Main Event Bets Update

Out of my 40 main event horses, I have lost 13 to my knowledge. Which is great. Maybe there are a few I’ve missed, but quite a few are looking good, especially Mark Vos and Jon Turner, who are amongst the leaders.

WSOP Main Event Bets

I am not much of a betting guy really, but come the time of the WSOP Main Event it seems criminal not to have a few fun bets on a range of players.

So, welcome to my elite stable of horses 😉  Hopefully some of these make it through to the final table.  I have naturally avoided the biggest names, as getting odds of 22 to 1 on Phil Ivey is ludicrously poor value.  This is poker, not AC Milan vs Accrington Stanley, or Gary Kasparov vs Jim from the meat-packing factory.   In poker we deal in edges, not 99.9% certainties.

 

Another Internet gambling prohibition bill is making the rounds. The House Financial Services Committee on Wednesday voted 34-18 in favor of a bill that would ban the use of credit cards for online wagering.

 

This is the second time in less than a month that an online gambling prohibition bill has been on the House’s agenda. Late last month, Rep. James Leach of Iowa tried to attach an Internet gambling provision to the anti-terrorist bill introduced in the wake of the September 11 attacks.

 

That provision was removed at the last minute, but many industry insiders did not expect it to disappear. And this latest development seems to indicate that it didn’t go very far at all.

 

The current bill, known as the “Unlawful Internet Gambling Funding Prohibition Act of 2001” (HR 556) was introduced by Leach in February 2001. Leach has argued that Internet gambling is “the single easiest way to launder money,” and has been pushing hard to make it illegal.

 

Leach’s bill prohibits the use of credit cards, checks, and electronic fund transfers to in online wagering, and it would hold banks responsible if they knowingly allow violations of this legislation.

 

The new version of the bill does, however, include an amendment that excuses Internet service providers (ISPs) and telecommunications companies from any wrongdoing for facilitating online wagering traffic. Another major carve-out in the bill is games of skill, which include fantasy sports leagues and ‘educational’ games.

 

Leach has managed to secure Online Casino Malaysia considerable support for his bill over the past year. House Financial Services Chairman Michael G. Oxley (R-Ohio) commented in a prepared statement that the proposed legislation “will protect our financial system and give financial criminals one less place to hide.”

 

As the vote indicates, however, support for the bill was hardly unanimous. Rep. Barney Frank of Massachusetts suggested that it is not the federal government’s responsibility to police gambling activity or oversee the way in which people spend their money.

 

Financial institutions aren’t very happy about the proposed legislation, either, because much of the responsibility for policing this bill falls squarely on their shoulders. And some industry experts don’t think that is a reasonable expectation.

 

Richard Hunter, managing vice president of business analysts Gartner Inc., noted that it would be possible for banks to screen known gambling sites, but that it is quite easy for these companies to disguise a casinos’ identity by using a different corporate name.

 

He also suggested that the proposed legislation would likely not be very effective at stopping money laundering, and that the U.S. federal government may actually be more concerned about lost revenue and drains on productivity rather than reducing funding for terrorist organizations.

 

The current version of the bill includes civil and criminal penalties for online gambling, including fines and prison terms of up to five years. Federal and state attorneys general would also be able to launch lawsuits against online gambling providers.

 

In related news, Rep. Bob Goodlatte reportedly plans on November 1 to reintroduce his anti-gambling bill. Goodlatte’s camp has said that this version of the bill, which failed to pass last year, has been modified to “keep pace with new technologies.” No further information on the revisions was offered.

 

Stay tuned to WINNERonline.com for details on both pieces of legislation as it becomes available.