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Don’t Chase

Video Keno Game At Red Rock Las Vegas

Video Keno

Poker has taught me a lot of lessons that I can apply when gambling and in the real world. Knowing when I’m on tilt, slow playing and not chasing come in equally as handy with friends and business associates as they do when gambling on other games. One thing from poker that comes up way too often in other casino games is chasing. Chasing losses specifically.

Losing sucks. There’s nothing we want to do more than avenge our losses. It’s human nature. After listening to so many smart gamblers say not to chase losses I finally buckled down and stopped. Playing poker on tilt and chasing losses rarely turns into making good decisions. Chasing losses in the casino can happen anywhere from the sportsbook to the blackjack table.

We all gamble to hopefully make money but chasing losses rarely turns into money. Making irrational decisions is rarely fun and rarely profitable. Fool me once shame on you, fool me 100 times, shame on me. Chasing losses is out of my system but chasing isn’t.

Over the weekend I was drinking coffee and doing a little work on the photo blog at Red Rock Resort (more on the photo blog another time) when I decided to play Keno while taking a break. I don’t play Keno because it’s boring and has a huge house advantage. I only played because I saw that a jackpot that had to hit by $100 was up to $93 and there was nobody playing. I figured I can play a few minutes and snag a few bucks. Not so fast my friend.

2 hours later (yeah, 2 hours!) I was down almost $100 and a little old lady sat down and snaked my bonus in about 3 games. Not only did I lose money but I was now cranky. However, I learned a valuable lesson – Don’t chase progressive jackpots. 

Like 99% of gamblers, I’m not a professional. I gamble to have fun. Sure I want to win but I want to have fun. Chasing never leads to having fun. Results from chasing losses in sports betting are rarely fun and don’t usually pay off over time. The same can be said for chasing bonuses.

Lesson learned.

No more Keno, no more chasing losses in sports betting and no more chasing jackpots. Sometimes it takes real life experiences to realize something that should be obvious.

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Poker Book And Poker Movie

Straight Flush Book By Ben Mezrich

Straight Flush

There’s a new poker book out from Ben Mezrich called “Straight Flush: The True Story of Six College Friends Who Dealt Their Way to a Billion-Dollar Online Poker Empire–and How It All Came Crashing Down…” and a new poker movie called “High Stakes – The Sam Tricket Story” about his entry into last year’s $1 million World Series of Poker Big One for One Drop tournament.

Ben Mezrich wrote one of my favorite books called “Bringing Down The House“. It’s about the infamous MIT blackjack team going to Las Vegas and winning a boatload of money. I viewed the book as entertainment going into it and not fact even though it was pitched as non-fiction. I’m cynical and don’t believe anything is 100% true or false. His new book “Straight Flush” is being promoted in the same manner. Some reviewers on Amazon are attacking his accuracy. If you’re interested in building and tearing down of an online poker empire and read it as partial truth you will probably enjoy “Straight Flush”. Here’s an interview with Mezrich from CalvinAyre.com.

Exclusive Interview: Ben Mezrich on his new book, Straight Flush Video 

 

“High Stakes – The Sam Tricket Story” is about poker player Sam Tricket and focuses mainly on his entry into last year’s $1 million entry for the Big One for One Drop tournament at the World Series of Poker. Like all gambling movies it touches on his ups and downs in the poker world. You can watch the entire movie by visiting matchbook.com and signing up for an account if you’re from anywhere outside of the United States and France. I’m sure if you want to watch the full movie and you’re American you’ll be able to find it somewhere. Here’s the movie trailer for the documentary.

Buy Links

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Sheldon Adelson Doesn’t Want Your Online Gaming Money. #GOML

Sheldon Adelson Las Vegas Sands

Sheldon Adelson

Sheldon Adelson, CEO Las Vegas Sands, doesn’t like online gaming and thinks it’s a cancer. Sheldon Adelson considers online gaming a gateway drug to the downfall of mankind. Adelson says he doesn’t want any money from online gaming. Ever. Now get off his lawn. He’s cranky!

Sheldon Adelson is also probably not telling the truth. In the past couple years Las Vegas Sands has changed all of his poker rooms to be “Sands Poker Room” so that they can brand the poker rooms across the world to be the same. Las Vegas Sands isn’t branding everything the same. There are still Venetian’s and Sands’ and Palazzo’s around the world. But poker…that’s a streamlined brand.

Here’s an interesting interview with Sheldon Adelson bashing online gaming on Bloomberg News. It’s almost 8 minutes long so save for when you have the time.

The video doesn’t want to embed this morning. Maybe it needs more coffee too. you can watch it here.

Shout out to @Detroit1051 for sharing this.

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Is An Online Poker License In New Jersey Worth $15 Million?

Atlantic Club Casino

Atlantic Club Casino

PokerStars tried, and failed, to buy Atlantic Club Casino to get their foot in the door for when New Jersey legalizes online poker. The deal they thought they had been for only $15 million.

What do you do if you’ve got a purchase agreement with Colony Capital and the latter allegedly reneges on you? If you’re Rational Group, which thought it had a $15 million deal in place to purchase the Atlantic Club Hotel, the answer is simple: “We’ll see you in court.” 

While the deal with PokerStars is, publicly, still up in the air it seems as if Atlantic Club Casino is still searching for a buyer. But is $15 million even worth it to buy a casino just to earn online gaming revenue? Not so fast my friend.

Online wagering could bring in a comparatively scant $30 million … not surprising given the difficulty that some of the major players are having getting onto the field.

If you divide online gaming revenue between 10 companies that’s $3 million per company. That’s not much revenue at all and certainly wouldn’t make buying into a dying casino market worthwhile. However, this is short-sighted. Online gaming is an investment today.

Online poker will grow once it becomes legal. Online poker is also a gateway to other online gaming revenue for a casino. Whenever sports betting is legalized it will also earn revenue for online gaming companies.

Looking much further into the future online gaming will include slot machines and video poker. Playing slot machines online has always felt a little sketchy but the most trusted companies for online gaming will be the familiar companies with a good track record elsewhere.

Further, Atlantic Club Casino has undergone renovations over the past few years. It’s not a dump in need of a major facelift. With minimal investment it could be made into a marginal casino that could someday turn a profit – even if it’s a small profit. There is still some value in connecting online business with a brick and mortar business.

So, is an online poker license worth $15 million and whatever investment you’d have to make in the Atlantic Club Casino? In the long-term, absolutely.

Photo – Atlantic City Insiders

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Ultimate Poker Launches Today

Ultimate Poker Logo

Ultimate Poker

Ultimate Poker, Station Casinos‘ online poker room, launches real money online poker today at UltimatePoker.com, making history as the first company in the United States to offer legal online poker In Nevada. Here’s a blurb from the press release.

Ultimate Poker is a licensed online poker room in the state of Nevada, leading the way through extraordinary service, best-in-class rewards, and a true-to-its-roots poker experience. Created by online poker specialists and backed by Las Vegas gaming leaders, Ultimate Poker brings fun back to the online felt by merging entertainment, competition, and the gaming lifestyle. Ultimate Poker is the exclusive online gaming partner of the Ultimate Fighting Championship® (UFC®), the fastest growing sports organization in the world, and is the online poker product of Station Casinos, the preferred gaming destination for Las Vegas locals.    

I haven’t played poker (online or offline) in a few years so I’m not very up on actual play but Quad Jacks has details here and here about the launch of Ultimate Poker.

If you have a mac (like me) you can’t just download, load your account and play at Ultimate Poker you’ll have to invest a few bucks to buy Windows 7 to play.

  • Download and install VMware such as VMFusion onto your Mac.*
  • Purchase and install Windows 7 onto your Mac.*
  • Download the ULTIMATE POKER client and install on the
    Windows portion of your Mac.

If you’re a mac user and don’t want to buy windows you’re stuck playing with offshore sites. This isn’t much of a surprise as sports betting was limited to PC’s when it first launched. Mac products will probably follow in a few months.

Ultimate Poker is the first of a handful of legal online poker sites to launch in Nevada. This is just the beginning of the new online poker revolution. Or something like that. Seriously, along with mobile sports betting, this is leading the way for online and mobile gaming to being much larger.

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Nevada Legalizes More Online Gaming

The headline reads “Nevada takes the lead in interactive gaming” but its had the lead for a couple of years. Online sports wagering has been legal and I’ve been doing it. This just expands the type of online gaming allowed.

The law, which takes effect with Sandoval’s signature, gives Nevada a jump on New Jersey in the rush to compete in the online poker business.

It’s all about poker today and it was all about sports betting a couple years ago and soon it will be all about slot machines and blackjack. Online poker won’t begin right away, there’s still some legal mumbo jumbo to deal with but Nevada has a head start and that’s a good thing for the state.

What does this mean in the future? Let’s first see what other states end up offering the same access to online poker and then other games. As it stands Nevada will still be the only state to offer online sports betting. That’s a win for Nevada.

 

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National Heads Up Poker Tournament Returns

National Heads Up Poker Tournament is one of the more popular poker tournaments on TV. It took a break last year after Black Friday but it returns to NBC in 2013. The made for TV tournament is recorded at Caesars Palace. Here’s the scoop.

NBC Sports Group today announced the return of the National Heads-Up Poker Championship to NBC and NBC Sports Network. Coverage of the invitational tournament from Caesars Palace in Las Vegas, Nev., includes three original airings on NBC and three on NBC Sports Network beginning March 14 at 9 p.m. ET.

The National Heads-Up Poker Championship features 64 of the world’s most compelling poker players as they compete in a series of Heads-Up matches (one-on-one games of No Limit Texas Hold’em). The tournament is a single-elimination, bracket-style format modeled after the NCAA Basketball tournament. A player wins a match and advances to the next round; wins six matches and becomes the National Heads-Up Poker Champion. 

This year’s event marks the eighth installment of the National Heads-Up Poker Championship. For the seventh time, the tournament will be held at Caesars Palace in Las Vegas, Nev., a resort with a long history of exclusive poker tournaments and cash games.  The reigning champion is eight-time WSOP bracelet winner Erik Seidel, who defeated 2003 World Series of Poker Main Event champion Chris Moneymaker to win the title.  Previous Heads-Up Poker Championship competitors have included Phil Hellmuth, Daniel Negreanu, Phil Ivey and Antonio Esfandiari.

Here’s the TV schedule if you don’t have tivo to record each episode for you.

DATE             TIME             NETWORK
March 14         9 p.m.             NBC Sports Network
March 21         9 p.m.             NBC Sports Network
March 28        9 p.m.              NBC Sports Network
April 6             1 p.m.              NBC
April 13           1 p.m.              NBC
April 20           1 p.m.              NBC

The National Heads Up Poker Tournament is still a fun poker show to watch because it’s different than most poker you’ll see on TV. The tournament is all professional poker players and celebrities playing one on one in a 64 person tournament. It used to be perfect Sunday afternoon TV on NBC but as you can see from the schedule it’s now on NBC and NBC Sports.

The only information about the show I can’t seem to find out right now is whether or not Leann Tweeden will return as host. She’s pretty popular with the fellas. I’ll update this post when I find out who’s hosting this year’s National Heads Up Poker Tournament.

Tweet me @eastcoastgamblr

 

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Get Ready For Legal Internet Gambling

As 2011, we could see the legalization of internet gambling around the corner with Poker being legalized in Nevada and the state government beginning to accept applications from gaming companies (casinos and game manufacturers alike) for online gambling licenses.

The acceptance of those online gambling licenses began this week. While this is news, there’s nothing ready to happen.

The state Gaming Control Board has recommended approval for an Internet license for International Game Technology, which had stressed it is running online gaming already in other regulated countries.

It was the second license in two days approved by the Control Board, and they are the first issued in the United States by a regulation authority. Bally Technologies was cleared for approval on Wednesday.

Bally Technology and IGT application acceptances are still just the beginning of the future of online gambling. Some will say that this is kind of a big deal, but it isn’t. It’s just government bureaucracy in action.

Poker will remain first on the online gambling activity to be open to the public in Nevada.

For the sports gamblers looking for online legalization, just hang in there. Once all of the other ways to gamble online are secured over the next couple year, the attention will turn to legalizing sports betting.

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Does This Mean Orel Hershiser Can Play Poker Again?

The Los Angeles Dodgers were sold earlier this week to a group lead by Magic Johnson for $2 billion. The purchase has a lot of implications. Most revolve around the purchase price and how the team will be able to be improved. That’s not really a concern of mine.

In this bidding process a group that included former Dodgers player Orel Hershiser and Steve Garvey lost. They proposed the renovations of Dodger Stadium above.  I’m not sure adding seats to a stadium people don’t want to visit is a smart move, but we’ll probably never see that.

What’s interesting is the timing of the decision. Major League Baseball waited to the very last minute before the season started to announce the new owners. This left very little time before the start of the season for the purchase details to take place. The team will be in limbo for a little while waiting for the new owners to take over.

In the purchase process Orel Hershiser has seemingly stopped playing poker. He’s been an aspiring poker pro for a few years now. His poker home has been Red Rock Casino. Nobody has seen him in some time. Now that the baseball season is starting he’ll be on the road covering games for ESPN for the summer.

I wonder is Orel Hershiser’s quest for poker greatness will resume. I’ll keep an eye out for him at Red Rock Casino on his off days.

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Internet Poker Legal Again!

Internet poker is legal again…but only in Nevada. Yesterday the government in the great state set the first regulations for legal online poker play in the United States – as long as you a playing in Nevada with other people in Nevada.

The Nevada Gaming Commission approved the nation’s first regulations for Internet poker play today, opening the door to the licensing of companies to offer online play within the state.

Play across state lines still wouldn’t be allowed because of restrictions imposed by the U.S. Department of Justice.

This is just the beginning of legal online gambling and should clean up what was a pretty shady business. The first companies on the block for online poker licenses are all large and legitimate businesses:

Six companies already have applications in the regulatory pipeline for licensing: Cantor Gaming, Shuffle Master, International Game Technology, Bally’s Technology, Caesars Entertainment and the South Point.

This was bound to happen. While there were legitimate problems with the companies that were taken down on Black Friday, there may be something to the conspiracy theory that Black Friday was all coordinated by the large gaming companies in the United States.

Look for the online poker licenses to be approved (or denied) in the spring of 2012. In the meantime, I wonder how many online poker players will be moving to Nevada. Living is still cheap.

Copyright © 2017 Marc Meltzer & EDGe Vegas