Monday, October 02, 2006

Time to cash out

Well, as I feared, Congress -- led by the party of smaller government (?!?) -- has attached an anti-internet gambling measure to an unstoppable port security bill. President Bush will be signing it shortly.

USA Today says that PartyPoker plans to pull out of the US market, which represents about 80% of its customer base. A scan of Google News shows that PokerStars plans to do the same. Full Tilt and some others plan on staying.

Neteller is mentioned in a few of the articles I've read, and I'm getting the feeling that its days of servicing the US are numbered. Maybe I'm paranoid, but I think it's time to cash out until the dust settles. I've cleaned out my Party Poker account, leaving $25 that I'm willing to lose. I've cleaned out my Neteller acocunt, leaving nothing. I've still got money in my PokerStars account, but will probably empty that tonight.

It's a run on an uninsured bank, Wonderful Life style! Hopefully, I'm near the front of the line.

It'll be fascinating to see what springs up to take its place. I wouldn't be surprised if some foreign bank begins allows US citizens to create offshore bank accounts, and access them through an ATM. It's probably happened already, and I'm just not aware of it yet.

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