Monthly Archives: August 2015

Judge rejects Caesars’ creditors bid for snap ruling, tells parties to prep for trial

Casino operator Caesars Entertainment Corp (CEC) had a mixed day in court on Thursday, as a federal judge told the company to prepare to defend its attempted screwing of junior creditors.

On Thursday, New York US District Judge Shira Scheindlin rejected a request by bondholders for an immediate ruling on whether CEC’s refusal to honor $7b in debts owed by its bankrupt main unit, Caesars Entertainment Operating Co (CEOC) was a violation of federal law.

However, Scheindlin told both parties to prepare full arguments on whether CEC’s decision to remove loan guarantees on the debts owed by CEOC to its junior creditors violated the federal Trust Indenture Act of 1939. Upon receipt of these arguments, Scheindlin will decide whether to issue an immediate ruling or proceed to a full trial. Scheindlin has set an Oct. 7 hearing on the matter.

The suit was filed last year after CEC sold 5% of CEOC to undisclosed institutional investors. CEC subsequently claimed that a clause in the loan agreements stipulated that CEC was no longer liable for CEOC’s debts if CEOC wasn’t 100% owned by CEC. Also in dispute are CEC’s transfers of profitable assets out of CEOC into other CEC units prior to CEOC filing for Chapter 11 bankruptcy protection in January. (Now, just for fun, try saying ‘CEC-CEOC’ three times quickly.)

Internet Sales Of Minnesota Lottery Tickets Coming To Halt

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Aces Full Of It: Your Guide To Bad Beats

My name is Justin Buchanan, and I’m choosing to call this blog post Aces Full of It, because there are going to be a lot of opinions on a lot of things to do with poker presented here, and no doubt many of you reading them will think I’m full of it.

Let’s get one thing straight right now: I don’t care if you do.  I’ve been playing poker since virtually the moment I legally could, and that’s about five years at this writing.  Maybe I haven’t seen it all, but I’ve seen a whole lot of it.  If you see things differently than I do, that’s your business and you have every right to.  You can even state as much each time our opinions diverge.  But if you tell me “I’m right, you’re wrong” and don’t leave it at that, you had better be prepared to back up your assertions with actual, non-fallacious logic or I will not hesitate to rip you to shreds.  That said, if you believe you can back up your view with actual logic, please do not hesitate to do so as there are in fact many occasions when I am indeed full of it.  I don’t mind people pointing it out, I only ask that in pointing it out you do so properly.  All right, without further ado…when writing the first post for a blog, I believe it’s pretty obvious that a guy should choose the topic and how it’s covered in such a way that makes it abundantly clear to prospective readers what they will be in for.  With that in mind, I’d like to talk about “bad beats.”  More specifically, bad beat stories.

Is this you after your AA gets cracked by K7 offsuit?

Bad Beat Stories, And The Players Who Tell Them

A Colossal Run

WSOP 2015 in Las Vegas (Image: CardsChat.com exclusive)

Every time the World Series begins, I am reminded of why I play poker for a living. There is no better feeling than walking into the absolutely packed Rio with thousands of other hopefuls, knowing that at any point during the summer you can achieve greatness and wealth.

Most years that I’ve played at the WSOP, it takes me a few weeks into the series before I muster up a deep run, this year was different though.

Day 1’s

WSOP 2015-16 Circuit kicks off at Foxwoods

Lorri Broda won the Seniors Event at the Harrah’s Southern California stop on the WSOP Circuit in December 2014.

The 2015-16 World Series of Poker Circuit kicked off Aug. 6 at Foxwoods Resort and Casino in Connecticut. The tour features 19 stops, with four casinos hosting two events each – Harrah’s Cherokee, the Palm Beach Kennel Club, Horseshoe Baltimore and the Bicycle Casino in Los Angeles.

It is the second straight year that both the number of events and the number of casinos hosting events has dropped. After setting a record with 22 stops at 22 different casinos in 2013-14, the tour dropped to 20 stops at 17 different casinos last season. In 2015-16, there will be 19 stops at 15 different casinos. Bally’s Las Vegas becomes the newest stop to be added to the tour, with a scheduled 2016 stop occurring Feb. 25 to March 7, 2016. The IP Casino in Biloxi, Miss., Harrah’s California (San Diego) and Lumiere Place (St. Louis) do not return for the 2015-16 season.

“We know not everyone can make it out to Las Vegas for the World Series of Poker, and this is our way of bringing the flavor and feel of the WSOP to regional markets,” said WSOP Executive Director Ty Stewart. “The WSOP Circuit continues to be a great success, both at getting new players to the game and creating tomorrow’s stars.”

How to Handle Bad Beats

If you can’t learn to handle a bad beat, you will wind up losing more than just your chips.

Judging by the threads on the CardsChat.com General Poker forum, lots of players have a hard time handling a bad beat. At any given time, there are two or three threads asking for advice on how to avoid going on tilt after a perceived “bad beat.”

If you are going to lose control every time someone hits a two-outer on the river to win a hand, you are not going to have a fun, profitable, poker career. Learning to control your emotions is a key to your ultimate success (or failure) as a poker player, especially in multi-table tournaments.

There is nothing worse than investing several hours in a tournament, getting close to the final table and losing 70-80% of your stack to some idiot who risked his entire tournament life by chasing a flush or a straight, despite the fact that you were betting aggressively after the flop and turn. So many times I have seen players lose a hand like that and just shove the next hand out of anger.

To Twitch Or Not To Twitch

With over 100,000 followers, Jason Somerville is the most popular poker player on Twitch.

After many recommendations and much consideration, I have finally decided to broadcast some of my poker sessions on Twitch. It’s not something that I am 100% sold on, but I now believe that the pros outweigh the cons.

Twitch Pros

This year at the World Series of Poker, I meet a ton of people who have followed my poker career over the past couple of years. Someone asked me if I was “The” Carlos Welch. Still haven’t completely wrapped my head around that one. Another guy stopped as he was walking past me to say “Are you Carlos? I thought I recognized that voice from the Thinking Poker Podcast.” There was one young guy from England who said he was so inspired by my life nittiness that he walked the two miles from Circus Circus to the Rio because he didn’t want to pay for a cab.

Aces Full of It: Cash Games vs. Tournament Play

Where do I begin to explain my hatred for cash games?

I’m just going to say it right away: I hate cash games.  And not a colloquial, casual, not really hate in a literal sense hate, I’m actively repulsed by the thought of playing in a cash session for more than around twenty minutes.  I admit it shamelessly, comparing tournament poker to cash games is just about as unoriginal an article topic that I could possibly think of, but it’s important that I talk about this, because it’s the only way to establish another essential building block in the structure of what people should expect from me.

Cash vs. Tournaments: The Basics of the Basics

For those of you who somehow found this blog and know almost nothing about poker, first of all congratulations and I’m very happy that you’re taking an interest!  Second, the most basic difference between tournaments and cash games is that…hmm, how to explain it?

Aces Full of It: Making the Donkey Walk I

It’s simple mathematics!

The word “donk” has long been the number one go-to appellation for a certain kind of poker player: the bad kind.  No one wants to be one, many aren’t actually aware they are one.  Some throw around the term in the manner of an internet troll in online table chat, indiscriminately or perhaps using the term more to insult good players than actual bad ones, the bad ones often including said troll.

In recent days, some concerns have been raised that with the amount of information available about how to properly play this game and how easy it is to access, it has become prohibitively more difficult for anyone to make a real profit at poker.  For cash games, I really don’t see what they’re getting worked up about.  If you make plays with positive expected value, you’ll make a profit right?

The Fish Are Out There

Sleep, Eat, Grind: Love What You Do

No matter how well you’re paid, it’s tough to leave well enough alone.

I don’t remember when I started living for the weekend.

The feeling grew slowly, such that I wasn’t sure exactly what it was until it was too late – the habit was in full swing. I’m paid well, have great benefits, and have a fair bit of autonomy day-to-day in my job, but sometimes that’s not enough. I need to want to get up and go to work each day, is that too much to ask?

I’ve been living in Madison, WI for the past 13 months, grinding out a decent living working for a software company that has been rapidly outgrowing itself for the past decade. But my true passion has been trailing me far longer than my paychecks from “The Man,” filing into the IRS’ and my bank accounts, respectively.

The Restoration of America’s Wire Act (RAWA)

New laws get passed every day, but who reads them all?

Twin bills in the U.S. House of Representatives and the Senate are currently being reviewed, which if passed, would spell the end of online poker playing in America.

The Restoration of America’s Wire Act seeks to reinstate a previous interpretation of the Interstate Wire Act of 1961, making any and all gambling through interstate or foreign communications using technological means illegal.

As it is written, it seems that it will not only make online poker illegal for the poker rooms or sites to host, but also make it illegal for the players to patronize any online poker rooms that would be operating illegally.

Fitting Poker into an Otherwise Busy Life

Wait, what do you mean no Wi-Fi?

Poker as a Hobby

Let me get this straight for the record: I am not a poker professional. I am many things, but that is not one of them. Of course I have daydreams about running deep into a WSOP event, who among us doesn’t?

I am, however, very realistic about how remote the chances are that I could ever live that dream. I am a father of seven children and I stay at home to raise them, educate them, and hopefully prepare them for the unpredictable world of the future. Poker doesn’t really fit into that picture easily, except as a casual hobby.

Ivey decries Borgata’s use of ‘booze and babes’ to gain edge over gamblers

Poker pro Phil Ivey has accused Atlantic City’s Borgata casino of using booze and babes to give itself an edge over gamblers.

Ivey and the Borgata Hotel Casino & Spa have been locked in an 18-month legal feud over Ivey’s use of edge-sorting at the Borgata’s baccarat tables. The Borgata sued Ivey in April 2014, claiming that his use of a particular deck of cards gave him an illegal advantage that led to the casino losing $9.6m over four mini-baccarat sessions in 2012.

Ivey has freely admitted using the ‘edge sorting’ technique, in which an irregularly cut deck of cards allows sharp-eyed observers to identify high-value cards without seeing the card face. Ivey lost a similar lawsuit against London’s Crockfords casino, which was allowed to keep the £7.8m Ivey and his female partner Cheng ‘Kelly’ Yin Sun won the same year as his Borgata bonanza.

Ivey believes that edge-sorting isn’t illegal, particularly since the casinos agreed of their own free will to (a) allow Ivey to use a particular deck of cards and (b) instruct casino dealers to follow Cheng’s instructions to rotate certain cards before they were reloaded into the card shoe so that their irregular patterns would be more easily identified the next time they appeared on the table.

DraftKings partners with NFL teams ahead of the football season

DraftKings, targeting further fan coverage ahead of the start of the 2015/16 National Football League season, has opened three more branded fantasy sports lounges in NFL stadiums.

Under a partnership with the Dallas Cowboys, the DraftKings Fantasy Sports Lounge will be located at field-level in AT&T Stadium, giving DraftKings players a chance to cheer their favorite NFL players. The Cowboys will also feature DraftKings branding within the stadium and across the team’s digital, television, and radio networks.

“DraftKings and the Cowboys share the same passion for football, sports and business, making this a natural partnership,” said Dallas Cowboys Executive Vice President / Chief Sales & Marketing Officer Jerry Jones, Jr. “The daily segment of fantasy sports is exploding, with more fans joining every day.”

Another sports lounge, The DraftKings Fantasy Sports Zone, will be located at Gillette Stadium—home of the New England Patriots, which will display HDTVs so fans can watch NFL games.

Playtech hypes regulated market growth despite grey- and black-market reliance

Online gambling technology firm Playtech says most of its H1 2015 revenue growth came from regulated markets, but grey and black markets continue to provide the bulk of the company’s cash flow.

Playtech says revenue in the six months ending June 30 rose 33% to €286m, while adjusted earnings rose 16% to €113m and net profit rose 11% to €84m. Revenue in the first two months of H2 is up 15% year-on-year despite Q3 2014 having enjoyed a boost from the FIFA World Cup.

Playtech claims 40% of its gaming division’s H1 revenue came from regulated markets, up from 35% in the same period last year, and 80% of H1 incremental growth – at constant currency levels – came via these regulated markets.

But Playtech still earns the bulk of its revenue from its licensees in grey- and black-markets. The company only breaks out its geographical split in its annual reports, which in 2014 showed the Philippines-licensed, blacker-than-black Asian-facing business rising 240% to 29% of gaming revenue, while the Antigua-licensed business – which presumably includes many US-facing operators – accounted for over 13% of gaming revenue.