Monday, October 02, 2006

Some Hope

For anybody who has been following along the last several days, you knows it has been one hell of a roller coaster ride. Friday the US passed legislation that would ban certain financial transactions related to online gaming. Then early Monday morning PartyGaming released a statement (which you can read here) which sent shock waves through the online poker community. Then Gambling911.com published an article (which you can read here) that stated that Party and PokerStars were likely to pull out of the US market.

It has been a pretty intense day with nobody really knowing or understanding what is going to happen and lots of people (myself included) making a mad dash to clear their funds out of Party and Neteller as well as other poker sites. When the London Stock Exchange opened, all public companies related to online poker (Neteller, 888.com, PartyGaming etc) saw their stocks plummet. Neteller having their scheduled two hour downtime right after the open of the London Stock Exchange caused some more panic.

So that is where we are now. Though today players have been receiving emails from Party indicating that they may be working on something.

Thank you for contacting us.

I would like to inform you that there will be no changes in Red Carpet Promotion. All the point you have earned will be automatically redeemed and cash amount will be placed on your account on October 17.
You can cash out any or all of the balance in your PartyAccount at any time. However, once the bill is signed into law, we will suspend accepting further deposits from US players until such time as we offer other products and services to our US customer base for which deposits would be used.

Should you have any questions or feedbacks please do not hesitate to contact us at any time. We are here to do for you, 24 hours a day, seven days a week.


Kind regards

Olga
PartyPoker Customer Care



and


Dear KKF,

You do not have to redeem your balance or close your PartyAccount. We anticipate we will have offerings in the future for which your PartyAccount will be the source through which you will fund your entertainment
and gaming experience.

However, you will continue to have access to our account at any time. Withdrawals from your PartyAccount are not prohibited by the act



Both of these indicate that Party is working on something. That is very good news to me. I think it is very likely that the press release was only to calm the nerves of anxious investors and directors who were concerned about going to jail or being involved in illegal activity. I think it is very likely that Party is working on something now that will allow continued play at their site. I have full faith in their ability to do this as well. There are billions of dollars at stake, anybody who thinks that they are going to go silently from the US market is fooling themselves.

Also, Lee Jones posted this response to the rumors on 2+2. Anybody who knows PokerStars and Lee Jones knows that there is not a classier poker site or site manager around. He would not say this if it were not 100% true. He states there that:

We have not made a decision one way or another as regards closing our American accounts.


So my advice, wait and see. Have faith in PartyGaming and PokerStars to protect their business.


I'll keep you posted.


Thanks for reading, now get back to the tables!



Wild Bill