Wednesday, December 31, 2008

Online Gambling and Banking

Before the US Congress passed the Unlawful Internet Gambling Act, transactions with online casinos were quite convenient and easy. Today most banking institutions are declining their customers' request to do any type of credit or debit card transactions related with online gambling. The size of your bankroll does not have any bearing at all, banks are simply refusing to carry out this type of transactions, even though this law has not been finalized yet.

Although most major credit card companies do not accept online gambling transactions there are some that do, but then these transactions are treated as "cash advancement" which bear a much higher interest rate. For this reason more and more online gamblers and online casinos are shying away from using Credit and Debit Card payments to handle their online gambling transactions, instead many are opting for online processor services, which have become very popular in the online gambling community.

With the introduction of this new Act on Internet Gambling, more and more online based processor websites are popping up on the internet as these entrepreneurs realized the need for such a service. Today there are many different methods for deposit and payment transactions at online casinos. Some of the popular online companies offering these online processor services are; Bank Wire/E-wallet, Pre-Paid ATM, NETteller, Citadel, Fire Pay, Eco Card and Click2Pay and even though these are all web based companies that are accessible to anyone who has internet access, if you happen to live in the USA, depending on which online casino you happen to log into, you may or may not be able to sign up for these services.

Whatever the outcome of the Unlawful Internet Gambling Act, and despite the banks refusal to carry out Credit Cards/Debit Cards transactions relating to online gambling, it is in the interest of the online casino websites as well as the online gambling community to find a way to work around these obstacles and ensure that online gambling will be around for a very long time to come.

Thursday, December 25, 2008

Texas Hold'Em Online Poker Lingo

  • Bad Beat: When you lose a hand despite having strong odds that supposedly should have been in your favor. For example, if you were holding pocket Aces against a player holding pocket 2s, and your opponent ended up beating you by hitting another 2 on the last card, you would have suffered a bad beat.
  • Big Slick: Refers to holding an Ace and King as your two pocket cards.
  • Blinds: Texas Holdem is based on what is called a blind structure, meaning that two players at dealer's left-most side must place a bet before seeing their cards. Since they are forced to bet without seeing their cards, or are playing blind, those bets are called "blinds".There are two blinds, the big blind and the small blind. The small blind position must post half the minimum bet and sits immediately to the left of the dealer. The big blind must post the full minimum bet, and sits immediately to the left of the small blind, two seats to the left of the dealer. As the deal rotates around the table, each player takes turns posting the small blind and the big blind bets. This blind structure forces the action on the table since there will always be a pot to win. So, for example, if you are seated at a $1-2 limit hold'em table, the small blind must post $.50 and the big blind must post $1 bet. As play rotates around the table, each player may choose to call that $1 bet, raise, or fold. When it's the small blind's turn, that player only needs to call $.50 to play the hand.
  • Board: This refers to the community cards dealt face up on the table. In Texas Hold'em, there will ultimately be five community cards on the board, not including the two pocket cards dealt to each player.
  • Button: Also called the "Dealer's Button", this is a white puck that indicates the dealer's position on the table. The Dealer Button rotates around the table, so each player takes turns being "on the button".
  • Check-raise: The act of checking a hand, in hopes of luring your opponent to bet, so that you may then raise over him and build a bigger pot to win.
  • Flop: This is when the first three community cards are dealt on the board. The fourth card is called the turn, and the final, fifth card is known as the river.
  • Flush Draw: A hand where you have 4 of the 5 cards needed to make a flush. For example, if you are holding two clubs, and the board flops two more clubs, you would be holding a flush draw. You would need to draw an additional club to complete the flush.
  • Gut Shot: A hand where you have 4 of the 5 cards needed to make a straight, but your 4 cards are not in sequence, and you need a single card in the middle of your straight to complete the straight. This type of hand is also known as "inside straight draw".
  • Kicker: This is your tie-breaking card. For example, if you hold an Ace and King, and the board shows Ace, 5, 8, 2 and 6, you will have a pair of Aces with a King kicker. Your opponent may also hold an Ace, but with a weaker kicker, in which case you win the showdown.
  • Limp: To limp into a Texas Holdem hand refers to calling the minimal bet to play your hand.
  • Maniac: This is a player who plays ultra-aggressively, making big bets on poor cards, throwing money around in the hopes of winning by bluffing and intimidation. Important: A maniac may be a big source of profits!
  • Muck: The act of folding one's hand without showing the cards
  • Nuts/ Nut Hand: This is the best possible hand at that particular moment. In other words, there is no hand that you can lose to at that moment.
  • Pocket Rockets: Also known as American Airlines, because it implies that you are holding two Aces as your pocket cards. Double A or AA, get it?
  • Rake: This is the commission the house takes from every pot. The rake can be set dollar amounts or a percentage of the pot, depending on the casino.
  • Semi-bluff: The act of betting on your hand when your hand is not made yet. So if you have four cards to a straight or flush and you place or raise a bet, you have a chance of bluffing your opponent out of the pot or hitting the card to complete your hand.
  • Slow Play: The act of intentionally under-playing a very strong hand in the hopes of tricking your opponent into thinking that he/she has done you in, which leads to him/her betting more in later rounds.
  • Smooth Call: The act of just calling a bet or raise with a very strong hand to conceal your strength and keep the attention on the initial raiser.
  • Stone Cold Bluff: The act of betting with no real possibility of winning the hand if your bet is called. In other words, you rely on your opponent folding.
  • Tilt: This refers to a player who is angry, upset, or emotionally unstable, affecting his/her game in a negative manner.

Source: http://www.flopturnriver.com/

Tuesday, December 16, 2008

News Clippings: Norway Now Bans Online Gambling

I was actually on my way to bed when I saw this news at OnlineCasinoTopic. It seems that Norway is now on the same page on US' stand against online gambling and casinos. So far the enactment of the law has caused an indignation of the several sectors.

It looks like the country of Norway has decided to take a page from the United States’ book on online casinos and banning them. In 2006 the United States passed the Unlawful Internet Gambling Enforcement Act (UIGEA). The bill was cleverly concealed inside a bill that supported port security against terrorist acts and it was never debated or investigated by the members of Congress before it was passed. The law has since caused havoc with online casinos and poker rooms, causing legitimate businesses in the online casino community to withdraw from the American market and depriving American citizens of the joy of playing. Instead a black market online casino industry has emerged and it is preying on American citizens and growing by leaps and bounds.

Norway has decided to pass a similar law to the UIGEA that makes assisting any online gambling sites a violation of the law, including processing transactions. So far the reaction to the new law has been met with outrage from every sector regarding the way the program has been implemented. The Norwegian financial institutions have stated that the law is ‘unworkable’ and a ‘competitive disadvantage’. Civil libertarians are completely horrified by it.

Additionally, global law experts feel that the law may be violating or conflicting with the national obligations as set by the European Union. Already a complaint about the law has been filed with the European Free Trade Association by the Remote Gambling Alliance. The measure as it currently stands makes any assistance to the online gambling sites illegal and says that the only ‘legal’ online gambling in the country are through sites that are state owned which includes the lottery.

You can view the whole article here.

Thursday, December 11, 2008

Backgammon Players Should Avoid These

In backgammon, there are things that players must always make a point of doing. On the other hand, there are also certain things that these online players should avoid and we're going to discuss some those below.

After or ever during the game, online gambling players must not stress the luck of their opponents. This means as an online gambling player, you should possess the value of sportsmanship and be able to respect each other by not reminding your adversary how lucky he just got on a particular dice roll he made.

Doing this can be insulting to any gambling player since you are equating their abilities on pure luck. You see, most gambling players like to think they are good (and not just lucky) and by telling them they won because they got lucky is insulting. Don't presume that just because his game went extremely well, he was just lucky. Maybe he just appeared to be lucky because he was doing the right thing, making the right decisions.

And if you shouldn't emphasize your opponent's good rolls, there is not need to make a big deal about his bad ones. Making a player's morale low just so you can win is an online gambler that's desperate.

In backgammon, you must not also roll the dice if your opponent's turn is not clearly over yet. Your roll may not count because he can argue that he is not yet finished. Aside from that, this is another form of intimidation since you are signaling to the other gambling player to hurry up with his move. What you are actually doing is destroying his concentration and is such a cheap tactic.

These are just simple guidelines that you should not do as a sign of respect to other online gambling players and a reason that you should also be respected.

Friday, December 5, 2008

Lessons We Get from Playing Online Poker

There was an interesting article on business week that discussed how playing and winning online poker or a conventional poker for that matter can help you in making your business even successful.

The main point of BusinessWeek is that you improve people skills while playing poker.
"Acting persuasively, reading opponents’ motives, and handling the subtleties of a monetary transaction are skills the poker greats work tirelessly to hone. These same skills are essential for negotiating a business deal."

Come to think of it, I'd have to agree. However other than the suave people skills you learn, online poker is good for you since you gain other values that you can apply to life in general. I have below the summary of David Sklansky's (professional poker player) post on why poker (online poker) is good for you.

Here’s a summary:

  • Poker improves your study habits.
  • Poker develops your maths skills.
  • Poker develops your logical thinking.
  • Poker develops your concentration.
  • Poker develops your patience.
  • Poker develops your discipline.
  • Poker teaches you to focus on the long term.
  • Poker teaches you that forgoing a profit equals taking a loss (and vice versa).
  • Poker develops your realism.
  • Poker teaches you how to adjust to changing situations.
  • Poker teaches you to adjust to diverse people.
  • Poker teaches you to avoid racial, sexual and other prejudices.
  • Poker teaches you to handle losses.
  • Poker teaches you to depersonalize conflict.
  • Poker teaches you how to plan.
  • Poker teaches you how to handle deceptive people.
  • Poker teaches you how to choose the “best” games.
  • Poker teaches you the benefits of acting last.
  • Poker teaches you how to concentrate on the important subjects.
  • Poker teaches you how to apply probability theory.
  • Poker teaches you how to conduct risk-reward analysis.
  • Poker teaches you how to put things in context and evaluate all variables.
  • Poker teaches you “how to get into people’s heads”.
Who would have thought that you learn a lot of things from playing online poker. If you read the book, "The Art of War", most of these are quite essential not only in actual battle but in life. Many successful online (& offline) poker players have gained these skills and they acquired more out of life because of it. Although not everything in online (offline) poker is dandy, there are some downsides to it too. Always remember to play in moderation.