Online poker industry in trouble and strife

Playing poker or the market?

The US authorities have a thing about online gambling. They don't like it. So they've set about telling Americans that having a punt on a poker game is not only bad for the brain, it's ILLEGAL! Now they have unveiled an indictment against the owners of three of the world's biggest poker websites, throwing the young industry into turmoil.

This holier-than-thou attitude though only extends to gamblers identified as "online gamblers". It does not include those gambling down on Wall Street. In fact, they can do it with fake money. Online poker players have to use their own money or face up to debts incurred by their own actions. No bailout for these guys. No quantatative easing for poker games low on the chips.

How different it is for the Federal Reserve, which could be compared to a legalised casino. No restraints there. I'd like to see the American government get a grip. Legalise the online gambling. Tax it properly through corporate and personal taxation. Likewise, tell the banks that their gambling activities will be brought under proper scrutiny, fairly taxed and accounted for.

Two sets of gamblers, happy to gamble away their money. Just don't ask us to bail you out when the odds don't work in your favour.

Posted in: banks,Federal Reserve,gambling,online poker