Tuesday, December 02, 2008

ZOMG Online Poker is Illegal I'm Going to Jail

Indeed, I'm still alive. And it's pretty much more of the same, staying busy of late with a fair amount of poker, Fallout 3, and buying another investment property (well, not until December 22nd, when we officially close).

Here's the beaut of a 504 sq. ft. house that I'm buying, which runs you all of $8,500 in my neck of the woods:

It's actually not quite as bad as it looks, as the basic structure is in good shape and the interior has already been gutted in preparation of remodeling. With an addition on the back it'll be a decent little 2-1, about 650 sq. ft which should cashflow $250/$300 each month as a rental. One bright side of our economy swirling down the drain is that while trying to flip a house is increasingly difficult, finding potentially profitable rentals gets easier every day, especially if you're willing to tackle properties like the one above that obviously need a lot of work before they're livable. Which isn't a path to quick riches (boo), but a nice way to pick up rentals that immediately cash flow and have some equity in them, if you can pick them up cheaply enough and are smart with the renovations.

As far as poker goes, somehow or other I've found myself going full-circle and playing lots of LHE the last few weeks. 3/6 is the biggest LHE game that regularly runs on Cake with multiple tables, which is a mixed blessing. On the one hand, it's just 3/6, so the upside is limited, but on the other hand it's like everyone just skips 1/2 and 2/4, so you get some crazy bad play at 3/6. Like Party Poker of ye olden times bad play, which even a lemur like myself can manage to profit from. Rakeback also piles up quickly when multi-tabling 4+ 6 max games, leading to a pretty damn juicy month in November at the tables. Traffic is also low enough at Cake that I actually won a decent sum of money in the November Cake rake race on RaketheRake, somthing impossible to do at FT or other high volume sites when competing against the insane grinders that play nine million hands a day.

Call me stupid, but I didn't think the 60 Minutes piece on UB/Absolute was all that bad, either from a reporting standpoint or as far as implications for the future of online poker. Yeah, sure, I kept yelling at the tv everytime they breezily mentioned online poker being illegal, but they got the basic facts right and could have cast things in a much more shady light than they did. At a certain point it's silly to claim that any of us involved with online poker are part of a misunderstood, socially uplifting activity. It isn't. We aren't. It's kind of shady and dodgy, as evidenced by the whole Kahnawakee regulatory situation and other similar things. It just is. That's the reality.

I also agree, of course, that it shouldn't be that way, and that a lot of the shadiness is a result of the US' ham-handed attempts to stamp out the unstampable, instead of embracing it, profiting from it, and making it legitimate. But that's just not where we are at the moment. Given where we are, lurking on the fringes, the 60 Minutes piece could have been so much worse. Because the UB/Absolute story was just about the worst thing that could have surfaced at just about the worst time, as far as online poker and legislation is involved. If this is the worst we suffer from that debacle, as far as inaccurate references to online poker being illegal and Dan Druff being kind of a dumbass when he should know better, well, I think we got off pretty light, all things considered.


kurokitty said...

Nice. On a snarky note, kinda reminds me of what you get when you deactivate the nuke in Megaton. lol

Div said...

I'm liking your yield! Looking for co-investors? :P

Though I must say the first thought that came to mind when I saw the pic was

"I'll huff and I'll puff and..."

cheer_dad said...

Is the siding on the house of the transite variety (asbestos containing?) Just a consideration, if you're tearing into it, or attempting to dispose of it, as it can cut into your profit margin.

Ugh, I didn't want to come off sounding like an environmentalist wacko, I just remember the regs on the stuff being over-the-top.