Saturday, June 13, 2009

Bank accounts, poker sites, and player's money

n an apparent crackdown on Internet gambling, federal authorities in New York have frozen or seized bank accounts worth $34 million belonging to 27,000 online poker players, according to representatives for the players and account holders.

That's the lead paragraph in a Wall Street Journal article the other day. And it's wrong.

It's correct that Poker Player's Association said that, but it's not correct that PPA represents players -- they are a lobbyist for poker sites. And, it's not true that poker player's money was seized.

The money seized does not belong to poker players. It belongs to third party payment processors (called money launderers by the DOJ) who owe the money to poker sites who in turn owe the money to poker sites.

Poker sites would like you to think it was your money seized so they can blame their failure to pay their debts on the US government. And PPA is just doing their part in helping poker sites prepare to scam you.

The misrepresentation that PPA is putting out gets picked up by the WSJ and even by some of my favorite bloggers. PPA disgusts me.

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