Posts Tagged ‘online poker pros’

Poker Backing Industry suffering

Wednesday, August 31st, 2011

The once thriving poker backing industry seems to have taken a major hit following Black Friday, where several of the world’s largest poker sites were forced to stop offering services to US players. With this being said, many online poker pros still have lots of money wrapped up on these sites (especially Full Tilt Poker), and they have no way to access the money. All of this leads to the top pros being unable to back other players like they once did.

If you’re unfamiliar with poker backing, the process involves a businessman or poker player paying tournament entry fees, and/or providing a cash game bankroll for promising players. In return, the backed players will split all of their profits with the backer. Unfortunately, these deals have become less and less common since many professional US players are quitting the game because they can’t play at the largest sites, and are looking for new opportunities.

Furthermore, online poker tournaments were a huge part of the backing industry since good players could play multiple tournaments at once, and easily turn a solid profit due to the large tournament volume. But with this option taken away, both backers and the talent they backed are finding it difficult to survive post-Black Friday.

So does this mean the poker backing industry is completely dead? Not at all since there are still many non-US-backed players who can play at PokerStars, Party Poker and Titan Poker. Even in the US, players can still get a decent volume of tournaments in at some of the smaller sites, and there are plenty of big live tournaments left too.

The only thing is that few people expect poker backing to ever return to the same height it was at before Black Friday. However, we could see some new developments depending on how the possible US poker regulation turns out.

Vegas Inc covers Online Poker Move to Canada

Monday, August 8th, 2011

As we discussed at the beginning of August, several prominent online poker pros like Phil Galfond, Cole South and Dan “Jungleman12” Cates have either moved to Canada, or are in the process of moving to Canada. This being said, the website Vegas Inc did a good story on this subject entitled “Exodus of Online Poker Players under way.”

This article revolved around how lots of Las Vegas poker pros are seriously considering going up north because the live poker game just isn’t the same. Vegas Inc wrote the following:

Las Vegas became a favored home base for many poker professionals because of the concentration of big-money poker games, tournaments and all-hours access to amenities and entertainment. Many online players also play poker in casinos — although those who make most of their money in virtual poker rooms have little use for the typically slower and more expensive games offered in Las Vegas casinos.

Tony Dunst, who not only plays online poker professionally, but also works for the WPT, had plenty more to say on why Las Vegas-based online poker pros hate the live game so much. He said, “Live (casino) poker is really slow and monotonous, and the casino setting is generally unpleasant. You’re sitting in a chair for nine hours around people you might not like or want to listen to.”

He finished by adding, “For people like us who play eight to 20 games at a time from the comfort of our own home … your buddies are around and you can watch movies and order food. You can talk strategy and communicate with friends from all over the world.”

Shaun Deeb was also featured heavily in this article, and he looks to be the next big-time pro to make the jump to Canada. Deeb told Vegas Inc, “I used to play poker for 100 hours a week. Every day I sit around I get more motivated to leave.” With over $6 million in online poker tournament winnings, it would be stupid for Deeb not to leave for the greener pastures in Canada.

Assuming you want to see more from the Vegas Inc article, you can check it out here.