Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

Party line

"In the very near term, PokerStars can be an issue," said Garber. "But the playing field is going to become much more level. Most of the banks and processors are set to leave the industry ... probably within the next 30 to 60 days."

He said that as banks stop doing business with online gambling companies that take U.S.-business, the current high level of competition would fade.

"You're going to see a dramatic impact on sites like PokerStars and a positive impact for us," he said.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

i'm honestly considering a large purchase of party stock, how could things realistically get worse for them?

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

While what he says may or may not come true, it is clear that he is using this issue as propaganda to prop up his stock and tell the investment community that it's not so bad that party is no longer #1. If stars/FT and others find alternate depositing methods assuming neteller isn't there for that, then neteller can still legally function for fast withdrawals as it does now as the law doesn't prevent them from providing that function. So as long as players don't mind a short delay in funding their accounts and can still get faster withdrawals, then stars/FT et. al. will continue to grow and prosper at party's expense assuming they don't flip flop on americans, which as private companies they aren't as likely to. And even if stars/FT should in the future not be willing to be in the US market, then sports sites like Bodog probably will be so willing assuming as seems likely, that the funding prohibitions of the IUGE won't be enough to stop determined bettors and players.

The bottom line is that party is pissed that private poker sites aren't throwing their lot in with them and forgoing this opportunity to grow at their expense. Tough [censored] for party.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

Buying party stock? That is a very risky investment indeed. The valuation is dependent on continuation of rest of world players. I've noticed a lot have already started to switch, and I'm in transition too.


Because of terrible customer service loyalty is very low. Sites rely on a network affect, if numbers drop they can spiral down.

I'm considering shorting party.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
If stars/FT and others find alternate depositing methods assuming neteller isn't there for that, then neteller can still legally function for fast withdrawals as it does now as the law doesn't prevent them from providing that function.

[/ QUOTE ]
Legally, yes. But AFAIK, Neteller only gets paid for deposits and makes $0.00 from withdrawals.

If they were to leave the market, it's highly doubtful that they would continue to service US customers on a withdrawal-only basis.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

The sites will pay the fees. Or we will.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

There are currently no fees associated. Neteller will just have extra "paperwork" to do for an entire group of players who provide no potential income for them.

If you're saying that they will offer this withdrawal service with a newly associated fee, then I agree that it's a possibility.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

That's what I meant. If Neteller sees a market for cashouts only, then obviously they will have to charge for them.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

They could go bankrupt.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
If stars/FT and others find alternate depositing methods assuming neteller isn't there for that, then neteller can still legally function for fast withdrawals as it does now as the law doesn't prevent them from providing that function.

[/ QUOTE ]
Legally, yes. But AFAIK, Neteller only gets paid for deposits and makes $0.00 from withdrawals.

If they were to leave the market, it's highly doubtful that they would continue to service US customers on a withdrawal-only basis.

[/ QUOTE ]
I would happily pay a reasonable fee to withdraw from a reliable company rather than trusting large sums to a shady operator.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

The CEO is right. Firepay and Neteller are bailing. A company that handles echecks is also bailing, their stock trades on the Nasdaq and took a 15% hit last week. I forgot the ticker symbol.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

Why would Neteller pull out now? The bill has already been signed, and they didn't bail. So what is going to change for them in the next 30-60 days?

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

hasnt pstars already planned for this? I thought that was one of the reasons for them taking so long with their desicion...finding backups essentially. correct?

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

as the CEO of party he should be focused on party, they decided to leave the US, we dont need to hear him weeks later predicting the sites that have remained in the US's future......

the reality is they left and thats all they should be concerened with

this guy is a real POS.......poor shareholders

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

First, it should be obvious that Party's CEO doesn't know [censored] about US laws or how the govt. here works, judging by the way they handled fighting the legislation, and their immediate pullout. I mean, what do we expect him to say? "Uhh, since FTP and Stars can still operate in the US, and we can't, we're now a distant third, and it's getting worse by the day. We're pretty much [censored], and I don't know what to do aside from try to scare people to stop playing at those sites."

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
While what he says may or may not come true, it is clear that he is using this issue as propaganda to prop up his stock and tell the investment community that it's not so bad that party is no longer #1. If stars/FT and others find alternate depositing methods assuming neteller isn't there for that, then neteller can still legally function for fast withdrawals as it does now as the law doesn't prevent them from providing that function.

[/ QUOTE ]

If this is the case, then why is Firepay doing this?

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Ten days after President Bush signs the Act, FirePay will decline any transfer attempt made by any online gambling merchant to a US FirePay account

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Why are people so confident Neteller will continue to accept withdrawals? Can somebody point me to analysis that wasn't done by a random 2+2er that suggests that the law doesn't affect withdrawals at all, or that the banks aren't likely to put in regulations that affect withdrawals just to be safe, regardless of what the law says?

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

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hasnt pstars already planned for this? I thought that was one of the reasons for them taking so long with their desicion...finding backups essentially. correct?

[/ QUOTE ]finding a new bank was the reason I believe after RBS decided they wouldnt back any decision to accept US money

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

Anyone else notice that since the new law went into effect that Party no longer displays how many players are online? They also pulled thier live player count from the partypoker.com website. Guess they don't want us to see that their traffic dropped from 80K to 20K players during peak times.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

I did notice that the other day as I spent almost all of my Party Points on crap points store items. I thought it was pretty funny too, not to display the amount of players. They used to emphasize it, LOL.

Anyone giving odds on whether I get all the stuff sent to me that I spent my Party Points on? Especially the magazines......

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

So what am I supposed to do? Quit playing immediately or something.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

When CEO's speak I don't listen.

Unless they are giving bad news. I have lost considerable money listening to CEO's of a sinking ship say everything looks great.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

So the CEO of Party is predicting that he expects some future events will validate Party's decision to abandon the US? What else would anyone expect him to say? He has to placate his shareholders.

I'm not saying he is wrong. I have no idea or opinion on that matter.

However, I would not consider him to be a spokesman for Neteller, Pokerstars, Full Tilt or anyone else who is still doing business in the US.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

Think about it. The US Government is about to come down hard on sites taking US bets while Party has quickly cut out Americans and started focusing on attracting new players from europe/asia. If you think of this long term, I think this could potentially make Party bigger then it ever has before.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

CEO's first rule of thumb...protect stock price...whatever it takes, that is the ONLY interest they have

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
CEO's first rule of thumb...protect stock price...whatever it takes, that is the ONLY interest they have

[/ QUOTE ]

LOL - yes Party's CEO did a great job protecting their stock price.

Everyone seems to agree that the only reason Party pulled out so quickly was because they are publicly traded and to not adhere to US laws may have contridicted some of the Stock Exhange rules (or something like this).

Its strange given that the new bill doesnt actually change the legallity of online poker - if wasn't illegal before it isnt now etc etc etc.

Party could easily have took this stance with the Stock Exchange or whoever else's "rules" they were worried about as a public company. Way to protect stock price CEO!

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
Think about it. The US Government is about to come down hard on sites taking US bets while Party has quickly cut out Americans and started focusing on attracting new players from europe/asia. If you think of this long term, I think this could potentially make Party bigger then it ever has before.

[/ QUOTE ]

You realize it's entirely possible that there is a new administration in place before there is anything to enforce?

It's about nine months before we see the regulations. Depending on how invasive they are, it could take years to implement.

HIPAA was signed in 1996. I was personally working on implementing it in 2002 and it wasn't done when I left.

Now the Wanker Bill is unlikely to be that invasive but if they are actually going to try to make the banks examine every ACH transaction and every paper check then it will be pretty damn invasive and take a long, long time to implement by which time we'll likely have a completely new administration and unless the numbers change it won't be one that panders to the religious right.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
CEO's first rule of thumb...protect stock price...whatever it takes, that is the ONLY interest they have

[/ QUOTE ]

LOL - yes Party's CEO did a great job protecting their stock price.

Everyone seems to agree that the only reason Party pulled out so quickly was because they are publicly traded and to not adhere to US laws may have contridicted some of the Stock Exhange rules (or something like this).

Its strange given that the new bill doesnt actually change the legallity of online poker - if wasn't illegal before it isnt now etc etc etc.

Party could easily have took this stance with the Stock Exchange or whoever else's "rules" they were worried about as a public company. Way to protect stock price CEO!

[/ QUOTE ]

You are a moron. You are thinking with your heart and emotion instead of your brain (if you have one). What company would leave the lucrative American market if they did not have to? FTP and PS are feeding you lies to keep you in the game. You as a player will not get in trouble playing their, but what happens when the feds and DOJ go knocking on their doors? It will be interesting to see what happens.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
CEO's first rule of thumb...protect stock price...whatever it takes, that is the ONLY interest they have

[/ QUOTE ]

LOL - yes Party's CEO did a great job protecting their stock price.

Everyone seems to agree that the only reason Party pulled out so quickly was because they are publicly traded and to not adhere to US laws may have contridicted some of the Stock Exhange rules (or something like this).

Its strange given that the new bill doesnt actually change the legallity of online poker - if wasn't illegal before it isnt now etc etc etc.

Party could easily have took this stance with the Stock Exchange or whoever else's "rules" they were worried about as a public company. Way to protect stock price CEO!

[/ QUOTE ]

You are a moron. You are thinking with your heart and emotion instead of your brain (if you have one). What company would leave the lucrative American market if they did not have to? FTP and PS are feeding you lies to keep you in the game. You as a player will not get in trouble playing their, but what happens when the feds and DOJ go knocking on their doors? It will be interesting to see what happens.

[/ QUOTE ]

What makes you think the feds are actually going to go knocking at their doors? This bill was all about political posturing and not about actually getting something done.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
, but what happens when the feds and DOJ go knocking on their doors? It will be interesting to see what happens.

[/ QUOTE ]

I'm guessing the Isle of Mannians attack them with pitch forks and drive them off the island.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
Think about it. The US Government is about to come down hard on sites taking US bets while Party has quickly cut out Americans and started focusing on attracting new players from europe/asia. If you think of this long term, I think this could potentially make Party bigger then it ever has before.

[/ QUOTE ]

No. Losing U.S. players will never be a benefit to Party. They lost almost 80% of their business. Party's stock might go up again one day, but as far as being the top poker site in the world? Those days are over until they come back to the U.S.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
but what happens when the feds and DOJ go knocking on their doors? It will be interesting to see what happens.

[/ QUOTE ]

When exactly did the feds get the authority to enforce US laws in foreign countries?

If they already have it, why aren't they in China arresting those who are openly violating US trademark and patent law? Why aren't they in Amsterdam arresting prostitutes and drug selling coffee house owners?

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
Think about it. The US Government is about to come down hard on sites taking US bets while Party has quickly cut out Americans and started focusing on attracting new players from europe/asia. If you think of this long term, I think this could potentially make Party bigger then it ever has before.

[/ QUOTE ]

No. Losing U.S. players will never be a benefit to Party. They lost almost 80% of their business. Party's stock might go up again one day, but as far as being the top poker site in the world? Those days are over now that people have tried other sites

[/ QUOTE ]

Don't get me wrong, Party's bonuses were great - and with the competition, it was a breeze to clear decent bonuses and make good coin in the process, but there's a portion of their business that they have likely lost for good. Their all-too-quick "screw the US players" attitude will leave a bad taste for many - myself included...



...oh crap, was I one of the fish???

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
When exactly did the feds get the authority to enforce US laws in foreign countries?


[/ QUOTE ]

On Americans, the answer is always since our Union was formed.

On foreigners, have you ever heard of extradition?

Yes I know they will not extradite someone for operating an overseas poker site but you get the point I hope.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
When exactly did the feds get the authority to enforce US laws in foreign countries?


[/ QUOTE ]

On Americans, the answer is always since our Union was formed.

On foreigners, have you ever heard of extradition?

Yes I know they will not extradite someone for operating an overseas poker site but you get the point I hope.

[/ QUOTE ]

If they aren't going to extradite for operating a poker site then what exactly is the point?

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
CEO's first rule of thumb...protect stock price...whatever it takes, that is the ONLY interest they have

[/ QUOTE ]

LOL - yes Party's CEO did a great job protecting their stock price.

Everyone seems to agree that the only reason Party pulled out so quickly was because they are publicly traded and to not adhere to US laws may have contridicted some of the Stock Exhange rules (or something like this).

Its strange given that the new bill doesnt actually change the legallity of online poker - if wasn't illegal before it isnt now etc etc etc.

Party could easily have took this stance with the Stock Exchange or whoever else's "rules" they were worried about as a public company. Way to protect stock price CEO!

[/ QUOTE ]

You are a moron. You are thinking with your heart and emotion instead of your brain (if you have one). What company would leave the lucrative American market if they did not have to?

[/ QUOTE ]

A company run by morons

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
When exactly did the feds get the authority to enforce US laws in foreign countries?


[/ QUOTE ]

On Americans, the answer is always since our Union was formed.

On foreigners, have you ever heard of extradition?

Yes I know they will not extradite someone for operating an overseas poker site but you get the point I hope.

[/ QUOTE ]

If they aren't going to extradite for operating a poker site then what exactly is the point?

[/ QUOTE ]

I just answered the question asked which implied that it couldn't or hasn't been done in the past which is clearly not the case.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]
However, I would not consider him to be a spokesman for Neteller, Pokerstars, Full Tilt or anyone else who is still doing business in the US.

[/ QUOTE ]

well said

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

I imagine they would have their passorts revoked and shipped back home. If the Manx (Isle of Mannians) have any jails, I imagine these DOJ people are likely to be in them.

U.S. law does not rule the world, I don't know why people keep thinking it does.

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

They have $132 million to cover $192 million in player liability and 90% of their players are going to cash out.

Their $500 million credit facility was cancelled,

Things can get worse quickly for the shareholders. (I am NOT saying that the Company is going to fold, not by a longshot ... However, I think distressed debt of Party, if available publicly at a steep discount, might be way better to make a bet here than investing in common equity.)

Re: Party CEO predicts banks/ processors to leave US IG w/i 60 days
 

[ QUOTE ]


On Americans, the answer is always since our Union was formed.

On foreigners, have you ever heard of extradition?



[/ QUOTE ]

British citizen visits U.S. and kills someone here then returns to Britain, he will be extradited.

I go to Britain and buy a Cuban cigar, the store owner will not be extradited, not because it is a lesser crime, but because he didn't commit any crime. I will not be prosecuted, because I did not commit any crime.

Do you see the difference?