Re: Party CEO since April, used to run Firepay ....Why expect him to know
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Give Mr. Garber a break. Apparently, he came on board at PartyGaming in April .... after leading Firepay. Before that he was apparently a lawyer ?
Of course he is the best person qualified to run the once-World's-Largest-PokerRoom .... right.
How do you make $740,000 per day in profits ..... Well, start out with $2.4 million per day and dance like crazy when your US market evaporates because you failed to throw enough wqeight around in DC in September, 5 months after you take command.
Market discipline is brutal but fair, Mitch. Your shareholders would not touch gaming unless it was publicly traded, the entrepeneurs at PokerStars desrve the market you failed to protect and then fled.
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How would you know that the likes of PokerStars, Bodog, Absolute, Full Tilt, etc. will still be able to do business in the U.S. once the regulations are implemented? (There is a reason why these sites are all scrambling to build up their European and Canadian player base in the next 6 months.)
Your view is entirely short-term (i.e. 6 months or less), while PartyGaming is taking the long-term (i.e. 3 to 5 years) approach by cleaning itself up so that it can pursue partnerships with the Chinese and Russian governments.
As I said before, the days of a gaming company getting a license in Antigua and being able to market around the world as "legal" is OVER. The U.S., France, Germany, and Ontario province of Canada are all cracking down to one degree or another, while governments in places such as China, Russia, Hong Kong, Taiwan, Japan, etc. will make all the rules regarding which gaming company will be explicitly licensed.
"Gaming" is NOT a "free market" business. Never has been. Never will be. The governments make all the rules.
Furthermore, being able to gamble has NEVER been a "right" anywhere in the world (including the U.S.), it has always been a "privilege", i.e. the government can decide who gets to gamble and on what a person can gamble.
PartyGaming has decided that there are much bigger fish to fry than the U.S. market.
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