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WSOP Week Two Roundup & US Poker Update

Week 2 of the WSOP has yet again seen increased numbers on last year and Helmuth come up short in 2nd twice in his quest for a 12th Bracelet. Still no news from Full Tilt, an unsurprisingly bleak outlook for Absolute players and on the upside US legislation takes a step forward.

It looks like the bumper start to the World Series of Poker is continuing into the second week with better than last year entries in most tournaments and more money than ever before.

Notably Phil “poker brat” Helmuth has been thwarted not once but twice in his quest for his 12th WSOP Bracelet. Playing No Limit 2-7 Draw Lowball Championship. he outlasted Elky, Chino Rheem, Greg Raymer, and Johnny Chan only to lose heads up to John Juanda. Battling through another strong field he finished 2nd in the Seven Card Stud Hi-Low Split-8 or Better Championship.

While I’m not his biggest fan I have to conceed he has put in an impressive performance this year coming 2nd in two events so far and it looks increasingly like he might just snag that elusive 12th bracelet.

So far this years WSOP is proving that the pro’s are consistent winners and cashing while there has also been a fair smattering of new faces picking up bracelets in the minor events.

Elky Grospellier has picked his first WSOP bracelet surprisingly in 7 card stud rather than his usual speciality of NLTH … more

Another great character of the poker circuit commentator Mike Sexton narrowly missed making his second WSOP bracelet in the $1,500 Seven-Card Stud Hi-Lo event losing heads-up against Chris Viox, although many hear him as the voice of the WPT and face of party poker he is and has been an accomplised poker player in his own right … more

WSOP 2011 Results Week 2

Event #21: Seven Card Stud Championship
126 entries

Winner … Bertrand “Elky” Grospellier … $331,639

Event #27: Limit Hold’em Championship
entries

Winner … Daniel Idema … $378,642

Event #33: Seven Card Stud Hi-Low Split-8 or Better Championship
168 entries

Winner … Eric Rodawig … $442,183

US Poker Update

A mixed bag of good (Barton Bill), bad (Absolute / UB) and no news (Full Tilt) this week for US online poker players.

Joe Barton Bill

The good is that potential legislation is getting put up and unsuprisingly the US land based casinos are getting much more pro-active on that front. Currently the Barton Bill looks like it could see an airing as soon as within a week.

The proposed legislation would require online poker sites to be registered by the gaming commission of a state where gambling is already permitted … more

The Joe Barton bill seems to be the most likely runner at the moment and is getting the backing of others including Barney Frank and John Campbell … more

Absolute F**k Up

Regulation of US online poker seems to be taking some steps in the right direction but there is bad news for Absolute and UB players. It’s now pretty clear that our fears expressed days after Black Money on the 15th April that Absolute and UB players would be unlikely to see their money seems now certain.

Insiders have reported that they have somewhere around $5m to cover liabilities in the order of 10 times that at $50m in debts. Realistically this means they are totally f**ked and players aren’t going to see their money … more

Still No News from Full Tilt HQ

Not alot to report on this one – everyone is still bickering amongst themselves on whether Tilt will find the funds / find and investor / sell up and if players will get paid

I’m still backing my gut feeling that they WILL come good but there is no doubt things could have been done better.

While alot of the FT pro’s are playing the WSOP without their branding I think FT pro Brandon Adams summed up alot of important considerations on the flip side and why he is still wearing his Full Tilt colours … more

Finally the penny has started to drop for some of the doom mongers, followers and haters about the implications of the $60m in non collected deposits – and that players just cant expect FT to take a hit on money they actually dont owe anyone, as I commented … here

Personally if I was managing the situation I wouldn’t have reconciled the rakeback payments on players account IMHO its far far far more of a priority to pay out players actual real money balances (with holding any rakeback payments and adjusting for the $60m) rather than paying out red tag pro’s and others who have enjoyed 100% rakeback since forever.

OK that’s going to be a highly unpopular amongst the rakeback grinders and pro’s on juciy deals but its far more important to look after the rec players and everyone’s legitimately won balances first, then maybe look at sorting out rakeback payments at a later date – at the end of the day rakeback is a bonus not a right for life.

Anyway I still think Full Tilt is too much of a prize to give up on – and that has to mean players will get paid eventually.

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