Poker Alienation (and the Perfect Dress)

The World Poker Tour hit it out of the park when they hired one of the best tournament directors in the business. Matt Savage is a poker player’s TD. He’s known for his consistency, accuracy and fabulous structures. But the WPT lost it in extra innings for me with the “Royal Flush Girls.” The question isn’t whether there should have been five. The question is: How far is poker willing to go to alienate women players and fans.

Poker has enjoyed a legacy as a big tent game. Man, woman, black, white, off the Mayflower, or “off the boat” — you got to put your money down and get the same seat as anyone else. Recognizing that woman didn’t have the same earning power as men, women’s events with lower buy-ins were added to almost every tournament lineup. Of course, women were always welcome to play any event. Whether women’s events are now archaic is a tired discussion. But the fact remains, poker had a track record for trying to be inclusive. 

 When I first started playing poker before the boom, people would ask me if I was intimidated sitting down in a game because I was a woman. If I ever had any gender insecurities — which I doubt — they were long gone before I started playing poker. As an engineering student in the 70s, I never would have made it. My freshman dorm had 700+ men and 28 women. I always felt comfortable at a poker table.

I have to say, however, that once poker grew in popularity and revenue, advertising agencies did poker a big disservice. All of a sudden, the online sites I played on started swamping me with bikini-clad images. Hey. I get it. Most poker players are guys. And the last thing I want is for the industry to go all “Virginia Slims” on me. But how crass can it get? How much don’t you want me to play?

PokerStars and Full Tilt haven’t been too bad. Although the whole Clonie Gowen/Maxim chapter at Full Tilt was certainly disappointing. And PokerStars — it took you until 2010 to sign Selbst?

I realize a lot of sports have a bimbo marketing factor. At the base end of the spectrum, you have the gals strutting it between boxing rounds. Even the Tour de France features stunning models for the jersey presentations. But are they featured in bikinis or lingerie? Nope. They get to wear the coolest stuff — like these polka dotted dresses. (I’m not much of a dress gal. It’s either a suit or jeans for me. But I am mad for those dresses. I totally want one.)

But I’m beginning to wonder whether there is any sport or any competitive endeavor that aleinates its female participants quite as much as poker does now.

Last Longer

I thought I played in the longest running regular home game in Austin. The gang has been getting together almost every week for more than 15 years. But in Friday’s paper, I learned that Austinite Emma Long has been running hers for over 60 years.

Emma was the first woman elected to the Austin City Council back in 1948. Over the years, her game has attracted its fair share of Texas dignitaries, including a drop in by LBJ. And this isn’t a girls’ night out. It’s all about the cards. After numerous questions from the reporter on the story, Emma told him to “Stop talking. We’re playing poker.” Emma is 98.  You go girl. You can read more about her here.

Some people have a list of pros or celebs they’d like to play poker with. I have enjoyed playing against pros like Robert Williamson III, David Benyamine, Rafe Furst, Surinder Sunar and Chau Giang. But it was more about the game than the players. Up until now, there had been only one person I really wanted to play with. I wanted to play against the billionaire banker Andy Beal and got my wish in 2006.

But recently, my list has grown. Supreme Court nominee Elena Kagan plays poker. Supreme Court Justice Sonia Sotomayor is also a player. I’m thinking this has the makings of a fun game. Granted, I don’t think it would be as soft as the judge’s game in Rounders. I suspect both women can trap. But maybe if I kept the beer and scotch flowing, I’d have a chance.

I also have a new book on my short list to read. Pauly’s long-awaited book, Lost Vegas: The Redneck Riviera, Existentialist Conversations with Strippers and the World Series of Poker, is out there in the universe. I’m saving it for my trip to Vegas in the middle of July. Seems like the perfect read for a boyz trip.

I’m looking forward to the annual pilgrimage. While most of the boyz made it to January’s Biloxi extravaganza, I haven’t seen Joel and wildbill in a long, long time. I’m really looking forward to it.   

Note: Emma Long’s photo by Rebecca Scoggin McEntee

Investing and Poker a la Fargis

The Pokershrink took this picture of Chris Fargis in January 2006. Fargis was on his way to winning the Triple Draw Lowball event at the WSOP Circuit at the Grand in Tunica. For the win, he pocketed $22 grand.

Through 2006, Fargis amassed over $137K in recorded live tournament events. As mostly an online player, that was the just tip of the iceberg.

In the picture, Fargis’ T-Shirt says “Why Work?” But by January 2007, poker had become a drag for Chris and he was looking for something different. In this post, he asked his blog readers for ideas. As you can see, Dr. Pauly suggested opening a bar in Brooklyn called the “Triple Draw.” Since Fargis obviously excelled at risk vs. return decisions, I suggested investment. In his subsequent post, he said he planned to pursue investment/trading as a possible career.  Read More »

Photoshopped…At Last

I covered poker for years — before poker was cool — before Moneymaker — before the WPT.  In all that time, I was never the subject of a 2+2 thread. And I never dared dream that I would ever be photoshopped by one of the 2+2 photoshop wizards.

But thanks to aramfingal, I can die a happy woman.

I’m thinking of a line of T-shirts.

Are Bookies More Ethical and Smarter Than Goldman Sachs?

Ideally, large investment banks are like bookmakers. Sportsbooks set up a fair wager that will attract bettors. They set the line to attract equal action on both sides. As the wager starts to attract bettors, the line readjusts to make sure the action is balanced. If a sportsbook still ends up having unbalanced action, it will work with other sportsbooks to offload the risk of its position. And it makes money from the action — not the ultimate result of the wager.

But in reality, investment banks may be less ethical and dumber than sportsbooks — even the mobbed up illegal kind. Or at least, that’s my read of the Goldman Sachs Abacus deal.

The Wager:
In sportsbooks, a fair wager is considered one where the outcome is not rigged. It doesn’t mean there isn’t a favorite — that bias is theoretically removed by the odds or the setting of the line. It is also assumed that each bettor will have equal access to the, somewhat imperfect, information that is germane to the result. A team’s past performance and statistics can be thoroughly researched, injuries are public information, etc.  

In the Abacus case, the SEC’s primary argument is that the initial wager was not fair. Read More »

Frugal Detective Work

Billionaire Andy Beal beat Ted Forrest (and the corporation) out of $10 million in a poker game at the Wynn. Right after the victory, I overheard Beal confirming his travel plans with Beal Bank VP, Craig Singer. Towards the end of the call, he added, ”And see if they’ll bump us up to first class.”

As shocking as Beal’s win was — I think some people would be more shocked to learn that Andy Beal flies coach. He’s not the only billionaire that hates to pay for first class. Apparently IKEA founder, Ingvar Kamprad, also flies coach. An interesting article about frugal billionaires can be found here.     

I know people think my frugality is freakish.  But I don’t get why people pay more than they have to.  Of course, sometimes I go to extrodinary lengths to get a deal. Read More »

Reclaiming Space and a Mini Book Purge

I looked at it twice. I remembered exactly when it was written: April 17, 2006. But I hadn’t remembered that I had it all this time. It was a draft of Chris Ferguson’s chapter of The Full Tilt Poker Strategy Guide: Tournament Edition. Something was written in bold letters, in black sharpie, on the top page:

 

Happy Birthday Amy,
Chris Ferguson 
P.S. Jesus Loves You

Over the last few weekends, I’ve been spring cleaning.  While I was freelancing, writing Mike’s book, and working at StreetAuthority, my space got away from me. And I felt the need to reclaim some of it. Unfortunately, for me, this meant tackling my ongoing problem with books. Books end up being another one of my many vices. Read More »

The Wall Street Shell Game, and is Frugality So Wrong?

A friend of mine recently told me that a private equity firm was about to buy his family business. He was surprised when I advised against it. He explained his father wanted to retire with a nest egg from the sale. I asked, “Well what are you going to do for the rest of your life?” He said he was planning to continue working for the company.

With tough love, I told him he had three years tops.

For the most part, private equity companies swoop down on companies with low debt, decent cash flow, and a lot of assets. They then issue tons of debt against those assets, collect millions in fees, and dump the debt-ridden company within a few years. Once saddled with debt, even the healthiest businesses struggle and often fail. Not bad for private equity companies - not good for employees.

I was tempted to send my friend Gretchen Morgenson’s article in today’s NYT about the downfall of mobile phone operator Wind Hellas after it was taken over by two private equity firms. One of the firms was Texas Pacific Group (TPG).

If you recall, TPG (along with Apollo Management) was the private equity group that bought out Harrah’s. Last month Harrah’s Chief Executive Gary Loveman said that the company might go public again, possibly by 2013. Of course in 2013, the company has $5.8 billion of its $19 billion of loans coming due. Harrah’s didn’t have most of this debt before the private equity companies bought them in January 2008.  But hey, let the new shareholders worry about that.  Read More »

The SXSW Invasion Countdown

I moved to Austin in March of 1993, just a couple of weeks before the SXSW Music festival. I bought myself a wristband for $35 and spent three days hiking the streets of downtown, listening to hundreds of mostly unsigned bands from around the world. The weather was warm. The margaritas were cold. And the music was mind bending.

Over the years, the success of SXSW has taken a predictable toll. Record producers don’t come into town to sign bands any more. They host label showcases. The venues are so crowded now, a wristband won’t get you in to see the better-known bands.

And of course the one thing all Austinites fear this time of year is the number of people who come in from LA and think our laid back and inexpensive town is “quaint and cool.” Some will actually decide to move here.  Andy Roddick’s $4 million house is up for sale, and I’m sure it’ll get snapped up during the invasion. Of course once here, they’ll bitch about the fact that they can’t find a limo or that mere residents can actually get into their favorite upscale ”eatery” wearing shorts and flip flops. Read More »

Crossing Over

On Thursday, the big flat panel in the hallway of our office wasn’t tuned to CNBC. Instead it was blaring the local news, covering the story about a plane that hit a building about a mile from our office.

I was more preoccupied following a different story online. My neighbor’s house, just a couple of blocks away from my own, was burning out of control. It would be a few hours before I would realize the stories were related.

As the stories merged, newscasters tried to piece together a tidy explanation; one that would resonate with their audience. And one that would reassure them that “he” was different — that “they” were safe from suffering a similar fate. But there is no magic immunity from pain. Mostly, there is just blissful ignorance.  Read More »