Imagine this:

Executives from major online poker site (the "Company") cash in substantial portion of their holdings when the (publicly traded) stock is flying high. Some time later, the U.S. government approves a law cracking down on financial transactions with internet gaming outfits. Rather than waiting out the 270 day period provided to promulgate regulations, the Company immediately announces that it's cutting off business with U.S. citizens. U.S. Citizens make up more than 50% of the Company's customer base. Company stock plunges in value.

Executives team up with other investors, snap up Company stock at a steep discount and take the Company private. Shortly thereafter, the Company announces that it will do business with customers in the U.S. again.

This could never happen, right? I mean, it's all imaginary, isn't it?

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On another note, the press releases and bulletin board postings are really making for fascinating reading this morning. It's about 99% 'the sky is falling, the sky is falling!' and about 1% 'wait and see what happens in the real world once the President signs the bill, regulations are made, the poker companies realize that they're leaving billions on the table and everyone decides it's unenforceable'.

Not that what I think amounts to much, but I think that the poker room operators are making a mistake by moving so quickly. Once customers have their accounts closed, they may not be so eager to reopen them if the company changes its mind. I hope that some of rooms -- PokerStars comes to mind, since it's not publicly traded -- at least wait until there's some additional regulatory guidance.

I do know this -- If I had money to invest, I would be watching the prices on gaming stocks very carefully. It would take some work to try and figure out where the bottom is, but this kind of crash is the perfect opportunity to find stocks which will suddenly be undervalued.

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Sites that have announced that they will NOT be doing business with U.S. players:

* Party
* Pacific
* All Cryptologic skins (Interpoker, Will Hill, Poker Plex, Classic, UK Betting, etc)
* All B2B network skins

Sites that have announced that they WILL continue doing business with U.S. players, at least until further notice

* World Poker Exchange (WPEX)
* True Poker
* Poker.com

I wonder if this'll do good things for WPEX's player base. 100% rakeback is nice, but it hasn't drawn the crowds. I may have to sign up.

edit: Here's a stickied thread from 2+2 which keeps track of the latest on this issue.

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I recall reading somewhere months ago a post where someone had done lyrics to Don McLean's "American Pie", except it was the day that online poker died. If anyone has a link, I'd appreciate it.

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The death of online poker (in the U.S.) will definitely have an impact on poker blogs. In the short run, we'll be able to forget the whole 'poker blogs are dying' thing as there'll be an outpouring of thoughts on the legislation and its impact.

Personally, I'll probably get around to a 'what I'll miss about online poker'. Here's a preview: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.