Maria Konnikova’s Book On Hold Because Of Money, Not Writer’s Block

 

 

 

 

 

 

 

 

New York Times bestselling author and journalist Maria Konnikova recently set aside her pen and paper for poker.

She effectively put her book on hold because she became too successful at poker, reported PokerNews. Now, she revised her poker schedule with higher buy-ins and just a larger number of events.

She told PokerNews:

“PCA was the moment where everything kind of came together. I’m learning and it’s sticking and I’m playing well. It’s a really wonderful feeling when you’re studying and working to have that validated.”

Konnikova originally came onto the poker scene to connect her writing with poker exploits as a form of mental strategy. Using Erik Seidel as her coach and keeping her dominant writing topics of psychology, science, and poker in her arsenal, she began to cash big.

Konnikova is unstoppable

Her first and best live cash came from the $1,650 PCA National, where she took home first place and $84,600. She had three other cashes in Monaco and three more at the World Series of Poker (WSOP) last year.

Within the span of five months, she went from almost $140,000 to $203,560, an approximate $63.5oo difference.

She also got a Platinum Pass to the 2019 PokerStars Players No Limit Hold’em Championship, valued at $30,000.

In March, Konnikova did very well at the Asia Pacific Poker Tour:

  • 2nd in the Turbo edition of the $5,000 No-Limit Hold’em Main Event ($57,519)
  • 7th in the $20,000 No-Limit Hold’em event ($2,434)
  • 28th in the $3,000 No-Limit Hold’em event ($727)

In total, she snagged $60,680 from that tournament alone. In April, she went to Monte Carlo for the European Poker Tour Monte Carlo for the $2,200 No Limit Hold’em Event #22, winning $4,567 when she placed 40th.

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Following a sports book trend?

Konnikova isn’t the first to write about her experience. A long line of authors and athletes also utilized their status as outsiders to drive their success, found Deadspin.

This list includes:

  • George Plimpton – utilized his tryouts with the NFL, MLB, and NHL to write multiple books
  • Michael McKnight – learned how to dunk and hit a homer (journalist for Sports Illustrated)
  • Stefan Fatsis – wrote books about trying to become a kicker for the Denver Broncos and a competitive Scrabble player
  • Dan McLaughlin – tried to become a professional golfer using Malcolm Gladwell’s 10,000‑hour theory after having never played golf before
  • James McManus – finished fifth in the 2000 WSOP in Vegas after originally being there to cover a murder case and write a book

More on her start

A friend originally told Konnikova to look into John Von Neumann’s “Theory of Games and Economic Behavior,” a book born out of a desire to solve poker, reported The Independent.

After finding her own interest in the book, Konnikova tried the game, took a year off from The New Yorker, and started taking lessons from Erik Seidel.

Now, she wins consistently because her own practice, repetition, and writing career make her a keen outside observer, a “fly on the wall.”

“Emotional decision-making is exactly what poker is,” she said. “You can actually see it happening. Even the most mathematical stoic players are not computers,” she said to The Independent.

Her previous writing picks up on cons and decision-making practices that make her especially able to apply that to poker.

‘The Biggest Bluff’ still coming; status of her book

Konnikova adjusted her book schedule to come out in the summer or fall of 2019.

The book, to be called “The Biggest Bluff”, will discuss how poker can be used to make better everyday decisions. While Erik Seidel has been her primary coach, Jason Koon and Isaac Haxton have also come to her aid.

Konnikova has already touched on what makes her different from others, like Victoria Coren Mitchell (Observer columnist turned poker player), who have tried this before.

Even with this perspective, she said she fell behind.

“I should have had a first draft in long, long ago,” she told the New York Post. “I could never have predicted that I would ever be where I am now. I started this project with absolutely zero background in it.”

But she won’t fall out of writing.

“I’m not abandoning writing. I really want to give it my all, but this is for the book ultimately. There’s definitely one version of the future where I still write and play poker professionally. Why in the world wouldn’t I do both?”

 

 

 

 

 

 

 

 

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Larry Greenberg Wins WPT Bellagio Elite Poker Championship

The penultimate WPT Champions Club member for Season XVI is Larry Greenberg. The former hedge fund manager defeated a difficult field of 126 last week to win the first-ever WPT Bellagio Elite Poker Championship.

A $10,400 buy-in attracted a mix of top pros and recreational players looking to take their shot in a new World Poker Tour event. Greenberg falls into the latter category despite having live tournament winnings of over $1.6 million in buy-ins as high as $111,111.

The five-day event finished up in Las Vegas, Nevada with Greenberg lifting the Champions Cup and the $378,879 first-place prize.

Final table lineup

Seat 1: Cary Katz
Seat 2: Ryan Van Sanford
Seat 3: Larry Greenberg
Seat 4: Danny Qutami
Seat 5: Jim Collopy
Seat 6: Adrian Garduno

Top pros finish short of the final table

The 126-entry field offered a single re-entry format which drew a quality selection of Las Vegas pros who did not travel to Montreal and Monte Carlo for partypoker and PokerStars events. A few made the trip from partypoker MILLIONS North America, including Kevin MacPhee and Jim Collopy.

Both players notched a top-10 finish. MacPhee held the chip lead with 14 players left coming into Day 4, but after to a set-under-set loss to Greenberg at the unofficial final table, he bowed out in eighth place. A win would have given MacPhee the Triple Crown (he has an EPT title and two WSOP bracelets).

MacPhee took most of the chips for his end-of-day lead from two-time WPT final tablist Jake Schindler.

The two battled for stacks in a 200-big blind pot and Schindler’s king-flush draw came up short against MacPhee’s pair of tens on an eight-high board.

WPT Champions Club member Justin Young placed 11th and high roller extraordinaire Sean Winter finished ninth.

Cary Katz eliminated to end Day 4

The final table of six decided to play on for another level after the elimination of Ben Palmer in seventh place. Cary Katz’s short stack went to the rail and Day 4 wrapped up immediately after.

In Hand #25, WPT Champions Club member Ryan Van Sanford raised under the gun to 18,000 and Greenberg called in the hijack. Day 1 chip leader Garduno called in the small blind and Katz shoved for 166,000 in the big blind.

Van Sanford and Greenberg folded and Garduno called with pocket sevens. Katz had to hit with ace-queen and failed to connect with the king-high board.

Play wrapped up after then and resumed on Day 5. Danny Qutami led the field with 1,077,000.

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Greenberg runs away with the title

Day 5 opened with a seemingly infinite number of big blinds in play but the structure eventually broke down the final five.

Greenberg took the lead in Hand #89 and never looked back. The blinds were 6,000/12,000 when Greenberg raised to 25,000 in the hijack. Qutami three-bet to 65,000 on the button and Greenberg called to the six-three-three flop with two spades. Qutami bet 60,000 and Greenberg called again with the seven of hearts falling on the turn.

Both players checked and the nine of spades hit the river. Greenberg bet 150,000 and Qutami called with ace-two of spades for the nut flush. Pocket sixes for Greenberg equaled a full house and the chip lead.

Van Sanford exited in fifth place when pocket jacks failed to improve against Greenberg’s aces.

Greenberg held two-thirds of the chips in play at that stage and cruised to victory.

Greenberg part of Tournament of Champions

The ostensible next event for Greenberg is the WPT Tournament of Champions on May 24 at ARIA. Greenberg will play against a similar-sized field to the one he defeated at Bellagio.

The final open event for WPT Season XVI is the Bobby Baldwin Classic from May 20-23 at ARIA.

Final Table Results

1st: Larry Greenberg – $378,879
2nd: Danny Qutami – $223,663
3rd: Jim Collopy – $146,644
4th: Adrian Garduno – $100,832
5th: Ryan Van Sanford – $78,221
6th: Cary Katz – $60,499

Photo courtesy of World Poker Tour/Flickr

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New Jersey Sports Betting Bill Features An Integrity Fee

 

 

 

 

 

 

 

 

New Jersey’s quest for legalized sports betting seemingly has an inexhaustible supply of twists, turns, and surprises.

The latest example comes courtesy of a trio of the state’s own legislators. These lawmakers are Assemblyman Eric Houghtaling, Assemblywoman Joann Downey, and Assembly Appropriations Chair John Burzichelli.

The three Democrats are co-sponsoring a new sports betting bill that actually includes a provision for an integrity fee. That’s particularly surprising, considering the resistance to the idea from New Jersey lawmakers.

Recent reports indicate representatives from the NBA and MLB met with New Jersey lawmakers about that very issue on multiple occasions and were firmly rebuffed. After years of doing battle with the leagues in court and reportedly racking up almost $9 million in legal bills, the Garden State understandably isn’t in a very giving mood when it comes to potential future sports betting revenue.

Creative compromises in legislation draft

The new bill actually takes more of a compromising position. However, it still avoids giving in to the leagues’ ideal scenario of a 1.0 percent integrity fee on all handle. In fact, the authors of the proposed legislation deserve some style points for creativity. While the bill proposes an “integrity fund”, it won’t automatically serve as a till for the leagues to dip into.

Rather, the state will control the purse strings, so to speak. Each league can seek reimbursement (via a claim form) for costs associated with “ensuring the integrity of its sports events with respect to sports wagering operations in New Jersey.” The final arbiter of whether any funds are disbursed will be New Jersey’s Attorney General.

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No shortage of fees for prospective licensees

There are plenty of fees for sportsbook licensees enumerated in the bill. A portion of these fees will keep the aforementioned integrity fund flush. These include:

  • Gross revenue from sports wagering at casinos and tracks will be taxed at a rate of 8.0 percent.
  • Online sports betting revenue will be taxed at a rate of 12.5 percent.
  • An initial $100,000 non-refundable deposit is required with each application for a sports wagering permit. That money is then credited towards the initial issuance fee if application is approved.
  • Initial issuance fees for sports wagering permits of no less than $500,000.
  • Annual renewal fees for said permits of no less than $250,000.
  • Annual “integrity fund” fees equal to the lesser of $7.5 million or 2.5 percent of gross gaming revenue.
  • An annual fee of $500,000 to the State General Fund for appropriation by the Legislature to the Department of Human Services.Of that, $250,000 will go to the Council on Compulsive Gambling of New Jersey and $250,000 shall be used for compulsive gambling treatment programs in the state.

Other components fairly standard

The non-financial aspects of the legislation appear to be fairly standard. They include:

  • New Jersey’s Division of Gaming Enforcement would be the intrastate regulatory body for sports betting.
  • Any Atlantic City casino or racetrack can apply for a sports wagering permit. With that, they can offer the activity via a physical sportsbook and through mobile devices. However, another provision sets forth the requirement that sports wagering permit holders must have a brick-and-mortar “sports wagering lounge” within their facility to also be able to offer online betting.
  • The New Jersey Racing Commission would be involved in approving the operation of a sportsbook at a track or “any agreement between a casino and a racetrack to jointly operate a sports pool.”
  • Any college sports that take place within the boundaries of the state — as well as any games involving New Jersey-based schools that take place outside the state — are off-limits to wagers.

The bill undeniably has some surprising aspects. However, it does plant the seed for a potential compromise between New Jerseyand the leagues. Naturally, as with any other piece of proposed legislation, there will likely to be plenty of modifications if it’s to make a serious push for passage.

 

 

 

 

 

 

 

 

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Will Legalized Sports Betting Benefit The Kentucky Derby?

 

 

 

 

 

 

 

 

Horse-racing enthusiasts are heading into one of the year’s most popular weekends. The 144th running of the Kentucky Derby is May 4-5.

While horse racing might be alive and well in Kentucky, that is not necessarily the case across the country.

In 2003, wagers on horse races equaled $15.2 billion in the United States. By 2014, that number dropped to $10.5 billion.

Take Michigan for example. Last month one of the two remaining horse race tracks, Hazel Park Raceway ceased operations just one month before opening day.

A few weeks later, Northville Downs, the sole remaining track announced its intent to sell its track and adjacent land to a housing developer. Northville Downs will remain open through the 2020 season and intends to reopen on another site. Whether that happens or not depends on the state of the horse racing industry.

Can sports betting reverse declining horse racing revenues?

The Supreme Court is expected to announce its decision in a case that addresses the federal ban on sports betting outside of Nevada, Delaware, Oregon, and Montana.

Experts predict an opinion to come in favor of overturning the ban. Then it will most likely fall on the states to regulate sports betting within its borders.

Sports leagues such as the NFL, NBA, and Major League Baseball are preparing for the potential decision. They are busy lobbying states to include an integrity fee in their legislation. Even the PGA, has taken a stand in support of sports betting.

What about horse racing, though – will it benefit from the legalization and regulation of sports betting?

Alex Waldrop, the president of the National Thoroughbred Racing Association, says yes.

“We’ve seen some growth that’s occurred by partnering with casino gaming across the country. Frankly, the sports bettor probably has more affinity for horse racing than a casino patron, who is possibly only interested in slot machines. Gambling on other sports is not unlike gambling on horse racing, because we’re talking about athletic contests. So there’s perhaps the potential for more crossover between horse racing and sports betting. We’ll wait and see.”

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Racetracks believe sports betting can save the market

Monmouth Park Racetrack, a staple on the New Jersey Shore for over 139 years is readying its property for sports betting ahead of the U.S. Supreme Court decision.

“New Jersey has created a chance for racetracks and casinos to be involved in sports betting,” Monmouth Park attorney Dennis Drazin said. “I believe that the Supreme Court will rule in our favor, so the racetracks obviously will benefit. We’ll get people to come back to the racetrack — people that will stay because there will probably be in-play wagering also so that people will be engaged.”

London-based sports book, William Hill that currently operates in Nevada, invested in a sports bar at Monmouth Park. The capacity of the bar taps out at 300 people. Monmouth Park is planning an expansion into the grandstand that will increase its size to accommodate up to 7,500 people.

We think the demand is gonna be that big,” Drazin said. “We would anticipate being ready to go within two weeks of the date the Supreme Court rules.”

Casinos weigh-in on how sports betting will impact horse racing

“I can only project that if sports gaming is expanded across the country, some of these new jurisdictions will be at racetracks,” Jay Kornegay, vice president of the Las Vegas Hotel & Casino SuperBook said. “I can only see that as a positive for these racetracks, as we know a lot of them are struggling right now.”

It’s not all positive, though, there is some uncertainty out there.

Chris Andrews, director of the South Point Sportsbook in Las Vegas, thinks sports betting may actually hurt the industry.

“I was at the Golden Nugget for about a year and a half, and we had a race and sportsbook together. And as a lot of guys were just kinda sitting around watching the games or waiting for them to start, they would play some horses — that’s kind of the mentality of a gambler. [Legalization] may take some of the handle out of guys that are putting money in the horse book, who might convert that over to the sportsbook. But I think that remains to be seen.”

The good news is horse racing is faring better around the world in markets with sports betting. Declining markets saw a reversal in the trend when sports betting began.

“If you look at other markets where [horse] racing is growing — and I think Australia is probably the best example — horse racing in Australia 10 years ago was in a multiyear decline,” Kip Levin, the CEO of Paddy Power Betfair US & TVG said. “When online sports betting started to take off, you saw a shift.”

Paddy Power Betfair operate the popular TVG mobile app. According to officials from the company, horse racing is the second-most popular wager in Europe, behind soccer.

The key to leveraging sports betting is through mobile apps

Sports betting alone might not be enough to bring large amounts of bettors to the tracks. Inevitably, there will be an increase, but the most significant gains stand to come through online and mobile wagering.

“Right now, specifically online, we’re focused on racing fans or educating customers to become racing fans, said David O’Rourke, New York Racing Association vice president and chief revenue officer.

O’Rourke says its a struggle to encourage someone to sign up for an account when they are not a horse racing enthusiast. If sports betting were legal, though, it would be easier.

NYRA is preparing for the day when they can add other sports to their apps.

“We definitely feel positive in the sense that these products are complementary,” said O’Rourke. “Right now we handle wagers on horse racing as a sporting event. There’s likely betting on other sports going on that’s not in a regulated format, and we feel that if [legal] sports betting were expanded to include these other sports, it would give us the opportunity to cross-sell.”

Will legalized sports betting benefit the Kentucky Derby?

Whether you believe legalized sports betting will help or hinder the horse racing industry is all supposition at this time.

There are a lot of issues that still need to be resolved:

  • How will the Supreme Court rule?
  • Will states immediately introduce sports betting regulations?
  • Will race tracks evolve their product offerings?

The only thing we know for sure is that mid-summer will begin to provide some answers. That is when the current U.S. Supreme Court session ends. A decision on the legislation is due before then.

The Kentucky Derby is one race that isn’t in jeopardy of going extinct – at least for the foreseeable future. It did see a drop off in attendance last year, but wagering still broke records.

Big horse races, like the Derby, capture attention across the nation. If even a portion of that attention translates to a wager, The Kentucky Derby will continue to break revenue records.

This weekend, as fans marvel at the perfectly manicured grounds, take in the over-the-top derby hats, and pick their favorite horse, remember the Kentucky Derby may look a little different next year.

Pending a positive opinion from the Supreme Court, next year those fans may have some skin in the game making “The Greatest Two Minutes in Sports” even greater.

 

 

 

 

 

 

 

 

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