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Monday, September 26, 2005

All in online poker

Aug. 15, 2005 issue - Jason Kim was on a roll. One night last month, the 33-year-old policy analyst for the U.S. Department of Commerce won $60 in just 15 minutes of virtual, low-stakes Texas hold 'em on the popular online gambling site PartyPoker.com. Playing from his home PC against a half dozen strangers from around the world, Kim won three hands with a pocket pair of aces, a two pair of kings and nines and, finally, by turning a full house from what poker pros disdainfully call "the hammer"—a seven and two of different suits. But when he's not sitting at his computer these days, Kim has a different moneymaking scheme on his mind: betting on the poker sites, instead of at them. Earlier this year he invested in the stock of Internet bank Neteller, which allows players to gamble online with real dollars, and recently he began studying the stock of PartyGaming, the parent company of PartyPoker."Everyone is going to be playing online in a couple of years," he says. "I want to get in before the gold rush really starts."