Sick article chronicling UIGEA, Black Friday, and how the DOJ blows.
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When you've turned nothing into something once already, you tend to feel you can do it again. There's faith your luck will turn. Perhaps it's delusion. But for a professional poker player, self-confidence is essential.
So it is for Walter Wright, who now finds himself in Costa Rica. He left his wife and two children behind to redeem their failing finances and faltering marriage by doing something that's now illegal in the United States — playing poker online.
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Hardly anyone noticed when the Unlawful Internet Gambling Enforcement Act passed in 2006. Moralists and casinos, who were trying to protect their turf, had been pushing it for years without luck. That's when Republican Senators Bill Frist of Tennessee and John Kyl of Arizona got the bright idea to stuff it in a port security bill as a last-minute amendment.
In true Washington fashion, most legislators never read the final bill. Many didn't even know an anti-gambling measure was in it. But in one secretive stroke, the two senators had declared war on poker.
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He made $10,000 after school let out, so he continued during the school year. Over an 18-month period, while still attending Princeton and working his teaching internship, Fritz managed to take home $100,000. Over the next six months, he would grab another $200,000.
Then Black Friday hit. Suddenly, Fritz had not only lost his income, but $65,000 was seized from his Full Tilt account.
He was among the fortunate to recover quickly. A fellow player provided a reference that allowed him to move from one kind of gambling to another: Wall Street.
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