Florida poker bill passes!

Both houses of the Florida Legislature have approved a bill that significantly improves the poker condititions in Florida. The bill now awaits Gov. Charlie Crist's signature. If he signs it, it'll take effect on July 1. Click here to go to the bill's page, and click on "Enrolled" to read the entire final bill. But here's a summary of what will change for players:

• Bet limit raises to $5
• No-limit Texas Hold'em cash games are allowed with a max $100 buy-in
• Tournaments may be conducted with a total buy-in (including re-buys) that can't exceed "the maximum amount that could be wagered by a participant in 10 like-kind, nontournament games"
• Cardrooms can operate for any 12 hours every day
• Cardroom can give away high-hand jackpots

Whew. A heck of a lot to like here if you're a Florida poker player. Let's break it down. (Again, remember that the governor still needs to sign this):

WAGERING: No-limit players have to be rejoicing. They'll finally get to play "real" poker with no-limit cash games. And while us limit players would have rather seen a $10 bet limit, we'll make do with $5. Expect to see straight $5 games being offered, and hopefully $1-$5 spread stud games. I'd imagine the $2 tables won't disappear, but they'll certainly be in shorter supply. I'll also be curious to see whether $2/$4 limit games will appear. They might get squeezed out by demand for straight $5 and $2 games.
To be honest, I'm not sure what the tournament section is saying, but I'm certain it means the days of the $32+$13 tournament are gone. Does that mean the total entry fee can be $200 (10 hands of $5 poker with three raises a round)? Or $800 ($20 per round, times 4 rounds, times 10 games)? Hopefully, this will allow cardrooms to offer tournaments with reasonable rakes. The question for low-limit players is whether any of them will bother to run affordable tournaments.

HIGH-HANDS: Expect every cardroom to start raking an extra buck out of every pot so degenerates can have their high-hand jackpots. Ugh. My plea: Instead of a high-hand jackpot, award money based on a range of high-hands, like Mandalay Bay in Las Vegas does. If you get any four of a kind or any straight flush, you win the current "jackpot" for that hand. Once someone gets that hand for the day, it resets to a nominal amount (like $20). It builds until someone hits it. That gives everyone a chance to get all those buck rakes back, instead of piling it up for one lucky soul.

PLAYING: Hopefully this means Tampa Bay Downs will be able to swing its doors back open on July 1, and never close them again. Maybe Derby Lane will reopen on Sunday. If so, on July 1 we'll have five land-based cardrooms open for up to 12 hours every day of the year. Competition benefits the player, and you better believe every cardroom is going to be watching every other cardroom and responding to what's working elsewhere. There's a tremendous amount of leeway in this bill for rooms to set themselves apart; the ones who treat the player with respect and offer the games/tournaments they like at the limits they like will profit handsomely.

- SCOTT

Comments

[T8 Stack]

So, when does the Grinder move back?

[Gambit]

Sounds to me like there is an unintended loophole already.

" However, a cardroom operator may conduct games

16 of Texas Hold-em without a betting limit if the required

17 player buy-in is no more than $100.

18 (c) A tournament shall consist of a series of games.

19 The entry fee for a tournament, including any re-buys, may not

20 exceed the maximum amount that could be wagered by a

21 participant in 10 like-kind, nontournament games under

22 paragraph (b)."

What is the maximum wager in a no-limit hold em nontournament game? There is none. There is a $100 max buy-in, but no maximum on the wager.

Maybe they should have a poker player look these over first.

But, this is great news for the local poker scene.

[Erwin Blonk]

I hope to go to Orlando next year. Seems I´ll be going home with more money than I can legally take across the border ;)

[Kastro]

Someone call The Grinder and tell him to come back home!!!!

[Godard]

For a No Limit tournament, 10 like-kind games would be 10 no-limit games.

Sounds like $1000 to me.

Unless you get lucky and double up in each of the 10 like-kind games. $102,000 buy-in, anyone?

Ugh, obviously, the government still doesn't understand what it's legislating.

[Skoach]

I used to hate bad beat jackpots...til I hit one at the Ex in Vegas for $2,600. I figure I am up for life on that wager now.

I love these new rules! YES!

Rules don't seem too vague to me.

"Texas hold'em without a limit".."max $100 buyin":
This is simply NL hold'em. You can only initially buyin for $100. In theory a couple players could keep doubling up and jam in one pot with however many chips they have. No $100 maximum betting. Won't be too unusually to see a few 1K+ pots a night.

It sounds likes $800 buyin tournaments for me. Maximum one can lose in one hand if they play straight holdem is 20+20+20+20.

LOL on Grinder coming home anytime soon. Needs to a little higher for him to make a living here.

Paboo

BTW... I think a 2-5 spread hold'em game would be awesome.

[Gambit]

They should have just stated the maximum tournament buy-in amount in the bill itself. It would be subject to a lot less (mis)interpretation.

To me it appears that the max buy in for a limit hold em tournament is $800 but there is *technically* no cap on the buy-in of a no limit hold em tournament (not that it personally matters to me anyway since I don't play tournaments very often and when I do they are small buy-ins).

[Paboo]

I think what they meant by 'like-game' is the game you are playing. I.E. Stud, Omaha.

I see what you mean about he wording, but I'm sure they mean in limit 'like-game'.

So $800 for NL MTT... maybe more if they are running 2-2 STUD?

[Tim]

A larger loophole is actually created by the following language of the revised statute:

"However, a cardroom operator may conduct games of Texas Hold-em without a betting limit if the required player buy-in is no more than $100."

This language is significantly different than limiting the max buy-in to $100. As drafted, there is no max buy-in. The statute instead speaks only to "required" player buy-in (e.g., the minimum buy-in). This means that an uncapped NL game will be legal under the statute as drafted. Forget the 1-2 NL, we're talking 5-10 NL (or whatever the cardrooms want to spread), so long as a player can sit down with just $100.

I read the staff analysis of this bill and I'm amazed that they missed this point. They should have had someone familiar with cardroom operations write the analysis, because thinking this limits the max buy-in to $100 is clearly incorrect.

[Bigstu]

The bill still does not say what the rake is going to be in the no limit cash games? 10% 5% or max of $10 or $20... the rake can kill you!

The rake can very room to room, it just has to be submitted to the state and clearly posted in the room. Once the dust settles and the guidelines are determined, you may want to call each room to see what they are raking. Or, keep an eye out for it around here because I'm sure there will be posts about what each room is offering by July 2!