Updated news regarding online poker situation

04.18.2011 02:31 PM Printer Friendly

Some more news and links to the current online poker situation in the United States.

Massachusetts Congressman Barney Frank was none too pleased with the way the administration handled the recent poker situation.

"Go after the people responsible for empty houses, not full houses," Frank added. "I'm not saying violate the law, but to give this priority in law enforcement over some other things I think is a terrible idea and I think the administration is wrong on this."

Former U.S. Senator Alfonse D'Amato, who now represents the Poker Players Alliance, thinks to current situation will get the ball rolling in Las Vegas. A Portland resident who has $65K in various poker accounts claims some fellow players are Read more

Tags: Poker

Wynn Casino ends relationship with PokerStars

04.18.2011 11:26 AM Printer Friendly

Two steps forward one step back. In March, Las Vegas' Wynn Casino announced a partnership with online giant PokerStars in anticipation of Nevada regulating online poker. Following last week's government shakedown in which various online poker sites including PokerStars were shut down, Wynn not surprisingly broke ties.

Wynn prior to the indictment: “After much study, we are convinced that the lack of regulation of internet gaming within the US must change. We must recognize that this activity is occurring and that law enforcement does not have the tools to stop it. As a company that has safely conducted gaming in the US for more than 40 years, we believe that the same can be done for poker on the internet,” said Wynn.

Wynn after the indictment: Wynn Resorts, Limited announced today that it terminated its alliance with PokerStars, the online poker company. The decision was reached as a result of the Read more

Tags: Poker

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PokerStars says accounts are safe; Withdrawals will take time

04.18.2011 06:53 AM Printer Friendly

A response from PokerStars regarding last week's shutdown. Pro poker player Tom Dwan tweeted that everyone wanting to withdraw will get paid though it could take "-3 months or more.

“As you may have heard, we have had to suspend real money poker services to people based in the U.S. due to legal developments there.”

“The developments are confined to the U.S. and do not have any impact on your ability to continue using our services. Please be assured player balances are safe. There is no cause for concern. For all customers outside the U.S. it is business as usual.”

“Please be aware that we are currently experiencing a very high volume of emails, so our response times are delayed. We will answer player emails as soon as possible. Thank you for your patience and understanding in this matter."

Tags: Poker

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The dude probably responsible for bringing down online poker

04.15.2011 02:12 PM Printer Friendly

UPDATE

Just like any breaking news in the world of gambling, it is wise to approach with caution rather than jump to conclusions (see alleged points shaving at San Diego). We do know that the feds came crashing down on the big poker websites today, now the question is where did they get their case? A couple of articles point to Australian "entrepreneur” Daniel Tzvetkoff. He was apparently responsible for setting up the payment schemes (the purchasing of banks to process credit card transactions) for Full Tilt and PokerStars. Last year, Tzvetkoff was arrested in Las Vegas and charged with what we saw handed out to various poker heads earlier today. He was then somehow released on bail. But here is where it gets interesting. The Feds reportedly got to Tzvetkoff because Read more

Tags: Poker

Owners of Full Tilt, Absolute Poker and PokerStars charged with fraud

04.15.2011 12:08 PM Printer Friendly

According to reports, 11 people including the owners of Full Tilt Poker, Absolute Poker and PokerStars were arrested and charged with fraud today. Federal prosecutors accused them of "tricking regulators and banks into processing billions of dollars of illegal Internet gambling proceeds". More details expected here shortly. Below is what happens when you go to absolutepoker.com.

Tags: Poker

Former WSOP winner stinks at betting on sports

04.08.2011 12:39 PM Printer Friendly

2008 World Series of Poker Main Event winner Peter Eastgate claims he lost over $1 million betting on last year's World Cup. His sports betting acumen is so poor he has a bet with his friends that he cannot wager more than $2K on a sporting event nor lose more than $2K a day.

"I lost $1.7 million on the World Cup," he told PokerListings. "I was betting the wrong side every time and I was betting huge amounts. I was basically betting on all the matches."

He's got a $20,000 side bet with friends that he cannot wager more than $2,000 on any one sporting event and another that says he can't lose more than $2,000 a day betting sports.

"I lost more than $2,000 one day accidentally and I had to pay up," he said.

Tags: Poker

Washington DC pushes for legalized online poker

04.08.2011 07:29 AM Printer Friendly

Washington, D.C. has joined the movement to legalize online poker. The Poker Players Alliance, which lobbies for offshore poker sites, said that the amount of players in the D.C. area (est. 600,000) isn't enough to make it a "viable business" but agreed that legalized poker in the nation's capital would be a good stepping stone to opening things up on a federal level.

"It's not the whole future, but it's a very important part of it, if lotteries intend to continue to grow," Mr. Roogow said of online gambling. "States need the revenue. And whether it's the lottery or someone else, [online gambling is] going to be available anyway."

"I figured that online poker was already happening here, and we just want to capture some of those revenue dollars," Mr. Brown said. "Every little bit helps."

Tags: Poker

Steve Wynn changes stance on online poker

04.07.2011 07:40 AM Printer Friendly

Interview with Steve Wynn that discusses his decision to back online poker. Wynn was originally against the idea because of its potential difficulty to regulate. Wynn changes his stance after a lengthy discussion with Nevada Senator Harry Reid. Funny that Wynn claims he is technologically handicap and has his secretary do his Googling for him.

SW: I only had misconceptions. I had no idea on a number of issues. . . . They are highly regulated [in Europe], and I found out they had 1,300 employees and the average salary is $110,000 because they are so intellectual in the design of the programs. [Offshore companies generate $1.4 billion in U.S. revenue.] One of my concerns was about young people playing. It turns out they have more control about young people playing than we do.

Tags: Poker

Nevada seeks to become online poker hub

04.05.2011 09:39 AM Printer Friendly

More news on Nevada's push for legalized online poker. PokerStars and Full Tilt are forging relationships with the major Las Vegas casinos. The ultimate goal is for Nevada to become the "hub of internet gambling in the US".

"The play for Nevada on internet poker is to be kind of a hub of internet gambling in the US," said Chris Krafcik, an editor-at-large with GamblingCompliance.com. "If you're a business, Nevada wants you to come there to get licensed because that's how they'll make money - off business taxes and jobs created by the infrastructure that will be built in Nevada. It's a long term play. Nevada would become a highly technical center for Internet gambling in the US."

"Will these partnerships be as effective as the market is treating them now?" Krafcik asked. "Or, can we even say at this point that we know what a regulated environment Read more

Tags: Poker Las Vegas