iambabyd
iambabyd
Joined: Feb 28, 2011
  • Threads: 3
  • Posts: 29
April 15th, 2011 at 3:07:28 PM permalink
Well, the problem that I see here is this : the government is upset because these people were laundering money that was being used to gamble illegally. They weren't supposed to accept funds that were being used for gambling from this country and tried to play it off as if the money was being used for legitimate business. So, the money in their account that they either have or haven't frozen wouldn't just get given to the players. If anything, I could see the government seizing the raked amount (their revenue) and if anything is left after that (similar to a bankruptcy hearing) then those funds would be distributed to players. Either way I really don't see a whole lot of good happening because the U.S. players really can't say, "oh, I didn't know it was illegal".
Founder and Editor-in-Chief, GamblersGrind.com and HoopsHabit.com.
FarFromVegas
FarFromVegas
Joined: Dec 10, 2010
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  • Posts: 878
April 15th, 2011 at 3:10:11 PM permalink
Quote: Doc

Guess I erred by posting earlier about this in the then-most-recent existing thread about on-line gambling. I didn't have anything significant to offer other than the link, so I didn't bother to start a new thread.



It's all in the presentation, Doc!

I had looked for a thread about it before posting. I had expected the story to be along the lines of the UB collusion thing and was stunned to see the big guys named. And I hadn't considered the ramifications for live poker in Vegas, which could have an impact on the WSOP field--will they pay for Main Event seats people have won in online tourneys?
Each of us is entitled to his own opinion, but not to his own facts. Preparing for a fight about your bad decision is not as smart as making a good decision.
EvenBob
EvenBob
Joined: Jul 18, 2010
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April 15th, 2011 at 3:18:03 PM permalink
Holy Cow. Richard Marcus has been saying for years that the poker sites are as crooked as they can get. He also says a number of famous players are into it up to their necks. Well, goodbye to PokerStars and Full Tilt Poker, they'll never be back. If you had any money there, you can kiss it goodbye..
"It's not enough to succeed, your friends must fail." Gore Vidal
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
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April 15th, 2011 at 3:32:19 PM permalink
What's the situation at our benefactor, Bodog?
Simplicity is the ultimate sophistication - Leonardo da Vinci
keypunch
keypunch
Joined: Mar 21, 2010
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April 15th, 2011 at 3:37:31 PM permalink
Poker stars and full tilt are still up and running as of 5 minutes ago. Being Canadian and cheap I have been playing with play money for the past 2 years. I do have $2.00 won on freerolls though. Guess the U.S. Government can use that.
EvenBob
EvenBob
Joined: Jul 18, 2010
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April 15th, 2011 at 3:39:27 PM permalink
High Stakes Poker is probably gone too. They're totally sponsored by online poker and the reason the players are there is, most of them are getting kick backs from the poker sites also.

Reading the poker forums, Full Tilt's checks are bouncing and there's a mass panic of people trying to get their money out.
"It's not enough to succeed, your friends must fail." Gore Vidal
EvenBob
EvenBob
Joined: Jul 18, 2010
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April 15th, 2011 at 4:16:31 PM permalink
Look at this, the plot gets thicker and thicker. A Vegas tie in too..


BoyWonder' rel='nofollow' target='_blank'>http://www.businessinsider.com/boy-genius-online-poker-scandal-2011-4]BoyWonder
"It's not enough to succeed, your friends must fail." Gore Vidal
buzzpaff
buzzpaff
Joined: Mar 8, 2011
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April 15th, 2011 at 4:32:15 PM permalink
Prosecutors are seeking to immediately shut down the sites and to eventually send the executives to jail and to recover $3 billion from the companies. By Friday afternoon Full Tilt Poker’s site displayed a message explaining that “this domain name has been seized by the F.B.I. pursuant to an Arrest Warrant.”


GUILTY AS CHARGED OF RECREATION WITHOUT TAXATION !!
slyther
slyther
Joined: Feb 1, 2010
  • Threads: 13
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April 15th, 2011 at 4:32:20 PM permalink
I actually had been trying to withdraw my paltry sum from PStars recently, but for whatever reason the check didn't arrive, so they put the $$ back into my PStars account. I have since asked for a new check to be issued. We'll see.

I don't mind the US Gov't actually having to prove their case rather than trying to bully everyone around. Of course the next step is when US allows MGM, Harrah's, etc to set up licensed internet poker. It will be interesting to see what the WTO says about that.

US has already lost a WTO judgment vs Antigua re: Internet Gambling several years ago, but the US refused to abide by the ruling, saying 'oh that's not what we agreed to when we joined WTO' and since Antigua is so small there isn't much they can do to retaliate.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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April 15th, 2011 at 4:40:42 PM permalink
Alot of this is like going after rum runners by attacking their trade in sugar used to make the rum.

Some offshore sites said No USA players. Some didn't. The servers were all in foreign "flags of convenience" locations that allow anything if palms are greased.

The achilles heel has always been the payment processors. Its well known that Vegas casinos have corporate entities in California with nice sounding names that will be neutral sounding in check registers. There is a phrase we've all seen on the hotel TV channel "Movie Title Will Not Appear on the Bill". Payments are handled with discretion in Vegas.

There is no White Hat entity in the processing of poker payments. Bookies have a Pick Up and Deliver system wherein large sums of cash are handled with trust. The markets and bazaars of the Middle East have money transfer specialists that do business under the Arabic word for trust. Payments show up in the account specified and the customer gets the paperwork back.

Money laundering? Its "laundered" only because US laws declare it to be dirty.

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