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More Details on Pokerstars and FTP Deal
Wednesday August 1,2012 : POKERSTARS PROVIDES MORE DETAIL ON F.T.P. DEAL (Update)
Agreement opens the way for Pokerstars to operate in any legalised internet poker market that may emerge in the USA
Following yesterday's news that agreement has been reached between Pokerstars, Full Tilt Poker and the US Justice Department, Pokerstars directors issued a statement providing further details on the deal:
* The statement confirms that FTP is to forfeit all assets to the US government, which will then transfer these to PokerStars
* Pokerstars will pay $547 million to the US government over the following three years for the assets.
* Owed FTP players will be invited to claim relief from the DoJ Asset Forfeiture Money Laundering Service.
* Within 90 days, Pokerstars will directly pay without restriction a further $184 million to owed FTP customers outside the USA
* The agreement becomes effective once Pokerstars pays the initial tranche of $225 million, which it must do within the next six days.
* Importantly, the US government will drop all civil forfeiture and money laundering charges against individuals related to PokerStars and Full Tilt Poker, seen by many observers as opening the way for operations in any US legalised online poker market that may evolve.
Mark Scheinberg, chairman of the Pokerstars board, said: “We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow.”
The statement additionally notes that PokerStars plans to re-open Full Tilt Poker within 90 days of the formal implementation of the deal, which will occur within the next seven days after the $225 million payment.
It appears that FTP will be operated as a separate brand under a "new, independent management team," and that Pokerstars is putting together a scheme that will also give FTP players value for their loyalty points.
Management at Pokerstars will not seek to enter the France, Italy, Spain, Denmark, Belgium or Estonian markets with the FTP brand, and there are plans to make possible financial transactions between accounts in both brands.
Full Tilt's presence in Ireland will be maintained, although legal compliance and regulatory supervision will be transferred to Pokerstars' Isle of Man offices.
Manhattan U.S. Attorney Preet Bharara, has confirmed the deal in an official statement, saying that the deal has allowed the US government to "quickly get significant compensation into the victim players’ hands."
Pokerstars management did not escape completely unscathed; founder and major stakeholder Isai Scheinberg, one of the Black Friday indictees, will have to resign from any management function in the company.
Punitive measures impacting Full Tilt Poker management include a clause restricting Pokerstars from hiring FTP directors like Ray Bitar, Nelson Burtnick, Howard Lederer, Chris Ferguson and Rafe Furst.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
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Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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