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POKERSTARS LEADS THE WAY WITH PLAYER PAYMENT TRUST

12/20/11 :  Independent third party trust with FSA oversight will give players confidence in payment - and online poker giant will shoulder payment processor risk to boot.
 
The world's largest online poker provider, Pokerstars, showed again this week that it is in touch with player concerns by announcing further protections for player funds.
 
Pokerstars has always segregated its players' funds away from business assets, but its new plan formalises the process and introduces an independent third party element for greater protection.
 
In the wake of the Black Friday shutdowns, in which Pokerstars was able to pay its players where rivals failed, the company is planning an independent, third party trust that will be overseen by the UK Financial Services Administration.
 
The trust company Pokerstars has chosen is owned by IFG Group plc, an established financial services company with market listings in London and Dublin.
 
The poker giant plans to first introduce the new system to the French market, and is already in discussions for other regulated markets such as Spain, Italy and Belgium. Company execs say they are hopeful that the example will be followed by other industry firms, improving the lot of players and enhancing the industry's image.
 
Chief executive officer Gaby Campos said in a statement Friday: “The security of player accounts and the integrity of online poker play are fundamental to the ongoing and future success of the industry.
 
“We have developed a unique structure that is ideal for the newly regulating markets. We hope that all responsible licensing authorities will ultimately insist that online gaming companies maintain the full amount of customers’ funds in fully segregated, independently managed accounts.”
 
“We are pleased to partner with the thought-leaders in European regulation to establish an industry-wide standard for ensuring player funds are protected.
 
Pokerstars emphasised that the trust fund concept will ensure that player funds are kept in bank accounts in regulated banks with balances at least equal to outstanding amounts owed to players at any given time...and that independent oversight is constantly maintained.
 
The online poker provider went a step further by noting that it will shoulder the risk associated with payment processors that fail to transfer money from a player deposit.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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