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More Poker Money Seized
$13.3 million settlement reached with processor
Federal prosecutors continue to go after financial processors in their attempts to stifle online poker, reports Forbes Business, revealing that the authorities reached a settlement worth $13.3 million Tuesday with Ahmad Khawaja, together with his firms, Allied Wallet and Allied Systems.
The settlement brings to a close a year-long issue that began when the FBI seized the $13.3 million in June 2009..
Officials alleged that the funds constituted proceeds of operating an illegal gambling business that were deposited between January 2009 and May 2009 in an account at Goldwater Bank in Scottsdale, Arizona. Those funds were traceable to PokerStars, the world’s biggest online poker firm, and other offshore online gambling companies, and include “proceeds of the illegal transmission of gambling information and operating an illegal gambling business," court documents reveal.
Forbes reports that the funds were linked to allegations of money laundering by the U.S. Attorney’s Office in Manhattan, with some of them traceable to wire transfers from outside the U.S. by individuals who knew that the funds represented the proceeds of the illegal transmission of gambling.
Isle of Man-based PokerStars issued a statement following the settlement in which it said: “PokerStars does not condone efforts by processors to conceal the nature or purpose of funds used to play online poker. PokerStars has taken steps to ensure that processors properly disclose the nature of their business to their relevant financial institutions.”
Forbes notes that PokerStars has long maintained that it offers for-money online poker play to U.S. players in accordance with legal opinions from several U.S. law firms that state it is not violating U.S. law.
"Department of Justice officials have for years taken the position that facilitating for-money online poker violates U.S. law, making no distinction between online sports betting - clearly illegal - and online poker playing. Still, the fact that prosecutors have not moved directly against the online operators has suggested to some that the government’s position is weak," the publication observes.
Despite the UIGEA, PokerStars continues to dominate the U.S. market for online poker, making it the world’s biggest online gambling firm, with estimated annual revenue of $1.4 billion and some $500 million in profits.
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Gambling News :
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
Team Hot Launches -
#teamhot The Philippines licensed and GGNetwork-powered online poker operator Natural8 has announced the appointment to its "Team Hot" professional player line-up of Asian poker aces Kitty Kuo, Xuan Liu and Dong Kim.
Netent Q3-2016 Earnings Report -
#netent The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year.
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