Lederer Lets Go Of Online Poker/FTP Earned Assets

Posted by Gambling News | Poker News | Tuesday 22 January 2013 9:15 pm

There has been such a huge scandal surrounding the fact that Members of the Board of Tiltware lined their own pockets at the expense of fans who played at Full Tilt Poker (FTP), it really is about time that everything got sorted out now. Its seems that 2013 might be the year when everything falls into place, the Department of Justice are happy, and online gambling in the USA finally becomes legal. Well…one can only hope. At the centre of the FTP scandal have been Chris (Jesus) Ferguson, Howard Lederer, Ray Bitar and Rafe Furst – well mostly these players have been mentioned.

Rafe Furst has surrendered a Trust Fund held in a Swiss Bank Account (?), plus agreed to pay the DoJ about $150 000 in fines. Howard Lederer knew that the DoJ had set their sights on his mansion, and has managed to stave off the forfeiture of this piece of property by bargaining with the authorities to take something else instead. In fact he has pledged to them, the proceeds from the sale of a property in Twin Palms Circle Las Vegas, as well as traceable proceeds from the sale of his Kingsclear Court, Las Vegas, property. So that is two Las Vegas properties he is down, and there is only something like five to go.

He has also forfeited his 1965 Shelby Cobra , plus funds a Lloyds TSB International account located on the Isle of Man. We have no idea what the amount involved with this transaction is. There is also an additional retirement account which was arranged using FTP funds, and this too has gone to the feds.

Apparently these monetary amount, plus those being surrendered by Raef Furst are going directly into the $184 (or thereabouts) owed to US online poker players; if and when they are able to process their claims with the DoJ. One would however assume that some of the funds paid to them in the FTP sale to PokerStars would have been earmarked for this process. However, we don’t know the finer details of the sale, only how many millions it cost.

It appears that only Ray Bitar and Chris Fergusson have to settle with the DoJ, which might be a faster process now that these two gamblers have fessed up and settled. It certainly goes to show that big money can keep you out of jail, as most of the deals made with the DoJ have entailed, forfeiture of vast amounts of money to admit no wrong-doing, and avoid any future prosecution. This is what PokerStars, Rafe Furst and Howard Lederer are all currently paying for. We suppose they have learned one thing from this – that crime doesn’t pay, but if you can pay, you can also get off the charges.

These charges included but were not limited to "conspiracy to commit bank, and or wire fraud, money laundering, as well as operating an illegal online gambling business." An amendment to the charges also accused these people of misrepresentation in that player funds were "safe and secure" both prior to and after Black Friday.

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US Lottery Directors Up-In-Arms regarding Online Gambling Law

Posted by Gambling News | Gambling News | Sunday 13 January 2013 4:19 am

We always think it is the kettle calling the pot black when one gambling concern takes umbrage against another for fear they will lose their business. A prime example in the USA is Gambling Billionaire Magnate, Sheldon Adelson. He is the man who made his money with the Las Vegas Sands Corporation; he is also still their Chairman and CEO. In his opinion online gambling is morally wrong, but apparently it is not morally wrong to set down 5000 slots machines, 300 blackjack tables, 150 roulette wheels, and high stakes private Baccarat rooms on his casino floors. Go figure?

Anyway the latest in a long line of green monsters with regard the online US online gambling saga, is Lottery Directors. Another bunch of hypocrites from seven states who plan to storm in on Washington to speak against a bill which might potentially allow federal legislation and regulation for this much maligned industry. It appears that the bill is to restrict the expansion of lotteries online, as well as other gambling, but will promulgate online poker. Again with this bill, we see what appears to be a morally superior stance, calling the pot black so to speak, then, sneaking in the back door.

For goodness sake, why does the Federal Government not allow all online gambling activities across the board, a law such as this would stop all this envy and dissention right in its tracks. But then the Church and other groups who believe themselves to be on "higher" moral ground, would also have something to say.

Nevertheless, these lottery official hail from Kentucky, Idaho, New Hampshire, Georgia, Washington state, Missouri, and Iowa are signed-up. They will be flying in to lobby against the Federal bill devised by Senators Harry Reid, of Nevada, and Jon Kyl of Arizona.

David Gale who is the Exec Director of the North American Association of State and Provincial Lotteries, says the Bill will restrict most other online gambling activities which leaves them out in the cold. More and more states are looking to expand their lottery operations online, but not only that, they also want to be able to offer various other casino-type gambling games. What was mentioned were slots and keno-type games. Basically random number games.

They say that the purpose of the lobbying trip was to spread the message that gaming rights are a state-specific right, and that each and every state has the right to determine what games should or should not be on offer. However, this has also never really been disputed at Federal level, we only have to look at the fact that Nevada has made online poker legal.

Apparently these lottery leaders want their individual states not only to have the power to determine the games they offer their residents, but also how these gambling games are delivered. In other words – they are concerned that a Federal bill would interfere with their power.

According to Reid and Kyl, their online gambling bill does not deserve any of this ire, it is simply in draft form at present, and they will continue to work transparently with all stakeholders.

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iGaming Series of Poker returns to the London Affiliate Conference

Posted by Gambling News | Gambling Industry News | Wednesday 9 January 2013 8:56 pm

iGB Affiliate Events, organisers of the London Affiliate Conference 2013 (LAC) at Old Billingsgate 7th – 10th February, have announced that the iGaming Series of Poker will return to their flagship event. The iGSOP has a new sponsor, 888 Poker, who will be hosting the online freerolls on their website, leading up to the live event at LAC.

888 poker are excited to be sponsoring this year’s iGSOP and are looking forward to seeing both old and new affiliate faces at their poker tables during LAC.

888 poker is the fastest growing online poker brand in the industry, hosting thousands of poker enthusiasts the world over at any given time. With over 10 million registered members, 888poker continues to offer the best consumer experience. 888poker strives to provide quality entertainment by providing a safe, fun and secure poker environment. Customers play on state-of-the-art software with 3D, PokerCam and Teams features.

In addition, the online freerolls for the iGaming Series of Poker (iGSOP) will now be streamlined, thanks to Global Gaming Events (GGE), the platinum media partners to the event, who have lent their industry know-how and proficiency to the tournament. GGE, as an organisation, offer players the chance to win thousands in prizes, working with different poker rooms to ensure players receive the best possible experience and maximum chance of prizes. In turn Partners of GGE (such as affiliates) can promote these prizes to their poker players and still earn affiliate commission from them. LAC delegates can register to play on London Affiliate Conference.

"We have worked with over 1000 affiliates to earn them over $2.4 million in affiliate commission." Explains Jason Rosenberg, president of GGE. "In turn we will be bringing our expertise and connections within the Poker industry to the iGaming Series of Poker, ensuring the affiliate experience with the tournament are as enjoyable and smooth as possible. This is a fantastic opportunity for affiliates to see what GGE can offer them: a high conversion tool and a win-win situation for all."

The iGaming Series of Poker is a tournament traditionally played at each of the international iGB Affiliate events, with only delegates attending allowed to play on the online freerolls to win seats for the live event. The iGSOP is free to enter and the next tournament will be held at the London Affiliate Conference 2013. The top seven spots will win cash prizes. More information on the iGSOP and LAC can be found on London Affiliate Conference.

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