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(Washington Times)   Poker website pays $731 million fine to Department of Justice. Company officials remain expressionless   (washingtontimes.com) divider line 27
    More: Followup, Justice Department, Poker Players Alliance, signing bonus, online gambling, Full Tilt Poker, trade groups, Absolute Poker, poker  
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1465 clicks; posted to Business » on 03 Aug 2012 at 9:32 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



27 Comments   (+0 »)
   
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2012-08-03 09:43:53 AM  
Well played, subby.
 
2012-08-03 09:44:07 AM  
In theory this should allow online poker to start up again in America...please please please please...
 
2012-08-03 09:51:20 AM  
Poker players are douchebags.
 
2012-08-03 09:56:39 AM  

DubyaHater: Poker players are douchebags.


Yes, yes they are.
 
2012-08-03 10:20:34 AM  
weknowmemes.com
 
2012-08-03 11:16:15 AM  
 
2012-08-03 11:27:52 AM  

Tarl3k: In theory this should allow online poker to start up again in America...please please please please...


This this this this, but unfortunately part of the deal is likely to be reporting US player winnings to the IRS.
 
2012-08-03 11:31:23 AM  

Tarl3k: In theory this should allow online poker to start up again in America...please please please please...


Yes; that was basically the point -- that's why they paid up, rather than using the rest of their money to flee to some tropical beach and eat caviar off the chest of voluptuous courtesans. Now that the DOJ has done an about-face and decided that online betting is legal if done from a state that allows it, PokerStars desperately wants to restart operations in the US and get the gravy train running again; and they can't do that without buying off reaching an agreement with the DOJ first.
 
2012-08-03 11:55:17 AM  
the fine seems like it's just to pay back the money people had in their accounts anyways but couldn't get to because the feds seized everything.... And now the DOJ has made it legal-ish.. And now they can resume online poker playing in the US... So what are these "fines" for exactly? The companies don't seem to be getting hit with something other than a "reset" button.. but the one guy is going to jail for 3 years for money laundering?
 
2012-08-03 12:24:59 PM  
ugh. it was 547 mill to the DoJ and the rest to players who had funds there.

-100, subby.

/submitted this 2 days ago with a better headline
 
2012-08-03 01:18:32 PM  
if only these guys had been run by someone who understood Business Ethics
 
2012-08-03 01:29:19 PM  

falcon176: if only these guys had been run by someone who understood Business Ethics


www.socialtechpop.com
 
2012-08-03 01:48:07 PM  

The Flexecutioner: ugh. it was 547 mill to the DoJ and the rest to players who had funds there.

-100, subby.

/submitted this 2 days ago with a better headline


The 547 million is for domestic Full Tilt players through the DOJ, and the other 184 is for international players. You're more wrong than subby.

-101?
 
2012-08-03 03:26:46 PM  
Serious question: Who would EVER play poker for real money online?

How could you ever trust that you were being dealt the cards they claim? That one fo the other players wasn't planted by the online casino and given access to what cards you are holding?
 
2012-08-03 04:05:57 PM  

Magorn: Serious question: Who would EVER play poker for real money in a casino?

How could you ever trust that you were being dealt the cards fairly? That one fo the other players wasn't planted by the dealer and given access to what cards you are holding?


ftfy
 
2012-08-03 04:47:27 PM  

Magorn: Serious question: Who would EVER play poker for real money online?

How could you ever trust that you were being dealt the cards they claim? That one fo the other players wasn't planted by the online casino and given access to what cards you are holding?


Well, the theory is that the "House" makes its money off of the "rake". That is, in every pot, they take a percentage. But you are correct in that one can never be truly certain that any venture is free of skulduggery. As to your idea that someone in the employ of the casino has the "ghost" software, if they were ever caught, the resulting scandal would ruin the business. And hey, why ruin a good thing?
 
2012-08-03 05:18:52 PM  

Magorn: Serious question: Who would EVER play poker for real money online?

How could you ever trust that you were being dealt the cards they claim? That one fo the other players wasn't planted by the online casino and given access to what cards you are holding?


The poker community polices its own. The Ultimate Bet Poker business can be summarized here.
 
2012-08-03 05:48:24 PM  

Tarl3k: In theory this should allow online poker to start up again in America...please please please please...


Heh, no. Sheldon Adelson will make sure the only way you can play poker is at one of his casinos.
 
2012-08-03 06:00:50 PM  

skrame: The Flexecutioner: ugh. it was 547 mill to the DoJ and the rest to players who had funds there.

-100, subby.

/submitted this 2 days ago with a better headline

The 547 million is for domestic Full Tilt players through the DOJ, and the other 184 is for international players. You're more wrong than subby.

-101?


WTF are you talking about? Total player balances from Full Tilt was ~$300, with about half of that due to US players. The money over and above that is for fines.
 
2012-08-03 06:02:30 PM  

Magorn: Serious question: Who would EVER play poker for real money online?

How could you ever trust that you were being dealt the cards they claim? That one fo the other players wasn't planted by the online casino and given access to what cards you are holding?


Someone tried this. They were discovered by the players and the site never recovered.
 
2012-08-03 06:21:42 PM  

Guelph35: Tarl3k: In theory this should allow online poker to start up again in America...please please please please...

This this this this, but unfortunately part of the deal is likely to be reporting US player winnings to the IRS.


Why not? It's income. That means you have to pay income taxes on it, just like you do when you get your paycheck. (You should also be able to write off any losses.)

However, laws properly legalizing on-line poker in the US have not passed and probably will not do so as long as the Republicans control the House.
 
2012-08-03 09:56:07 PM  
So, if I'm reading the article correctly, does that mean that Intrade could process American credit card payments?
 
2012-08-04 12:48:55 AM  

wakizashi: Magorn: Serious question: Who would EVER play poker for real money online?

How could you ever trust that you were being dealt the cards they claim? That one fo the other players wasn't planted by the online casino and given access to what cards you are holding?

Well, the theory is that the "House" makes its money off of the "rake". That is, in every pot, they take a percentage. But you are correct in that one can never be truly certain that any venture is free of skulduggery. As to your idea that someone in the employ of the casino has the "ghost" software, if they were ever caught, the resulting scandal would ruin the business. And hey, why ruin a good thing?


Ultimate bet. the card room didnt cheat and wouldnt cheat, but the man who CREATED the sight and sold it to them still had access to be able to cheat and nothing to lose.

My point is that just because the cardroom wouldnt want to cheat, doesent mean that someone isnt cheating. Plus, its EASY to run a cheat on online poker. outside chats to share hidden card info are rampant.
 
2012-08-04 07:42:14 PM  
Some more about how PokerStars walked away owning from the settlement owning Full Tilt's assets:
http://www.pokernews.com/news/2012/08/legal-analysis-of-pokerstars-a cq uisition-of-full-tilt-poker-13165.htm
 
2012-08-04 07:46:38 PM  

I sound fat:
My point is that just because the cardroom wouldnt want to cheat, doesent mean that someone isnt cheating. Plus, its EASY to run a cheat on online poker. outside chats to share hidden card info are rampant.


Honestly that's not so different from a group of real-life friends playing at a casino together who refuse to play against one another. Common techniques involve structured betting (someone bets large, the rest fold down), shared buy-ins and payouts (to spread gains and losses among the group), signaling, and so forth. Collusion's a great way to get thrown out of a casino but it's usually pretty hard to prove, and ultimately something similar happens when a random group of 10 strangers has spent long enough at a table together - the better players suss each other out and stop competing. Why bother when fresh meat keeps showing up? Ring games are notorious for that, but it doesn't make them unprofitable or less fun to play.
 
2012-08-04 09:16:35 PM  
Poker players trust sites like Full Tilt and Poker Stars because they win money.
 
2012-08-05 03:30:11 AM  

Ivo Shandor: P-P-P-Poker Face


Got I love dramatic readings of crappy pop songs, and Christopher Walken is the man.
 
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