Weekly News In Brief: Full Tilt Poker Situation Worsens, Borgata Poker Open Concludes, Denmark and Massachusetts Talk GamingWeek Dominated by DoJ Allegations Against Members of Full Tilt |
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Not everyone has the time to stay on top of all of the news that breaks daily in the poker world, but that doesn’t mean you have to be out of the loop entirely. Every week, Card Player will bring you everything you need to know to stay informed about your favorite events, players and industry happenings.
Here’s a look at this week’s poker news.
Department of Justice: Full Tilt Poker a ‘Global Ponzi Scheme’
On Tuesday morning the U.S. Department of Justice accused Full Tilt Poker’s board members Howard Lederer, Chris Ferguson, and Rafe Furst of working with CEO Ray Bitar to defraud poker players out of more than $440 million over the past four years.
After Tuesday’s amendments to April’s original indictment swept more names from the beleaguered site into the thick of legal trouble, Manhattan’s U.S. Attorney Preet Bharara said in a statement that “Full Tilt was not a legitimate poker company, but a global Ponzi scheme,” while “insiders lined their own pockets with funds picked from the pockets of their most loyal customers while blithely lying to both players and the public alike about the safety and security of the money deposited with the company.”
Bobby Oboodi Wins Borgata Poker Open
Early Saturday morning Bobby Oboodi won the 2011 Borgata Poker Open after outlasting a record World Poker Tour field of 1,313 entrants. He took home a whopping $922,441 for the win in the $3,500 buy-in event.
Oboodi cruised through the final table, never being all in for his tournament life. Despite losing the chip lead early in heads-up play with Jin Hwang, Oboodi, who was also experiencing his first ever WPT cash, played tough. Hwang eventually saw himself all in with the K
J
, on a 7
6 6 J board. Oboodi had him in bad shape holding the Q 2. The river bricked for Hwang, and Oboodi was the champion.
American Gaming Association Releases Code Of Conduct For Licensed Online Poker Companies
The American Gaming Association released an official code of conduct for all potential U.S. licensed online poker companies on Tuesday, stating six principles to ensure a safe and secure gaming experience should online poker legislation pass.
According to the online poker headquarters section of their website, all operators should be required to[…]
Denmark Readying Regulated Online Poker
The EU ruled that a new Danish law allowing for lower taxes for online gambling companies was in line with its rules.The move paves the way for state run monopoly Danske Spil to operate online poker from January 1, 2012 as it means it will now be subject to the same tax rates as its rivals.
Some organizations such as the Danish Slot Machine Association argued that lower taxes for online companies amounted to illegal state aid.
Massachusetts State Legislature Passes Casino Bill
In August, Massachusetts state officials filed a gaming bill that would allow for three casinos and a slot parlor. Last week, Rep. Dan Winslow argued in favor of an intra-state online poker amendment that would benefit the state beyond what the proposed brick-and-mortar properties could offer in terms of high-tech jobs and tax revenue.
Now, it appears that the state will seriously consider introducing the legislation, after the original bill was passed by the House by an overwhelming vote of 123 to 32. Although, Winslow’s amendment wasn’t included in the final version of the bill, there was language added to ensure that the gaming commission will develop a future model for legislation. In order to become law, the proposal must still pass the Senate and Governor Deval Patrick also has the power to veto any potential legislation.
Gary Loveman Talks Online Poker in CNN Interview
Caesars Entertainment Corporation CEO and President Gary Loveman recently appeared on CNN Money to talk about his successful company, as well as a future of license and regulated online poker. Loveman chatted with Fortune’s Geoff Colvin about the billion-dollar gaming industry, and how customer data allows them to “perfect the casino experience.”
Loveman has a history with vocally supporting online poker. In April he expressed his thoughts in an op/ed piece for the online edition of Fortune Magazine, stating that the Department of Justice and their recent federal indictment of the major online poker sites has created an opportunity to create jobs and generate revenue for U.S. citizens.
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