Archive for the ‘Government’ Category

Tuesday, November 20th, 2012

UK poker pro, Jake Cody, who joined PKR.com online poker room as part of its professional team last year, has left the site after his sponsorship deal expired and was not renewed by the site.

“PKR’s one year association with Jake Cody has now come to its conclusion,” said the Media Manager for PKR, Dan Grant. “We are proud to have worked with Jake over the last year and wish him the best of luck for the future both at and away from the felt. He is a huge talent, a class act and a pleasure to deal with.”

The 24 year old Cody had an exceptional run in 2011 when he was snapped up by the 3D poker room. By the end of 2011, he had already pocketed nearly $1.4 million in winnings, nearly half of which came from his winning the World Series of Poker $25K Limit Hold ‘em Heads Up Championship.

2011 was also the year that Cody became the youngest ever Triple Crown winner, after bagging the GBP5K World Poker Tour London title, where he won GBP 273,783, as well as the GBP5K European Poker Tour Deauville, where he won GBP 857,000 the year before.

With such a great couple of years under his belt, Cody was careful to choose the right sponsorship deal and felt that he had found it with the award-winning PKR. At the time of signing, he commented: “I’ve been patient with sponsorship, waiting for the right deal to come along. It’s a great site to be involved with right now and I think I can help take it to the next level.”

Somehow, however, 2012 has been a poor one for Cody, who has only managed to win $55,000, which could explain why his sponsorship deal wasn’t renewed by PKR.com.

Nevertheless, Cody shouldn’t have a problem finding a good pro team to play in. He has over $3.1 million in total live tournament winnings and was named 2011 British Poker Awards Player of the Year (2011).

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Tuesday, November 20th, 2012

Poker Stars, the world’s largest online poker room, won the case brought against it by Codere, the Spanish multinational gaming company and proved to a Barcelona court that it has operated legally in Spain since 2001.

The court ruled that Poker Stars was correct in claiming that it has always operated legally in Spain since it first launched its services over a decade ago because there were simply no regulations to dictate otherwise.

In 2012, after major reforms in its gambling laws, the Spanish Gambling Commission issued Poker Stars with an online poker license.

“This ruling confirms the legal advice we have been given and which we have followed in Spain for years,” said Paul Telford, speaking for Poker Stars. “We are very pleased the court agreed with our position and look forward to continuing to provide our licensed poker services as the leading brand in the Spanish market.”

One of the lawyers acting for Poker Stars, Antonio Vazquez-Guillen also commented on the positive outcome of the case and said that the “Barcelona court judgment is absolutely clear in its conclusion that Poker Stars has always operated in Spain according to the law. We are very happy with this outcome. It clarifies a question that, in our view, should never have been brought to a Court of Justice.”

Poker Stars, which boasts over 50 million registered players, recently reached a three way deal with the US Department of Justice to purchase its arch rival, Full Tilt Poker. FTP began operations on November 6th after an 18 month hiatus. Poker Stars operates under licenses from the Isle of Man and Malta governments, as well as separate licenses by the governments of Denmark, Estonia, France, Italy and Spain.

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Tuesday, September 6th, 2011

Full Tilt Poker released a new statement to the industry this week, detailing why it has been unable – since April – to pay its members the millions of dollars owed to them. This is the most detailed statement issued by the beleaguered online poker room since Black Friday, when the US Department of Justice seized its domain name.

In the statement, the online poker room blamed the government for seizing its funds repeatedly over the years.

“As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday. Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.”

In April, the group managed to reach a deal with the Department of Justice with the objective to help its players access their funds, however this never came to fruition and players are still left frustrated that they haven’t been paid out yet. The group claims that the money seized over the years by the government meant that $115 million was lost. It also claimed that one of its payment processors stole $42 million from the company, leading to more financial woes.

“Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected,” said the group. It also said that it had “unprecedented issues with some of its third-party processors that greatly contributed to its financial problems.”

Fill Tilt said that its Dublin heaquarters has received visits from around six investment groups who expressed an interest in investing in the online poker site. It has also hired a financial advisor, not named in the statement, “to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players.”

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