|
|
Archive for the ‘Poker Industry News’ Category
Wednesday, November 23rd, 2011
There is more updated news on the Full Tilt Poker front as the US Department of Justice (DOJ) has agreed to a deal that would see Groupe Bernard Tapie purchase the assets of the floundering online poker room: IF the current ownership agrees to forfeit those assets to the DOJ according to an article that appeared on money.cnn.com this past Friday.
The deal would call for the DOJ to make restitution to US players that have been unable to withdraw some $150 million from the site since Black Friday, while Groupe Bernard Tapie would take on the responsibility of repaying players from the rest of the world. However, it was implied by Full Tilt Poker attorney Jeff Ifrah that a 100% payment is not guaranteed, and that players would have to fill out a request to the DOJ.
If payments on account balances are not 100% guaranteed, it’s quite unlikely that the DOJ would honor Full Tilt Poker Points accumulated by players, some having amassed tens of thousands of dollars worth of these now potentially worthless points.
Groupe Bernard Tapie would shell out $80 million for the assets, which when combined with the up to $250 million owed by Full Tilt poker to players from the rest of the world makes this a huge amount of capitol to sink into the poker room.
By agreeing to forfeit their assets, Full Tilt Poker will have the civil complaints dropped against the site itself (although charges would still remain against key individuals specifically named by the DOJ).
Tags: Account Balances, Assets, Bernard Tapie, Black Friday, Civil Complaints, Cnn, Department Of Justice, Doj, Full Tilt Poker, Gbt, Money, online poker, Poker Players, Poker Room, Rest Of The World, Restitution, Tens Of Thousands, Thousands Of Dollars, Us Department Of Justice
Posted in Online Poker, Poker Industry News | No Comments »
Tuesday, November 15th, 2011
When a huge swath of your potential customer base is cut-off –as is the case for virtually all online poker enterprises and ancillary companies that have sprung-up around the online poker rooms– businesses will either have to adapt to the changing climate or slowly wither on the vine. For the online poker training site FloatTheTurn.com the answer seems to be, adapt and survive.
FloatTheTurn is an online poker training site specializing in Multi-Table Tournaments, founded by two-time WPT Champion Jonathan Little. In the new poker climate, with a smaller player base to find customers in, the choice presented to Little seemed to be to either jack-up the price of your product, or to appeal to more players by lowering the cost. Little has decided that dropping the price was the right way to go, and he not only dropped the price, he absolutely shredded it!
What would normally cost players $14.95/month + a one-time sign-up fee of $99.95 is now only $8/month with the sign-up fee waved!
In a press release Little explained his reasoning for slashing the price to FloatTheTurn.com in the following way: “When I heard that Netflix lost 800,000 subscribers after raising their prices, I knew I had to do the opposite… And if this new lower price helps me get 800,000 new subscribers, I wouldn’t complain,”
Little went on to explain, “It’s no secret that the poker industry has been struggling lately. With the exception of the World Series of Poker, participation in large buy-in tournaments has been dropping steadily in recent years. When I won the Foxwoods WPT event in 2008, there were 412 entrants. In 2011, there were only 189 entrants. Something has to be done to encourage more people to play or we’ll just end up with a handful of pros playing each other for insignificant prize pools. I’m hoping this new lower price will appeal to a much larger group of aspiring poker players and help them develop the skills and confidence they need to compete in today’s game.”
You can visit www.FloatTheTurn.com for more information
Tags: Champion, Changing Climate, Confidence, Customer Base, Handful, Jonathan, Netflix, Online Poker Rooms, Participation, Poker Players, Pools, Press Release, Series Of Poker, Slashes, Subscribers, Swath, Time Sign, Vine, World Series, World Series Of Poker
Posted in Poker Industry News | No Comments »
Thursday, November 3rd, 2011
The poker world let out a collective “ONE TIME” yesterday afternoon after learning that Groupe Bernard Tapie had come to an agreement with the US Department of Justice that would allow players from around the world to be repaid IF they can now convince 2/3 of Full Tilt Poker shareholders to sell to GBT.
Subject: Poker broke the story, posting an E-Mail sent to Full Tilt shareholders by CEO Ray Bitar:
Dear members,
I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising FullTiltPoker. My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.
With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.
-Ray
According to Subject: Poker, the deal agreed to by GBT and the DOJ would call for the DOJ to repay US players (most likely from the hundreds of millions seized before and after Black Friday) while GBT would take on the responsibility of player funds from the rest of the world.
Of course there are still some hurdles to clear, and it remains unclear how the DOJ would repay players. For a look at some of the issues that could arise you can check out this article from CalvinAyre.com.
Tags: Bernard Tapie, Black Friday, Civil Litigation, Department Of Justice, Doj, E Mail, Full Tilt Poker, Hurdles, Poker World, Rest Of The World, Shareholders, Successor Company, Us Department Of Justice, Yesterday Afternoon
Posted in Poker Industry News | No Comments »
Thursday, November 3rd, 2011
The poker world let out a collective “ONE TIME” yesterday afternoon after learning that Groupe Bernard Tapie had come to an agreement with the US Department of Justice that would allow players from around the world to be repaid IF they can now convince 2/3 of Full Tilt Poker shareholders to sell to GBT.
Subject: Poker broke the story, posting an E-Mail sent to Full Tilt shareholders by CEO Ray Bitar:
Dear members,
I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising FullTiltPoker. My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.
With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.
-Ray
According to Subject: Poker, the deal agreed to by GBT and the DOJ would call for the DOJ to repay US players (most likely from the hundreds of millions seized before and after Black Friday) while GBT would take on the responsibility of player funds from the rest of the world.
Of course there are still some hurdles to clear, and it remains unclear how the DOJ would repay players. For a look at some of the issues that could arise you can check out this article from CalvinAyre.com.
Tags: Acquisition, Assets, Attorneys, Bernard Tapie, Black Friday, Ceo, Civil Litigation, Department Of Justice, Doj, E Mail, Full Tilt Poker, Hurdles, Poker World, Principle, Rest Of The World, Shareholders, Successor Company, Time Frame, Us Department Of Justice, Yesterday Afternoon
Posted in Poker Industry News | No Comments »
Friday, October 14th, 2011
Current and former Doyles Room poker players found a very intriguing E-Mail in their inboxes on Tuesday night. The E-Mail was sent to inform players that Doyles Room would be undergoing a software upgrade early Wednesday morning, and when the site comes back online at 7AM it will no longer be Doyles Room, but will be Americas CardRoom!!!
Apparently Americas CardRoom has purchased Doyles Room, and all of its assets, and will be rebranding the site as Americas CardRoom. The site will remain on the Yatahay Network, utilize the same software (with a different look), and players will retain all of their bonuses, promotions, and affiliate deals according to the E-Mail.
Here is a look at the pertinent parts of the E-Mail received by Doyles Room customers:
Something exciting is happening at DoylesRoom, and as a result, our software will require a scheduled downtime from 3:00am ET until 7:00am ET tomorrow Wednesday October 11th. When we’re back online, you’ll notice a transformation that’s going to change the poker landscape for the better.
DoylesRoom is becoming Americas CardRoom and the future is going to be amazing. Americas CardRoom and DoylesRoom are proud to announce the acquisition of DoylesRoom along with the rights to the player and affiliate database, the DoylesRoom software, staff, and player liability. But first, let’s talk about what won’t change:
- October’s Big Promos—everything remains intact
- Great Software—it’s exactly the same as before, except for some new colors and a brand new logo
- Your Login Credentials—sign in to the new software just as you would to DoylesRoom
- Your Account Assets—Information like hand histories, player notes, FPPs, bonuses, and more will remain intact
- Your Account Balance—it will remain 100% intact
- The Dedicated Staff—all the day-to-day people behind the scenes will remain on board
What’s New
- A $65,000 Points Race—that’s up from this month’s $50k
- A New Online Poker Super Series—it’s called ACROSS and it’s going to be unlike anything you’ve experienced before. End of November.
- An innovative loyalty program—coming very soon our VIP program that will crush any program in the industry
Tags: Account Assets, Account Balance, Affiliate Database, Affiliate Deals, Americas Cardroom, Brand New Logo, Downtime, Doyles Room Poker, Doylesroom, E Mail, Great Software, Histories, Login Credentials, Mail Room, New Software, Poker Players, Promos, Software Staff, Tuesday Night, Wednesday Morning
Posted in Online Poker, Poker Industry News | No Comments »
Thursday, October 6th, 2011
For the third straight year the Poker Hall of Fame has let the fans do the preliminary voting, choosing the players they feel are the most deserving (or perhaps their favorites) to be inducted into the Poker Hall of Fame. Since fan voting began the list of players chosen by the fans has been narrowed down to the top 10 vote-getters (provided they were deemed eligible by the Poker Hall of Fame committee) followed by a final vote by the 18 living Hall of Fame members as well as 17 pre-selected members of the poker media.
This year there is a new rule in place which has kept past finalists like Phil Ivey and Daniel Negreanu off the final list; the Chip Reese Rule, which was enacted this year and states that all inductees must be at least 40 years of age.
So with that in mind, here is a look at the 2011 nominees for the Poker Hall of Fame:
- Annie Duke
- Barry Greenstein
- Jennifer Harman-Traniello
- Linda Johnson
- John Juanda
- Marcel Luske
- Jack McClelland
- Tom McEvoy
- Scotty Nguyen
- Huckleberry Seed
With only 40 total members the Poker Hall of Fame is a very select group, and even with more lax rules governing the percentage of the vote a player needs to be inducted (a change that was made last year) only two players per year are likely to join their peers in poker’s most exclusive club.
I’m putting my money on Barry Greenstein and Jennifer Harman…
Tags: Annie Duke, Barry Greenstein, Fame Committee, Hall Of Fame, Hall Of Fame Members, Huckleberry Seed, Jack Mcclelland, Jennifer Harman, John Juanda, Lax Rules, Linda Johnson, Marcel Luske, Peers, Phil Ivey, Poker Hall, Reese, Scotty Nguyen, Select Group, Tom Mcevoy, Vote Getters
Posted in Poker Industry News | No Comments »
Thursday, September 29th, 2011
As the saga that began on Black Friday (nearly 6-months ago) continues to unfold for Full Tilt poker the news simply gets worse and worse for both Full Tilt poker and the thousands of online poker players who have some $390 million frozen in their Full Tilt poker accounts.
On Thursday morning the Aldernay Gambling Control Commission (AGCC) decided to fully revoke the operating license of Full Tilt Poker, after releasing its findings from the hearing that took place about a week ago in London.
In the initial press release and subsequent detailed findings, the poker world became aware of a number of things. First and foremost, Full Tilt poker representatives refused to take part in the hearing when their request for a further adjournment was denied –Full Tilt was then represented by AGCC officials in the hearing, who presented the site’s side of the case.
Additionally, it seems Full Tilt Poker was required to segregate player funds, as the AGCC listed the following regulation as one of the many Full Tilt poker was in violation of: “The Company will ensure that, at all times, there are sufficient funds in this account to cover all balances held by the company on behalf of its customers. The Company confirms that this account is not used as a security for any other operational liability”.
Another interesting revelation was that Full Tilt poker was fudging the financial statements it was sending to the AGCC by including funds that had been seized by the US government, as well as the shortfall caused by accepting eCheck deposits from US players when they had no means of processing the transaction –this “credit” to players accounts was also something the site was prohibited from doing under their licensing agreement.
You can read the entire press release here, and the complete list of charges here
Tags: Adjournment, Agcc, Black Friday, Breaking News, Complete List, Entire Press, Financial Statements, Full Tilt Poker, Gambling Control, Initial Press, Licensing Agreement, online poker, Poker Players, Poker World, Press Release, Revelation, Saga, Shortfall, Thursday Morning, Us Government
Posted in Online Poker, Poker Industry News | No Comments »
Thursday, September 29th, 2011
Full Tilt poker attorney Jeff Ifrah once again gave an exclusive statement to PokerStrategy.com regarding the possible deal that would see a French investment group take over the ailing online poker room. Ifrah told PokerStrategy.com that he was recently in France to help with the negotiations, and that the only major sticking point still remaining was the state of Full Tilt poker’s Aldernay Gambling Control Commission (AGCC) license –which if revoked is apparently the deal-breaker.
Here are Ifrah’s comments to PokerStrategy.com:
“The investors are totally committed to doing this- we’ve met with them and seen the funds. Their primary concern right now is the AGCC’s decision on Full Tilt’s license. The investor’s position is that if Alderney revokes the license, they won’t go through with the deal because it makes things too difficult.”
“They called and volunteered to discuss their commitment directly with the commissioners. Without hesitation, they are prepared to review the terms of their offer. Additionally, they’ve hired a prominent and respected lawyer in the gaming industry and are setting up a meeting with the DOJ to try and work out the issues Full Tilt has in the U.S.”
The group is rumored to be fronted by French businessman Laurent Tapie, who would infuse the company with enough capital to repay customers around the world as well as settle the civil case brought against Full Tilt poker by the US Department of Justice.
While these deals can fall apart at just about any moment during the proceedings, the fact that there are still viable investors for Full Tilt poker will be viewed as really, really, good news for the thousands of players who have nearly $400 million in funds frozen on the site.
Tags: Agcc, Alderney, Businessman, Civil Case, Department Of Justice, Doj, Full Tilt Poker, Gambling Control, Gaming Industry, Hesitation, Investment Group, Laurent Tapie, Lawyer, Negotiations, online poker, Poker Gambling, Poker Room, Proceedings, Sticking Point, Us Department Of Justice
Posted in Online Poker, Poker Industry News | No Comments »
Tuesday, September 27th, 2011
While the entire poker world awaited a statement from Full Tilt poker stemming from the requested amendment to the civil case that was filed last week, few will be satiated by the out of touch, off-topic, statement that Full Tilt Poker released. Basically the only point of contention that Full Tilt poker decided to address in the statement was the use of the term Ponzi scheme by US Attorney Preet Bharara.
Nothing regarding the massive shortfall, huge dividend payments to owners, or the other alleged fraudulent activity that took place at the site. Instead this is what Full Tilt Poker determined was the most important aspect to push-back against:
“Full Tilt Poker is not a Ponzi Scheme.
On September 19, 2011, the Department of Justice issued a release stating that Full Tilt Poker was “A Global Ponzi Scheme.” While the government has taken issue with the underlying activities of FTP, under any reasonable interpretation, there is no way to characterize the operation of Full Tilt Poker’s virtual online card room as a global Ponzi scheme.
A “Ponzi” scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi schemes do not involve any legitimate investment, but rather use the new investor funds to pay “dividends” to the initial investors.
Despite recent events, FTP remains committed to identifying a suitable investor and paying back its players in full.”
Whew, and here I thought the company may have been in trouble *be careful not to slip in all of that sarcasm!
Tags: Address, Civil Case, Department Of Justice, Dividend Payments, Dividends, Fraudulent Activity, Full Tilt Poker, Initial Investors, Investment Fraud, Investor Funds, New Investor, Point Of Contention, Poker Online, Poker World, Ponzi Scheme, Ponzi Schemes, Sarcasm, Semantics, Shortfall, Whew
Posted in Poker Industry News | No Comments »
|
|
