New Federal Legislation Defining Games Of Chance Also Seeks To Abolish The IRS
CardPlayer.com Poker is widely considered a game of skill , and a federal court found that to be the case in 2012. Moran’s legislation is apparently separate from forthcoming sports betting legislation from New Jersey Congressman Frank Pallone, a Democrat.
iTEAM Network to Feature the DSF Platform
LAS VEGAS, Jan. 19, 2016 /PRNewswire/ — iTEAM Network announced today that Phil Ivey, widely considered the world’s most talented poker player, will launch PhilIveyDFS on their Daily Fantasy Sports (DFS) platform. Ivey, the youngest and fastest player to win 10 championship bracelets, has been reviewing the evolution of Daily Fantasy Sports both as a fan… [Read more…]
“Poker is a game of tactics,” said Fatima Moreira de Melo, from PokerStars Live. “Why do you think I wear low-cut shirts when I play? You’ve got to use every advantage.”
“I used to be a professional poker player,” Walters said, “and, they’re right, if you’re a good poker player, it’s a game of skill. Well, betting sports is much more of a game of skill than poker. I’m living proof that betting sports is a game of skill. I’ve won 37 years in a row. If that’s not a skill, then I don’t know what is.”
“They’ve legalized lotteries, and you can walk into an off-track betting parlor and bet on any horse race in the country,” said Walters. “And why can they do that? Because of the horse lobby; the people who control the horse lobby have a lot of juice; so does the poker lobby, but there is no such thing as a sports betting lobby. I think they’ll get poker approved, and hopefully sports betting will be next. People are doing it, and they’re not going to stop. It just doesn’t make sense.”
Walters believes that the National Football League (NFL) is another big obstacle in the fight for legalization. Read the full interview from Covers earlier this year.
Earlier this year poker star and professional Blair Hinkle won over $1.2 million in a Full Tilt Online Poker Series (FTOPS) main event. Hinkle’s prize was one of the largest the site had ever awarded, and it coincided with the company’s alleged insolvency. However, he had no way of knowing that his seven-figure cash award was in serious danger, or that his winnings existed partly as what authorities have called “phantom funds” within the Full Tilt poker site.
According to Hinkle, the company took about a month to respond to his emails asking to raise his $8,000 per-day limit on cashing out. The site then asked him to re-verify his account. By the time the process was over, it was April and Black Friday had hit the poker community. Furthermore, none of his requests to withdraw just $48,000 of his winnings had been successful.
Memo to Hinkle and the thousands of online poker players in the United States: online poker is illegal! It doesn’t matter whether or not you think it should be legal. It isn’t.
Hinkle is under the delusion he will see his money some day. Read his thoughts at Card Player
NEW YORK (Reuters) – U.S. prosecutors made new allegations on Tuesday in a probe of the Full Tilt Poker website, accusing self-styled “Poker Professor” Howard Lederer and professional poker champion Christopher Ferguson and others of paying themselves more than $440 million while defrauding other players.
In a motion filed in federal court in New York to amend an earlier civil complaint, the prosecutors accused Full Tilt Poker of running a Ponzi scheme that continued even after the original charges were filed.
Prosecutors unsealed the earlier charges on April 15, accusing three Internet poker companies — Full Tilt Poker, Absolute Poker and PokerStars — and 11 people, including Full Tilt director Raymond Bitar, of bank fraud, illegal gambling and money laundering offenses.
Lederer is described on his website as “The Poker Professor” and Ferguson has won five World Series of Poker events. The men are directors and owners of Full Tilt Poker.
“In reality, Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440 million since April 2007,” the office of Manhattan U.S. Attorney Preet Bharara said in a statement.
“Full Tilt was not a legitimate poker company, but a global Ponzi scheme.”
A Ponzi scheme is usually one in which early investors are paid with the money of new clients and it collapses when funds run out.
The U.S. Attorney’s previous civil complaint did not contain allegations of the company defrauding players or owners taking payments improperly.
Representatives of Full Tilt Poker could not immediately be reached to comment on the amended complaint, which has yet to be approved by a U.S. District Court judge. This type of filing is usually approved as a formality.
The prosecutors said Full Tilt Poker’s board of directors, including Bitar, Lederer, Ferguson and Rafael Furst, defrauded players by misrepresenting that their funds in accounts were safe, secure and available for withdrawal.
In the new complaint, they cited emails and poker message board postings in 2008 and 2009 in which Full Tilt Poker and its representatives assured players their money was safe.
One of those emails read, in part: “To protect both our players and business from financial problems, all player account funds are segregated and held separately from our operating accounts. Unlike some companies in our industry, we completely understand and accept that your account money belongs to you, not Full Tilt Poker.”
The government challenges the assurances, saying the company did not have money to repay the players.
The case is USA v Pokerstars, et al, U.S. District Court for the Southern District of New York, No. 11-02564.
I couldn’t find anything about this on the NTRA or Breeders’ Cup websites, but the Thoroughbred Times is reporting that the Breeders’ Cup has established a sponsorship with poker superstar Michael “The Grinder” Mizrachi, who is the youngest player on poker’s top 10 career money list with more than $11-million in career tournament earnings. Last year, “The Grinder” made the final table of the World Series of Poker Main Event, finishing fifth to pocket over $2.3-million.
Breeders’ Cup believes the partnership will help introduce wagering and liquidity of the two-day Breeders’ Cup World Championships to the poker world.
“We believe that there is a strong cross-over between poker and horse racing, which has not yet been realized”, said Peter Rotondo, vice president of media and entertainment for Breeders’ Cup.
I commend the Breeders’ Cup and Rotondo for trying this approach. It may not work as well as they hope since the crossover between poker players and handicappers is surprisingly low. I know this from having conducted surveys during my time at Brisnet.com. Regardless, it is a worthwhile attempt by the industry.
Follow-up: A poker site just came out bashing The Grinder for his alignment with the racing industry. Read about the pushback here.