PokerStars’ Dire Straits End: Money for Something, No Chips for Free

A reinterpretation of the law by the DoJ could open the entranceway for PokerStars to enter the New Jersey market at last.
Just when you can’t possibly become anymore cynical about how exactly justice is meted out on the planet, a boomerang that is new tossed that hits you square in the head. Such is the latest in the U.S. Department of Justice’s power to bend, rotate, mutate and rewrite the law essentially when they can possibly squeeze some more money from the jawhorse to enhance their coffers.
Needless to say, we would never imply that any backhanded deals are going on, however you can come to your own conclusions on this one.
Justice 2.0
Unnamed sources are rumored to have admitted that the DoJ is suddenly ready to accept an interpretation that is new of legislation, one which essentially lets non-American citizens and any businesses they could be involved with off the hook with any criminal fees. Word is the federal justice agency need corporate fines which we’re pretty sure won’t be chump change in addition to pleas that could kill any pending costs, as long as those companies have no U.S. physical presence whatsoever.
Is not it just therefore convenient that this takes place to encompass the precise situation that allows PokerStars until now saddled with the dreaded ‘bad actor’ designation that has kept the major on the web site out of the operating in both Nevada and nj-new Jersey to get back to the Internet game within the U.S. poker scene. Items that make you go hmmmmm.
Waiting to Exhale
PokerStars has been most anxious to take advantage of nj’s 9 million population that is (Nevada’s base is a much smaller under 3 million); and this might be simply the ticket to make that happen. In reality, some news sources are reporting that this will directly impact Isai Scheinberg, Pokerstars founder, with resolution expected this a move that would then allow PokerStars to enter the U.S. online poker market at last year. Scheinberg’s Black Friday 2011 indictment has become a major stumbling block up until now to making that a real possibility.
No doubt, PokerStars wants to reestablish its brand presence before they are left in the dust with New Jersey’s online market up and running since late November 2013 and with major poker-only sites for Borgata (with partner PartyPoker) and Caesars WSOP-brand already zooming out in front of the competition. The company also needs to match competitor PartyPoker, which just lately broke marketing that is new by having a first-time-ever pro recreations alliance with both the NHL’s New Jersey Devils and the NFL’s Philadelphia 76ers. And PokerStars Friday that is pre-Black brand so powerful between America’s shores, the organization could well and may very well jump quickly to your front of the line yet again if offered a comeback kid’s opportunity at it.
Good thing PokerStars’ non-American market has held the business’s pockets lined in gold; a 2012 DoJ settlement indian dreaming slots with the department cost PokerStars an awesome $547 million (paid out over three years) to take over competitor Full Tilt’s defaulted accounts and acquire players on both relative sides of the world paid up. And that’s not really considering movie Stars’ $15 million that is now gone with the wind; money placed into the Atlantic that is now-defunct Club a type of ‘good faith’ deposit on what the company thought would be their purchase of the establishment. Plus millions that are going towards possible online partner Resorts Atlantic City, to ensure that after the smoke clears, Stars is willing to roll online as quickly as possible in brand New Jersey.
The net poker company has spent so much out-of-pocket, in fact, that some might wonder if it also is practical in the future back to your American market as of this point. But PokerStars knows its good behavior post-UIGEA will constantly stick in American players’ minds as a credit that is positive and demonstrably they visit a revenue potential even after kicking back, um, we mean spending off ‘fines’ to the Department of Justice for the next shot.
Bitcoins Go Legit for Nongaming Product Sales in 2 Las Vegas Hotels
Two Las Vegas downtown hotels are allowing Bitcoins to be used for nongaming purchases for the time that is first.
Something you can say definitively concerning the cryptocurrency understood as Bitcoins: they know how to stay in the news. The past month) or alleged affiliations with darknet sites like illicit-trade site Silk Road, Bitcoins are definitely front-of-mind for many people; gamblers in particular whether its the digital currency’s fluctuating exchange rate (which has mostly been somewhere inside the $900+ mark.
So perhaps it shouldn’t surprise us that the currency that can be connected with illegal and usually untraceable activities, is now going in to the legit marketplace, via acceptance for nongaming deals at two major downtown Las Vegas hotels, starting earlier this week.
Downtown Hotels to Accept Bitcoins
It is certainly a novel concept, but D Hotel and Casino owner and Golden Gate CEO Derek Stevens is not merely one to panic of the unknown. The two hotels are actually breaking ground by accepting Bitcoins in real-life nongaming scenarios. And just what better method to start than with some hot dog purchases at the D’s American Coney Island restaurant; apparently several Bitcoin transactions hit for the weiners right out associated with gate.
‘ There is a lot more excitement across the idea than we first thought,’ noted Stevens, adding, ‘I’m not certain how this may evolve.’ The hotelier claims he’s been considering the Bitcoin choice for the year that is past a half before making the plunge. Evidently customers even nudged him about the possibility in some places.
Certainly, it’s a groundbreaking move; the 2 downtown properties will be Sin City’s first-ever to simply take Bitcoins for any type or kind of deals whatsoever. Both resort casinos will require the cryptocurrency for room charges et al at their respective front desks, therefore the D will also accept it at its present shop, the American that is aforementioned Coney restaurant, as well as at Joe Vicari’s Andiamo Italian Steakhouse, situated on the hotel casino’s property.
Technology Investment
The cryptocurrency will be accepted via tablets programmed with Bitpay which is located at various cashier outlets; users with mobile wallets can hence effortlessly move the funds as needed. Stevens says he had to make the investment into that technology in order to permit Bitcoin processing; he decided it was worth the risk for the unique and distinguishing edge it offered him over competitors.
‘We’re situated in the growing high-tech sector of downtown vegas, and like all things downtown, we’re quickly adaptive to brand new technology,’ said Stevens. ‘The timing is right for people to launch this initiative, and I also’m pleased in order to provide this to our customers.
‘I think 2014 is certainly going to be an interesting 12 months for Bitcoin,’ Stevens added. ‘there are a true number of companies just starting to accept the currency. We do need a complete lot more direction from the IRS while the U.S. Treasury.’
That comment that is last most likely a significant stumbling block to Bitcoins being accepted for video gaming transactions quite yet; that, plus the undeniable fact that Nevada state regulators haven’t sanctioned the re payment method yet. And don’t expect that to take place any time in the future, either; Nevada’s Gaming Control Board Chairman A.G. Burnett states the niche hasn’t even been broached between the commissioners and any casino proprietors.
‘So far, we have not allowed it,’ Burnett noted.
And Stevens has no nagging problem with that for now.
‘I think it’s prematurily . with the technology. We desire a lot more information,’ he said.
Those transactions will need to be converted to American dollars, and Nevada’s state coffers will get their normal cut as well via sales and room taxes for now, according to Stevens, his two properties will track all point-of-purchase sales made with Bitcoins; as with a foreign currency. That information will be passed on then towards the state’s regulators for review and consideration.
Nevada Gaming Control Board Joins Olympic Committee to Fight Bet Scams
The Nevada Gaming Control Board is joining because of the Olympic Committee to combat betting scams for this season’s occasions
The issues of match fixing, point shaving and lately, even courtsiding, have all put problematic issues that are betting sports in the news headlines a lot lately. And of course, nothing is more front-of-mind with regards to sports than the upcoming XXII Winter Olympic Games in Sochi, Russia which will run from February 7 -23, beginning in just a couple weeks.
Nevada Regulators to simply Help IOC
And of course, no one knows more about sports wagering than Nevada, the only state where activities betting is formally legal into the U.S. With that at heart, the Silver State’s Gaming Control Board (GCB) has agreed to do business with the International Olympic Committee (IOC), with the goal for both bodies to uncover any possible improprieties that might surface in the Winter Games competitions. The two groups that are key they will share information in order to take care of the integrity of all of the sports involved.
Ironically, Las Vegas sports books will never be able to accept any wagers regarding the games that are olympic, but the plan is apparently to monitor both illegal and overseas books for almost any signs of game manipulation.
‘Nevada is regarded through the globe as the gold standard in video gaming legislation and part of that reputation is tied to the board’s tireless efforts to thwart illegal and irregular betting as a whole and we are happy to put forth that same level of effort in eradicating illegal and irregular gambling in recreations particularly,’ said GCB member Shawn Reid. ‘ The Gaming Control Board is honored to be considered a partner using the Overseas Olympic Committee in the battle against irregular and unlawful betting in activities.’
This matchup follows an earlier agreement that was finalized in London, before the 2012 Summer Olympics for the reason that city. Information provided by Nevada regulators and sports books will be used in the IOC’s newly dubbed Integrity Betting Intelligence System (IBIS), based on IOC communications director Mark Adams.
Old Issues, New Games
the two organizations will likely be watching are certainly nothing brand new; sports books have been pivotal in the past in unravelling schemes that are point-shaving both college and pro-basketball games for the NCAA and NBA. The books watch especially for irregular patterns that are betting help them zero in on potential problems.
The Nevada Board’s enforcement chief Karl Bennison says the GCB has plenty of experience in these issues, having formerly worked with Major League Baseball, along with the NFL; this will be the Board’s very first assisting the Olympic Games with these issues, however year. And Bennison knows that almost anything could emerge having a little digging.
‘There’s no telling what we could find in our investigations,’ Bennison said.
‘We might be contacted by a casino, and they might say we have uncommon or awkward task on the betting,’ he noted. ‘For example, people could be betting one of the ways on the game, and all of a sudden a great deal of money will come in on a different sort of side.’
The GCB was instrumental in uncovering a point-shaving system back in the 1990s at Arizona State University. In what became a scandal that is major two ASU basketball players were taking bribes to throw the point spread for four various games. It was some of the Sin City sports books that initially spotted a uncommon pattern of huge bets; they alerted the GCB, which in turn contacted the FBI.
The bad guys don’t behave nicely while Bennison says the collaboration is simply being done as safeguard, and not because anyone actually anticipates anything shady to go on, that’s sort of like saying the SWAT team is only on hand in case. And with a $10 million fund having been set up by the IOC to fight any feasible match fixing or illegal betting, we’re guessing the metaphoric AK’s will be locked and loaded.
