Online Casino Edition – Casino News News about online casinos and gambling

October 5, 2011

Full Tilt Poker Site – A “Ponzi Scheme”

Filed under: Casino — Tags: , — OCE News @ 12:00 am

US Attorney Preet Bharara has revealed that instead of players funds being safe and secure, as promised by Full Tilt Poker, their finances were being used for a “massive Ponzi scheme.”

An attorney representing Full Tilt Poker, Jeff Ifrah, stated that it’s unfair that the company be labeled as a Ponzi scheme as opposed to an illegal investment scheme.

“A Ponzi scheme requires an investment vehicle in order to receive a certain rate of high return. None of those things happened here,” he said.

Players cheated

“Full Tilt was not a legitimate poker company, but a global Ponzi scheme. As a result of our enforcement actions, this alleged self-dealing scheme came to light,” stated Bharara. “Not only did the firm orchestrate a massive fraud against the US banking system, Full Tilt also cheated and abused its own players to the tune of hundreds of millions of dollars.”

Bharara alleges that over a four-year period Full Tilt Poker was using money from player’s accounts to pay its owners as well as it board members. This amounted to over $440 million. Instead of covering its players’ accounts, it was taking care of its own interests first.

Bharara explained, “Full Tilt 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 of the money deposited with the company.”

Finances separate

Yet, the poker company claimed that players’ accounts were separated from the operating accounts. They explained that this was to protect both the players and the business. They assured in emails to the players that their money belonged to them and not Full Tilt Poker.

False claims

Prosecutors found this not to be the case when they looked into the company’s operations. They discovered before the criminal complaint which was filed against the pokers site in April that players were owed $390 million, whereas the owners, executive boards, and celebrity players had been paid $443 million. Howard Lederer and Chris Ferguson alone were paid $42 million and $25 million, respectively. Only $60 million was found remaining in the Full Tilt Poker bank account.

Free gambling

Bharara explained that the massive shortfall developed back in August 2010 when the American Full Tilt website suffered from a network disruption. It was unable to collect money from the players based in America but kept crediting funds instead of letting US players know the situation.

In the end, the poker company credited $130 million to the US players’ online gambling accounts. Bharara explained, “When players gambled with these phantom funds and lost to other players, a massive shortfall developed.”

Back in April Full Tilt Poker was closed by the FBI along with Absolute Poker and PokerStars. This was in an attempt by the government to crack down on illegal online gambling. The sites are being accused of money laundering and bank fraud as well as illegal gambling.

September 27, 2011

French Court Rules That Poker Is A Game Of Skill

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Recently, a major decision given by a French court has taken everyone by surprise. All these days, poker was considered to be a game of chance or luck but this new decision by the French court is bound to make everybody think twice before they play poker in future. The French court has declared in a case that poker is a game of skill and not a game of chance. It is being considered similar to other games of skill like craps and blackjack.

Impact of the ruling on earlier cases

Poker is one of the popular games played by many both in the regular land based casinos as well as online casinos. Many poker players still believe that poker requires a lot of skill and is not just a game of chance. The decision of the French Court has just reaffirmed the belief of the players. The court’s ruling is exactly the reverse of decisions given in earlier cases. Many years ago, in cases related to poker, it was always ruled that poker was a game of chance. This new decision is expected reverse the decision of all previous cases.

Impact of this decision on Online casinos

Laws concerning online gambling in France refer to poker as a game of chance. Online casino sites contain language that refers to poker as a game of chance. This decision of the French court is expected to have a great impact on the online gaming community. All these years, online sites have been offering poker under the category of games of chance.
Very shortly, the French Government is likely to appeal against the decision of the French Court. If the government succeeds, then, online casinos providers can easily open up gaming sites without any kind of license. Online poker sites can easily attract many players and they need not pay current taxes as well.

The French Government’s Future Plans

Proactively, the French government is also planning to amend its laws with a provision for making poker a game of skill. By including poker as a game of skill, it will allow the French Poker Pros to claim any amount that has been won as income which attracts tax. A lot of changes are expected to happen in the long run with this major decision by the French Court.

However, there are lot of people who are arguing against the decision. Many players involved in skill games like chess players, mathematics professors and also bridge players are against considering poker as a game of skill. They are now questioning the very concept of skill and its importance. Chess players who believe that skill is the main aspect of the game of chess are not ready to accept poker as a skill game. Very soon, the French government’s proposal is expected to end this argument.

September 25, 2011

UK Online Casinos Coming Under More Regulations

Filed under: Casino — Tags: , — OCE News @ 12:00 am

UK is one of the countries which had introduced better regulations and licensing rules for online casinos as well as many poker sites. Now, they are again trying to frame better rules for regulating the activities of online casinos in order to make them safer for players.

Need for Regulation

There has been no development regarding regulating the activities of online casinos for many years. Despite the increasing number of online casinos, very little attention has been paid by the authorities towards the licensing aspect. Though there are some existing rules, they are not being followed by the industry players.

Latest Case of PokerStars and Full Tilt Poker

Recently due to a case that happened in April, the US made some stringent measure to tackle the security lapses in online casinos. Full Tilt who had secured the license from Alderney did not require its online casino to hold any funds required for refunding to the players. Everything went for a toss when Full Tilt stopped allowing US players to play in their online casino. They did not refund the money to players who had deposited money. The matter became worse when Full Tilt did not have enough money to refund to players when their license for gaming was suspended. This created lot of chaos among players as they became aware of the rules only then. It resulted in many players suffering heavy losses.

This was the time when people who were visiting online casinos started thinking about how secure these online casinos were. The US passed very stringent regulations in order to provide a safer gaming experience to players in online casinos. PokerStars is a very good example. They were given license by the Isle of Man. They were required to maintain sufficient funds depending upon the volume of business in order to meet the refund demands of players. When their license was suspended, they had enough funds to refund around $100 million to players from the US without any hiccups.

New regulations for licensing and to curb fraud and theft

The regulations and licensing requirements of online casinos are being reviewed by the Culture, Media and Sports Department in the UK. A lot of factors are being taken into consideration in order to frame better legislation to ensure that online casinos in UK are safe and secure.

Factors being taken into consideration include better rules for accounting for online casinos, rules for limiting the advertising campaign and sponsorship programs by online casinos, better and effective measures to curb fraud and theft and many more. All this will help provide a better environment for players so that they can play in online casinos without any problem. Due to the growing number of cases of fraud and theft, a lot of discussion is being held for framing rules for curbing the same.

In the US, authorities have started their campaign against fraud in online casinos by introducing better legislative measures. Very soon, even the UK government is expected to implement such measures. In the next few months, a lot of drastic changes are expected to be seen in the way licensing is done in UK online casinos.

September 5, 2011

First $1 Million Won By David “Chino” Rheem In Epic Poker League

Filed under: Casino — Tags: , , — OCE News @ 12:00 am

David “Chino” Rheem was the first player to win $1 million at the Champions Ring, which took place at the Epic Poker League Main Event at the Palms. It took four tournament days, 35 hours, and 212 hands. Chino was able to win against some of the top tournament professionals in the world.

“I’m proud to be the first Epic Poker League Main Event champion. This league is setting a new standard for poker players, and I’m committed to using this win as an opportunity for a fresh start,” Chino said. So far, Chino, who is based in LA, has amounted lifetime earnings of $4,710,297.

Other players at the final table were poker professionals Erik Seidel, Gavin Smith, Jason Mercier, Huck Seed, and Hasan Habib.

Although Seidel pushed all-in with his A-Q, Chino managed to call and secure the win with his A-K. All the action from the Inaugural Main Event will be aired on Discovery Communications’ Velocity and CBS this fall.

Seidel views the Epic Poker League Main Event as good for poker, because it puts the players first. He sees it as worthy of support from the whole of the poker community.

“It was a real thrill to participate in the final table of the first-ever Epic Poker League Main Event. It was one of the more exciting final tables I have ever played,” Seidel explained. “What’s special about this league is that the best players in the world compete against each other and ensure that fans will see high-level play across the board.”

Seidel, along with Chino, has now managed to get a place in the $1 million Epic Poker League Championship Freeroll, which takes place at the end of the season. The top 27 players with the highest amount of earnings in the four Epic Poker League Main Events will be eligible to play. Chino has an earning of $1 million, whereas Seidel has $604,330.

Commissioner of the Epic Poker League, Annie Duke, explained, “Crowning our first Main Event champion was so exciting. The final table of this event featured some of the most skilled and most recognizable live tournament players in the world.”

Duke said that the week was pioneering for the Epic Poker League and was grateful to all the players who took part in the event at the Palms.

Owner of the Palms, George Maloof, was also pleased with the event: “We congratulate David and know poker fans and aspiring enthusiasts around the world will be impressed with the Epic Poker League broadcasts later this fall.”

There will be three more rake-free $20,000 Main Events in the Epic League inaugural season, which will take place in the Palms. Each will include $400,000 in additional money and the top 27 players will get a $1 million freeroll championship event within the league on 6th September, 14th December, and 9th February. The final championship will take place on 13th February. A charity event will precede each main event.

August 17, 2011

Secret Mission Promo At Mansion Casino

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Backed by the industry giant Playtech, Mansion Casino is one of the most reputed and preferred casinos in the world. Along with a huge selection of fun-filled and exciting games, it also offers its players many great opportunities to win real big money. The latest promotion at the casino will enable players to earn big prizes by facing little challenges. This is a secret mission promo where players have to crack the code, unlock the safe, and claim their prizes. The most striking feature of this particular promo is that each player will be allocated with personal points target. The information regarding their individual target has been secretly sent to their email ids. In order to find out what they have to do to participate in the latest promotion introduced by the casino, they need to check their mail inboxes to know about their mission.

How to Crack the Code

Starting on July 7, 2011, the Crack the Code promotion will continue till August 3. In order to earn points and meet their target, players will need to wager on any of Playtech games during Cark the Code promotion period. Points will be awarded to the players keeping in consideration the usual loyal schemes at the casino. The best part is that if players hit their given targets early on, Mansion Casino will automatically increase their target giving them an opportunity to hit a bigger bonus. If they are able to unlock their enhanced target, they can claim a higher amount. If they are unable to meet their new targets, they can still claim the bonus which they have initially earned. Apart from this, the points earned by each player will be updated everyday so that they can know how far they have reached and how many more points they have to earn to meet their individual targets. The money will be credited into the winners’ accounts by August 5, 2011.

About Mansion Casino

Mansion Casino is one of the most reputed online casinos in the world. It offers more than 200 games to its players including blackjack, roulette, slots, and poker. You can also play the most interesting and exciting progressive jackpot slots and have unlimited fun and excitement. With super graphics, amazing sound effects, and easy interface, it offers its clients a unique gaming experience. In addition to its daily gaming promotions, you can also participate in its weekly or other special tournaments. Known for introducing the most innovative schemes and promotions, the casino gives excellent opportunities to win big money through small challenges.

Along with the most exciting games, Mansion Casino offers brilliant customer support. With email service and live chat, they also have multi-lingual toll-free support in many countries. With these services, they are able to resolve all your questions as quickly as possible. Mansion Casino offers exciting new player bonus and re-deposit bonus. In order to earn hefty bonuses, register on the casino today only and get to play the most thrilling online games.

The secret mission promo at Mansion Casino is a unique promotional tournament where each player has his own individual target and missions to uncover.

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