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October 11, 2011

Madden And Wolf Oppose Gambling In Massachusetts

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

State lawmakers in Massachusetts are losing the battle against introducing casino gambling onto the island. Tim Madden, a Nantucket state representative, was the only one out of 32 legislators who went against the casino gaming bill. In the previous week the bill had had a good reception and been approved by a large margin.

If the legislation goes ahead, it will pave the way for three resort casino and these will built in different areas of the state. One of them is planned to be a single slot parlor and another a tribal casino based in Southeastern Massachusetts which will be owned by Mashpee Wampanoag.

State financial losses

Many critics are against the casinos because they believe gambling can bring with it a number of dangerous social problems and add no value to a community. But, this is not Madden’s biggest concern. He believes that allowing this form of legislation will not be beneficial to the district because money might be diverted for tourism and various other projects away from the region. The region in question is made up of Nantucket, Martha’s Vineyard, and certain areas of Falmouth.

“My concern is the infrastructure dollars; what you spend on roads and maintenance gets diverted to make these resorts,” Madden said. “And tourism dollars would be getting devoted to promote casinos.”

He went on to explain that there might be financial losses as opposed to gains within the region. “I don’t see jobs being created in the district and we may lose people here on the island who may follow those jobs,” he said. “All I hope is that it provides the jobs and the income that it is purported to do. It’s not the path I wanted to go down, but I don’t begrudge it.”

House approval

In a roll call which took place last Wednesday, the legislation was approved by the House 132-32. The bill will now go to the state Senate where also it is expected to be approved. Once this has happened, it will be sent over to Governor Deval Patrick.

Bad for the community

State Senator Dan Wolf, who was also in discussions with Madden, explained that he saw the vote against the legislation as “non-negotiable.” He takes a clear stance against the state lawmakers even thinking about the legalization of casino resort within the commonwealth.

“You’re looking at two of the strongest anti-casino legislators on Beacon Hill,” Wolf commented on Madden and himself.

Wolf’s impression of gambling is that it does not bring any good into a community. “There’re so many things, like the social problems, the economic benefits it promises and doesn’t deliver, it’s wrong on so many levels,” he explained. “It’s an insult to the people of Massachusetts that your elected representatives are even talking about this.”

October 9, 2011

WSOP 2011 November Nine Congratulated

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

On the eighth day of the World Series of Poker (WSOP), the November Nine were finally named and HollywoodPoker have now congratulated them for making the event one of the world’s largest poker championships.

The November Nine

The final hand was dealt at 2:10 am. Eoghan O’Dea beat John Hewitt with his KJ against the Costa Rican’s pocket 33. Once Hewitt had been eliminated, the November Nine was clear.

The November Nine who made it to the WSOP 2011 Main Event final table were:

  • Martin Stasyko (Cyech Republic)
  • Eoghan O’ Dea (Dublin, Ireland)
  • Matt Giannetti (Las Vegas, NV)
  • Phil Collins (Las Vegas, NV)
  • Ben Lamb (Tulsa, OK)
  • Badih Bou-Nahra (Beliye City, Beliye)
  • Pius Heiny (Cologne, Germany)
  • Anton Makiievskyi (Dnipropetrovsk, Ukraine)
  • Samuel Holden (Sussex, UK).

The event

Before the Main Event final table the competition was fierce. The worldwide appeal is even evident within the final nine players. Altogether, 6,858 poker players entered the WSOP 2011 and a prize pool of $64.5 million has been collected for the tournament. Even though there were many negative thoughts surrounding “Black Friday,” WSOP 2011 has been heralded as the third largest event of its kind in history.

A large and varied number of poker players came to take part in the event, mainly due to the fame and fortune connected to the WSOP. Participants included online poker players, live poker professional, and celebrities including Nelly. A number of poker websites used satellites in order to allow players to take part in the WSOP 2011.

HollywoodPoker

HollywoodPoker got involved with a large number of poker tournament qualifiers in order to give their players a good chance of playing in the WSOP 2011. The event qualifiers took a number of different formats including Daily Qualifiers, which involved a small buy-in of only $2.20, and also $35 Sit N Go Qualifiers. The site also included free-roll tournaments connected to the WSOP 2011 online poker satellite. This gave players the chance to win WSOP Main Event packages without the need for spending money on a buy-in. In total, HollywoodPoker gave away nine WSOP 2011 Main Event packages, each worth $14,000, as well as 36 Side Event packages valued at $3,600 each.

“HollywoodPoker aimed to make the WSOP 2011 main events accessible to poker players, no matter the size of their bankroll. The same actually goes with other big live poker events such as the GSOP Live and World Poker Tour,” poker room manager at HollywoodPoker, Ronald M., explained. “We want online poker players to thrive in live poker tournaments as well.”

Remaining tournaments

All of the November Nine are guaranteed to walk away with a money prize of at least $782,115, meaning they will all be millionaires once the championship is over. But, the pressure is still on. The last of the WSOP 2011 poker tournaments will start on November the 5th, 2011 and the WSOP champion will be revealed on November the 7th, 2011.

October 7, 2011

Lobbyists Push Congress To Legalize Online Poker

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

On Tuesday, the American Gaming Association (AGA) made its strongest call yet to Congress in an attempt to make online gambling legal. They stated that legalization was vital in order to protect US citizens from gambling operators that function illegally.

Frank Fahrenkopf Jr., President of the AGA, said in a statement that “There are no longer any good reasons to put US citizens at risk by continuing to outlaw online poker in the USA.”

Code of Conduct

Officials from the association created a Code of Conduct for online poker. In it they gave an overview of what measures would be necessary for a regulatory framework which would protect players in the USA as well as stop minors from gambling. It would also assist problem gamblers and help law enforcement for identifying and prosecuting any illegal operations.

The Code of Conduct addresses six principles:

  • Extensive background checks should be done to keep criminals out.
  • Proper identification should be enforced to prevent minors and cheaters from playing.
  • Regular auditing and testing should be conducted to keep games fair.
  • Exclusion process should be carried out to prevent minors and cheaters from accessing the sites.
  • Responsible gaming protections should be implemented for patrons and problem gamblers.
  • Anti-money-laundering procedures should be put in place.

Besides this the AGA has also released a YouTube video which explains how having unregulated poker line can be hazardous to Internet players.

Taking Action

Fahrenkopf explained in an interview that the association was neutral on two bills put forward by Congress which attempted to address the issue. The statement released on Tuesday shows that the association is in favor of legalization.

“We believe that this is the time to get this done. It’s all about educating members of Congress about not only Internet poker, but poker in gaming in general,” Fahrenkopf said.

On Monday Congressional Quarterly stated that Fahrenkopf had been seen on Capitol Hill using the argument that by legalizing online poker, additional tax revenue would be created along with between 10,000 and 15,000 sector jobs, both public and private. In addition to this, he has apparently proposed to Senate Majority Leader Harry Reid that he should add online poker legalization to President Barack Obama’s job-creation package.

Push for Regulation

Despite the crackdown at the beginning of this year, US citizens continue to play online poker on a daily basis. The US Justice Department charged a number of gambling operators back in April of bank fraud and money laundering. These sites included Full Tilt Poker, Absolute Poker, and PokerStars.

Fahrenkopf explained that by using their proposed Code of Conduct, US players will be able to gamble in a secure environment. He stated, “Online poker operators must adhere to the same stringent regulations that have proved effective in governing brick-and-mortar casinos.”

Using these guidelines, the AGA believes that online poker could be properly and effectively regulated, thereby protecting American players, creating employment, and increasing revenue into the country.

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.

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