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

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

A reinterpretation for the law by the DoJ could open the entranceway for PokerStars to enter the brand New Jersey market at last.

Just when you can’t possibly become anymore cynical about how justice is meted out in the world, a new boomerang gets tossed that hits you square in the head. Such is the latest into the U.S. Department of Justice’s capability to bend, rotate, mutate and basically rewrite the law whenever they can potentially squeeze some more money out of it to enhance their coffers.

Needless to say, we would never imply any backhanded discounts are going on, however you can arrive at your very own conclusions with this one.

Justice 2.0

Unnamed sources are rumored to have admitted that the DoJ is suddenly ready to accept a new interpretation of the law, one that essentially lets non-American citizens and any companies they might be involved with off the hook with any criminal fees. Word could be the justice that is federal encourage corporate fines which we’re pretty sure won’t be chump change as well as pleas that could kill any pending fees, provided that those companies do not have U.S. physical presence whatsoever.

Is not it simply so convenient that this occurs to encompass the exact 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 running in both Nevada and New Jersey to reunite 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 make the most of New Jersey’s 9 million population that is (Nevada’s base is just a much smaller under 3 million); and this could be just the ticket to make that happen. In fact, some news sources are reporting that this will directly impact Isai Scheinberg, Pokerstars creator, 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 is a stumbling that is major 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 keep up with competitor PartyPoker, which recently broke marketing that is new with a first-time-ever pro activities alliance with both the NHL’s New Jersey Devils while the NFL’s Philadelphia 76ers. And PokerStars Friday that is pre-Black brand so powerful between America’s shores, the business could well and probably will jump quickly towards the front of the line yet again if given 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 with the department cost PokerStars a cool $547 million (paid away over three years) to take control competitor Full Tilt’s defaulted accounts and acquire players on both sides of the world paid up. And that’s not even taking into consideration movie Stars’ $15 million that is now gone with the wind; money put into the now-defunct Atlantic Club as a type of ‘good faith’ deposit on what the company thought would be their purchase of that establishment. Plus millions that are going towards possible online partner Resorts Atlantic City, in order that after the smoke clears, Stars is ready to roll online as soon as possible in brand New Jersey.

The world wide web poker company has spent so much out-of-pocket, in reality, that some might wonder if it even is reasonable to come back to your American market only at that point. But PokerStars knows its good behavior post-UIGEA will always stick in American players’ minds as a credit that is positive and clearly they notice a revenue potential even after kicking back, um, we mean spending off ‘fines’ towards the Department of Justice for another shot.

Bitcoins Go Legit for Nongaming Sales in 2 Las Vegas Hotels

Two Las Vegas downtown hotels are allowing Bitcoins to be utilized for nongaming acquisitions for the time that is first.

Something you can say definitively in regards to the cryptocurrency understood as Bitcoins: they discover how in which to stay the news headlines. 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 possibly it shouldn’t surprise us that the currency that can be connected with illegal and usually untraceable tasks, is now going in to the marketplace that is legit via acceptance for nongaming transactions at two major downtown Las Vegas hotels, beginning earlier this week.

Downtown Hotels to just Accept Bitcoins

It is definitely 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 now actually ground that is breaking accepting Bitcoins in real-life nongaming scenarios. And exactly what better method to start than with some dog that is hot at the D’s American Coney Island restaurant; apparently a few Bitcoin transactions hit for the weiners right out associated with gate.

‘ There is a lot more excitement around the idea than I first thought,’ noted Stevens, adding, ‘I’m certainly not sure how this will evolve.’ The hotelier claims he’s been considering the Bitcoin choice for the past year and a half before making the plunge. Apparently customers also nudged him about the possibility occasionally.

Certainly, it’s a groundbreaking move; the 2 downtown properties will be Sin City’s first-ever to simply take Bitcoins for any kind of transactions whatsoever. Both resort casinos will need the cryptocurrency for space charges et al at their respective front desks, and also the D will also accept it at its gift store, the aforementioned United states Coney Island 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 that will be located at various cashier outlets; users with mobile wallets can hence easily transfer the funds as needed. Stevens says he had to result in the investment into that technology in order to allow for Bitcoin processing; he decided it had been well worth the risk for the unique and distinguishing edge it offered him over rivals.

‘We’re positioned in the growing high-tech sector of downtown Las Vegas, and like all things downtown, we’re quickly adaptive to new technology,’ said Stevens. ‘The timing is right for us to launch this effort, and I’m pleased in order to provide this to our customers.

‘I think 2014 is certainly going to be an interesting year for Bitcoin,’ Stevens added. ‘There are a number of companies starting to accept the currency. We do require lot more direction from the IRS therefore the U.S. Treasury.’

That last comment is probably an important stumbling block to Bitcoins being accepted for gaming transactions quite yet; that, plus the proven fact that Nevada state regulators haven’t sanctioned the re payment method yet. And don’t expect that to occur any time soon, either; Nevada’s Gaming Control Board Chairman A.G. Burnett states the subject has not even been broached between the commissioners and any casino proprietors.

‘So far, we now have prohibited it,’ Burnett noted.

And Stevens has no problem with that for now.

‘we think it’s prematurily . with the technology. We need a complete much 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 then be passed away on to 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 fight scams that are betting this present year’s events

The issues of match fixing, point shaving and lately, even courtsiding, have actually all put problematic gambling issues regarding recreations in the news a lot lately. And of course, nothing is more front-of-mind regarding sports compared to the upcoming XXII Winter Olympic Games in Sochi, Russia which will run from February 7 -23, beginning in just a few months.

Nevada Regulators to Help IOC

And of course, no one knows more about sports gambling than Nevada, the only state where sports wagering is formally appropriate into the U.S. With that in your mind, the Silver State’s Gaming Control Board (GCB) has agreed to utilize the International Olympic Committee (IOC), with the goal for both bodies to discover any possible improprieties that might surface in the Winter Games competitions. The 2 groups that are key they are going to share information in an effort to maintain the integrity of all of the sports involved.

Ironically, Las Vegas sports books will not be able to accept any bets in the Olympic games themselves, but the program is apparently to keep an eye on both illegal and overseas books for almost any signs of game manipulation.

‘Nevada is looked upon through the entire world as the gold standard in gaming legislation and component 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 place forth that same level of effort in eradicating illegal and irregular gambling in sports particularly,’ said GCB user Shawn Reid. ‘ The Gaming Control Board is honored to be a partner with the International Olympic Committee in the fight against illegal and irregular betting in activities.’

This matchup follows a youthful agreement that has been signed in London, before the 2012 Summer Olympics in that city. Information provided by Nevada regulators and recreations books will be used into the IOC’s newly dubbed Integrity Betting Intelligence System (IBIS), according to IOC communications director Mark Adams.

Old Problems, New Games

the two organizations would be watching are certainly absolutely nothing new; sports books have actually been crucial in days gone by in unravelling schemes that are point-shaving both college and pro-basketball games for the NCAA and NBA. The books watch especially for irregular betting patterns to help them zero in on potential dilemmas.

The Nevada Board’s enforcement chief Karl Bennison says the GCB has plenty of expertise in these matters, having previously worked with Major League Baseball, along with the NFL; this is the Board’s first assisting the Olympic Games with these issues, however year. And Bennison understands that nearly any such thing could emerge having a little digging.

‘There’s no telling what we’re able to get in our investigations,’ Bennison said.

‘We might be contacted by a casino, and they might state we’ve unusual or activity that is awkward the betting,’ he noted. ‘For example, people could possibly be betting a proven way on the game, and all of a sudden a great deal of money will come in on a different side.’

The GCB was instrumental in uncovering a point-shaving system back in the 1990s at Arizona State University. In exactly what became a major scandal, two ASU basketball players had been using bribes to toss the point spread for four different games. It was some regarding the Sin City sports publications that initially spotted a pattern that is unusual of 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 match that is possible or illegal wagering, we’re guessing the metaphoric AK’s will be locked and loaded.

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