Sunday, April 24, 2011

Funds no longer in limbo


PokerStars announced Wednesday that US players will be allowed to withdraw funds as soon as a "suitable processor is found," the website said.

PokerStars made an agreement with the Department of Justice a few days after the top three poker sites were shutdown. "This publically [sic] available agreement," as stated on the website, "includes assurances from the DOJ that player cashouts can be processed safely. Cashouts for US residents are expected to be available within several weeks."

Full Tilt Poker has also reached a similar agreement.

In response to the recent actions by the federal government, Los Angeles-based poker player Mark Anderson said players are considering of moving away from the US.

"If you go to those online forums, they're all talking about moving," Anderson told NPR. "And they're serious because they'd much rather try to find a way to move to Canada, where it's perfectly legal."

However, moving to Canada isn't as easy as it sounds. Adults 18-years-old and older must have lived in Canada for at least three years for the last four years, but due to the international popularity of poker, PokerStars isn't in such of a big pickle. According to PokerNewReport.com, traffic was down only 24 percent considering Texas Hold 'Em, PokerStars' most popular game, was founded in the United States.

PokerListings.com reports that only three poker sites currently allow US players to play for real money: Cake Poker, Juicy Stakes and Fugu Poker.

Image: Jonathan Duhamel of Canada poses with prize money and bracelet after winning the World Series of Poker final in Las Vegas, November, 2010 (Photo courtesy The Guardian).

Sunday, April 17, 2011

FBI shuts down top three poker sites

Full Tilt, Poker Stars and Absolute Poker, three of the biggest online gambling sites around have been charged with tricking banks into processing illegal gambling funds, according to Reuters.

The Internet domains of these companies have been shut down by the FBI for two counts of alleged illegal Internet gambling. "This domain name," a notice posted on each of the three websites states,  "has been seized by the FBI pursuant to an Arrest Warrant in Rem obtained by the Unites States Attorney's Office for the Southern District of New York."

"I think online poker should be legal for all American Adults," Poker Players Alliance member and 2004 World Series of Poker champion, Greg Raymer, said on Fox Business to talk about the legalization of online poker.

The notice continues to say that criminal penalties include up to five years imprisonment and a fine of up to $250,000. No one wants a prison sentence, but for an online poker site where players make millions of dollars and wager amounts unreal to most of us, $250,000 isn't going to faze the eleven owners charged. If anything, it's probably just a fraction of a someone's bankroll.