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Thursday’s meeting of the Senate Committee on Indian Affairs discussed the issue of online gaming, in particular poker, and presented a new twist in the ongoing battle for federal action regarding the subject.
During the meeting, committee Chairman and Hawaii Senator Daniel Akaka presented a draft of a bill that would allow the Indian gaming community to open up for online gambling and poker. Entitled the “Tribal Online Gaming Act of 2012,” the draft opens by stating that there “is uncertainty about the laws of the United States concerning internet gaming.” Noting that Indian gaming consortiums comprise 40% of all gaming in the United States, the Act designates that any federal action on the online gaming question “must provide economic benefits for Indian tribes” and sets out guidelines for Indian operation of such affairs.
Read More: Senate Hearing Presents Draft For Tribal Operation Of Online Poker
During the meeting, committee Chairman and Hawaii Senator Daniel Akaka presented a draft of a bill that would allow the Indian gaming community to open up for online gambling and poker. Entitled the “Tribal Online Gaming Act of 2012,” the draft opens by stating that there “is uncertainty about the laws of the United States concerning internet gaming.” Noting that Indian gaming consortiums comprise 40% of all gaming in the United States, the Act designates that any federal action on the online gaming question “must provide economic benefits for Indian tribes” and sets out guidelines for Indian operation of such affairs.
Read More: Senate Hearing Presents Draft For Tribal Operation Of Online Poker
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From his oceanfront balcony, Tyler Forrester glanced out at the Pacific surf on the beach. Palm trees rustled in the breeze.
“Tough life I’m living,” Forrester said, cackling at his own humor.
Forrester is 28. He has a degree in Slavic literature from Duke University, but his academic life is a thing of the past. Forrester now makes his living in a bedroom before two computer monitors playing online games of Texas Hold ‘em for hours on end. He’s a professional poker player, and a very successful one at that.
Forrester, who grew up in Dillon, Mont., is one of probably 150 American professional online-poker players who flooded Costa Rica after Black Friday: April 15, 2011, when U.S. federal prosecutors went after the founders of the three largest online-poker companies, slamming a lid on the surging business.
Read more here: Frustrated U.S. online-poker players bet on Costa Rica - KansasCity-com
“Tough life I’m living,” Forrester said, cackling at his own humor.
Forrester is 28. He has a degree in Slavic literature from Duke University, but his academic life is a thing of the past. Forrester now makes his living in a bedroom before two computer monitors playing online games of Texas Hold ‘em for hours on end. He’s a professional poker player, and a very successful one at that.
Forrester, who grew up in Dillon, Mont., is one of probably 150 American professional online-poker players who flooded Costa Rica after Black Friday: April 15, 2011, when U.S. federal prosecutors went after the founders of the three largest online-poker companies, slamming a lid on the surging business.
Read more here: Frustrated U.S. online-poker players bet on Costa Rica - KansasCity-com
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This is the third in an occasional series of stories on Indian tribal casinos.
Since he dropped out of Seattle Central Community College, Alex Fitzgerald said, he’s found the good life: winning more than $2.5 million as a professional online-poker player and quickly becoming one of the hottest young gamblers in the world.
Poker, he said, is his passion and his profession, and he studies it every morning. But he’s doing it in Costa Rica. He said he must play on foreign land because online poker is illegal in the United States, after the Justice Department shut down the three largest sites on Apr. 15, 2011, a day known among gamblers as Black Friday.
Read more here: Tribes fear that legalizing online poker would hurt casinos - Wire Lifestyle - The Sacramento Bee
Since he dropped out of Seattle Central Community College, Alex Fitzgerald said, he’s found the good life: winning more than $2.5 million as a professional online-poker player and quickly becoming one of the hottest young gamblers in the world.
Poker, he said, is his passion and his profession, and he studies it every morning. But he’s doing it in Costa Rica. He said he must play on foreign land because online poker is illegal in the United States, after the Justice Department shut down the three largest sites on Apr. 15, 2011, a day known among gamblers as Black Friday.
Read more here: Tribes fear that legalizing online poker would hurt casinos - Wire Lifestyle - The Sacramento Bee
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It now appears gamblers could be playing Internet poker in Nevada even before the Legislature has a chance to act on several Gaming Policy Committee recommendations to tweak current state regulations.
Wednesday, the policy committee held its final scheduled meeting prior to the convening of the Legislature for its 2013 session next February.
Gov. Brian Sandoval reconstituted the 11-person policy panel, which had been dormant since the 1980s, to explore Nevada's push into Internet gaming. The committee includes the heads of the Nevada Gaming Commission and the Gaming Control Board, which have already approved regulations allowing for wagering on Internet poker as long as the activity takes place within Nevada's borders.
Read More: Internet poker on the horizon - Opinion - ReviewJournal-com
Wednesday, the policy committee held its final scheduled meeting prior to the convening of the Legislature for its 2013 session next February.
Gov. Brian Sandoval reconstituted the 11-person policy panel, which had been dormant since the 1980s, to explore Nevada's push into Internet gaming. The committee includes the heads of the Nevada Gaming Commission and the Gaming Control Board, which have already approved regulations allowing for wagering on Internet poker as long as the activity takes place within Nevada's borders.
Read More: Internet poker on the horizon - Opinion - ReviewJournal-com
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The man who won the United Kingdom and Ireland's only bracelet at the 2012 World Series of Poker, Craig McCorkell, has continued his fine run of form by taking down a Sunday Major.
McCorkell, playing under the moniker JAKE CODY, entered the $190+$10 buy-in ChampionChip $150,000 on the Ongame network along with 848 other hopefuls, and after almost 17 hours at the virtual felt McCorkell had won each and every single of the 4,245,000 chips in play; including those of his fellow Brit and sixth place finisher Mathew “get thereeee” Frankland and seventh places Gavin “gavb31_x” Ball.
This latest win – worth $28,661.24 – takes McCorkell's lifetime online tournament winnings past $1,350,000 and cements his places as one of the best poker talents this country has to offer. He is currently ranked 18th in the UK and 144th in the world for online poker tournaments but here at UK & Ireland PokerNews we expect that to change drastically in the coming weeks.
Read more: Craig McCorkell Win Ongame $150,000 Champion Chip | PokerNews
McCorkell, playing under the moniker JAKE CODY, entered the $190+$10 buy-in ChampionChip $150,000 on the Ongame network along with 848 other hopefuls, and after almost 17 hours at the virtual felt McCorkell had won each and every single of the 4,245,000 chips in play; including those of his fellow Brit and sixth place finisher Mathew “get thereeee” Frankland and seventh places Gavin “gavb31_x” Ball.
This latest win – worth $28,661.24 – takes McCorkell's lifetime online tournament winnings past $1,350,000 and cements his places as one of the best poker talents this country has to offer. He is currently ranked 18th in the UK and 144th in the world for online poker tournaments but here at UK & Ireland PokerNews we expect that to change drastically in the coming weeks.
Read more: Craig McCorkell Win Ongame $150,000 Champion Chip | PokerNews
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Over the past few months, many online poker networks have been creating their own version of fast moving poker. the iPoker Network is the latest network to add a new rapid paced gaming option. Speed Hold’em is now available at such iPoker Network sites as Titan Poker and Winner Poker and after the beta testing stage is over, players will officially have a new speedy poker option.
Speed Hold’em allows players on the network to play poker at a faster rate. Players will be able to play No Limit Hold’em cash games and then immediately fold their hand if they do not like their cards. Players will then be instantly transported to another table to start a new hand. This new option allows players to play at a much faster rate.
Speed Hold’em is a similar speedy option to other online poker room options such as PokerStars Zoom Poker and Full Tilt’s Rush Poker. Speed Hold’em will be a great benefit to many players as they will be able to handle a larger volume of poker hands. Every poker player hates waiting around for a hand to finish after they have folded and with Speed Hold’em, there is no waiting!
Read More: iPoker Network Launches Speed Hold?em
Speed Hold’em allows players on the network to play poker at a faster rate. Players will be able to play No Limit Hold’em cash games and then immediately fold their hand if they do not like their cards. Players will then be instantly transported to another table to start a new hand. This new option allows players to play at a much faster rate.
Speed Hold’em is a similar speedy option to other online poker room options such as PokerStars Zoom Poker and Full Tilt’s Rush Poker. Speed Hold’em will be a great benefit to many players as they will be able to handle a larger volume of poker hands. Every poker player hates waiting around for a hand to finish after they have folded and with Speed Hold’em, there is no waiting!
Read More: iPoker Network Launches Speed Hold?em
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Australian online poker specialist David Allen has won the PokerStars Australia New Zealand Poker Tour main event in Queenstown, New Zealand.
A total of 149 players paid NZD$2,700 + NZD$300 (approximately €1,969) to enter the main event which created a total prize pool of NZD$402,300 (€263,820).
Allan beat Ken Demlakian heads up. The latter started with a slight chip lead but Allan’s aggressive play soon got him ahead before he dropped back to around 20 big blinds. However, he continued battling and with a little luck on his side rebounded from a very short stack to champion after two hours heads up play.
The final table chip counts are:
1: David Allan — NZD$110,600 (€72,000)
2: Ken Demlakian — NZD$70,400
3: Jordan Westmorland — NZD$41,200
4: Ricky Kroesen — NZD$34,200
5: David Zhao — NZD$28,200
6: Matt Wakeman — NZD$23,100
7: Bryan Huang — NZD$19,100
8: Ivan Zalac — NZD$15,100
9: David Evans — NZD$12,070
David Allan Lifts ANZPT Queenstown Title - European Poker News
A total of 149 players paid NZD$2,700 + NZD$300 (approximately €1,969) to enter the main event which created a total prize pool of NZD$402,300 (€263,820).
Allan beat Ken Demlakian heads up. The latter started with a slight chip lead but Allan’s aggressive play soon got him ahead before he dropped back to around 20 big blinds. However, he continued battling and with a little luck on his side rebounded from a very short stack to champion after two hours heads up play.
The final table chip counts are:
1: David Allan — NZD$110,600 (€72,000)
2: Ken Demlakian — NZD$70,400
3: Jordan Westmorland — NZD$41,200
4: Ricky Kroesen — NZD$34,200
5: David Zhao — NZD$28,200
6: Matt Wakeman — NZD$23,100
7: Bryan Huang — NZD$19,100
8: Ivan Zalac — NZD$15,100
9: David Evans — NZD$12,070
David Allan Lifts ANZPT Queenstown Title - European Poker News
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PokerStars, the company that operates the world's largest online poker site said yesterday that it has settled a dispute with the US department of justice (DoJ) by paying $731 million in compensation, ending a long-running battle between the DoJ and online poker sites.
In 2011, the DoJ charged both PokerStars and its former rival Full Tilt Poker for using fraudulent methods to process payments, violating US online gambling laws. Following the charges, the US operations of the sites were shut down by the Federal Bureau of Investigation (FBI) in 2011.
PokerStars-com launched in 2001 has over 49 million registered members worldwide. The company operates worldwide under licences from the Isle of Man, a self-governing British Crown dependency located in the Irish Sea, and Malta governments.
Read More: domain-b-com : Online gambling site PokerStars settles dispute with US govt for $731 million
In 2011, the DoJ charged both PokerStars and its former rival Full Tilt Poker for using fraudulent methods to process payments, violating US online gambling laws. Following the charges, the US operations of the sites were shut down by the Federal Bureau of Investigation (FBI) in 2011.
PokerStars-com launched in 2001 has over 49 million registered members worldwide. The company operates worldwide under licences from the Isle of Man, a self-governing British Crown dependency located in the Irish Sea, and Malta governments.
Read More: domain-b-com : Online gambling site PokerStars settles dispute with US govt for $731 million
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Since he dropped out of Seattle Central Community College, Alex Fitzgerald said, he’s found the good life: winning more than $2.5 million as a professional online-poker player and quickly becoming one of the hottest young gamblers in the world.
Poker, he said, is his passion and his profession, and he studies it every morning. But he’s doing it in Costa Rica. He said he must play on foreign land because online poker is illegal in the United States, after the Justice Department shut down the three largest sites on Apr. 15, 2011, a day known among gamblers as Black Friday.
“I can never live in my country of birth again without giving up the only job that has consistently fed me since I was a teenager," said Fitzgerald, who’s 24.
Read More: Online poker makes push to return; tribes wary | | The Bulletin
Poker, he said, is his passion and his profession, and he studies it every morning. But he’s doing it in Costa Rica. He said he must play on foreign land because online poker is illegal in the United States, after the Justice Department shut down the three largest sites on Apr. 15, 2011, a day known among gamblers as Black Friday.
“I can never live in my country of birth again without giving up the only job that has consistently fed me since I was a teenager," said Fitzgerald, who’s 24.
Read More: Online poker makes push to return; tribes wary | | The Bulletin
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Settlement deals reached between federal prosecutors and three Internet poker companies call for more than a half billion dollars to be paid to the government, enabling U.S. poker players to recover more than $160 million lost when the companies shut down U.S. operations last year, authorities said Tuesday.
U.S. District Judge Leonard B. Sand approved settlement agreements with PokerStars and Full Tilt Poker. A separate agreement between the government and a third company, Absolute Poker, had not yet been approved by the court.
PokerStars said in a release that its deal with the U.S. Department of Justice calls for it to pay the government $547 million over three years with the money being used in part to reimburse former U.S. customers of Full Tilt Poker.
The company also said that $184 million representing outstanding balances owed to non-U.S. customers of Full Tilt Poker will be made available in a segregated bank account that can be accessed with no restrictions on withdrawals. PokerStars said it has acquired the assets of Full Tilt Poker.
Read More: The Associated Press: NY Internet poker deals aim to repay customers
U.S. District Judge Leonard B. Sand approved settlement agreements with PokerStars and Full Tilt Poker. A separate agreement between the government and a third company, Absolute Poker, had not yet been approved by the court.
PokerStars said in a release that its deal with the U.S. Department of Justice calls for it to pay the government $547 million over three years with the money being used in part to reimburse former U.S. customers of Full Tilt Poker.
The company also said that $184 million representing outstanding balances owed to non-U.S. customers of Full Tilt Poker will be made available in a segregated bank account that can be accessed with no restrictions on withdrawals. PokerStars said it has acquired the assets of Full Tilt Poker.
Read More: The Associated Press: NY Internet poker deals aim to repay customers
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Back in 2007, social game services provider Zynga developed its poker game application for Facebook, which has since grown to become the mother of all play money sites. To put things into perspective, Zynga has more than 122,000 daily fun players, whereas the world’s largest poker real money site PokerStars has just 25,000.
Last year Zynga generated $1.16 billion in revenue derived from the sale of its virtual goods, as well as advertising opportunities. Now it seems that it is planning to enter the world of real money online poker in 2013, which will be a cause of concern for current poker networks. It has even been suggested that PokeStars may be interested in paying billions for its operation in order to stave off the competition.
Nevertheless, Zynga’s poker game is presently accessed via Facebook and would likely have to be run outside the social network when it shifts to real money. In addition, many of the San Francisco based company’s customers are American and it remains to be seen whether it will have to concentrate on non-US customers or, in the event of US regulation, be able to transfer those customers to its real money offering.
Read More: Zynga To Launch Cash Poker In 2013
Last year Zynga generated $1.16 billion in revenue derived from the sale of its virtual goods, as well as advertising opportunities. Now it seems that it is planning to enter the world of real money online poker in 2013, which will be a cause of concern for current poker networks. It has even been suggested that PokeStars may be interested in paying billions for its operation in order to stave off the competition.
Nevertheless, Zynga’s poker game is presently accessed via Facebook and would likely have to be run outside the social network when it shifts to real money. In addition, many of the San Francisco based company’s customers are American and it remains to be seen whether it will have to concentrate on non-US customers or, in the event of US regulation, be able to transfer those customers to its real money offering.
Read More: Zynga To Launch Cash Poker In 2013
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The revision of the ban on internet gambling is quite possibly a nightmare for many U.S. Indian tribes, who fear that it could destroy their $28 billion-a-year casino business.
Democratic Sen. Daniel Akaka of Hawaii and the chairman of the Senate Indian Affairs Committee, revealed a draft of the Tribal Online Gaming Act of 2012, which would allow federally recognized tribes to apply for licenses to operate online poker. Akaka unveiled his proposal just as Senate Majority Leader Harry Reid, and Republican Senate Minority Whip Jon Kyl made their plans to publish a legislation of their own that would legalize online poker in US, also tightening existing restrictions on other forms of Internet gambling.
“Gaming has been the single most effective form of economic development for Indian Country,” read a statement from Akaka released on Friday.
“Revenues from gaming provide essential services to tribal members including education, healthcare and housing. Indian gaming also provides jobs to members of the surrounding communities. In many counties across the nation tribes are the largest employer with nearly 75 percent of those jobs going to non-Indians.
Read More: Tribes Fear Legal Online Poker will Destroy Casino Business | Casino Scam Report
Democratic Sen. Daniel Akaka of Hawaii and the chairman of the Senate Indian Affairs Committee, revealed a draft of the Tribal Online Gaming Act of 2012, which would allow federally recognized tribes to apply for licenses to operate online poker. Akaka unveiled his proposal just as Senate Majority Leader Harry Reid, and Republican Senate Minority Whip Jon Kyl made their plans to publish a legislation of their own that would legalize online poker in US, also tightening existing restrictions on other forms of Internet gambling.
“Gaming has been the single most effective form of economic development for Indian Country,” read a statement from Akaka released on Friday.
“Revenues from gaming provide essential services to tribal members including education, healthcare and housing. Indian gaming also provides jobs to members of the surrounding communities. In many counties across the nation tribes are the largest employer with nearly 75 percent of those jobs going to non-Indians.
Read More: Tribes Fear Legal Online Poker will Destroy Casino Business | Casino Scam Report
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Gambling is illegal on the island nation of Cyprus. The Cyprus Poker association is a group of players that gathers together regularly to play the game and practice for tournaments abroad. You can probably see where this is going, but it's still vexing and a bit troubling — over 30 members of the group have been arrested in the past two weeks and are facing gambling charges.
No money was involved in the practice tournaments that were busted and the group had actually reached out in advance to inform the police of their intention to practice the game. According to Antonis Theophanides, the vice president of the association, the players haven't broken any lows and have been arrested twice anyway and had their membership fees collected. This seems to be par for the course in a country where a 98-year-old was threatened with two years in jail for casually playing the game with her friends.
"Our association has been brought into disrepute and yet we have done nothing illegal. We are aware that gambling is illegal in Cyprus and that’s why there is no money involved in our games. We are simply trying to put together a good team to represent Cyprus at tournaments abroad," he said. "We were arrested for illegal gambling although no prize money was being offered."
"We notified the police in writing and also by phone that these events were taking place and notified them of dates, times and venues," said Theophanides of the three trials, noting that the notifications were sent three weeks prior to the games. In addition to the police, the attorney-general, the interior minister and the president of the Cyprus sports federation all received notification.
The most recent trials for the group were organized to select the ten best players to form the first-ever Cyprus Poker Association national squad. These players will go on to compete in the Nations Cup qualifying tournament in London in September where Cyprus will compete against 43 other countries. Additional trials are scheduled for August 4th but they may not go ahead, considering the police's continual harassment players.
No money was involved in the practice tournaments that were busted and the group had actually reached out in advance to inform the police of their intention to practice the game. According to Antonis Theophanides, the vice president of the association, the players haven't broken any lows and have been arrested twice anyway and had their membership fees collected. This seems to be par for the course in a country where a 98-year-old was threatened with two years in jail for casually playing the game with her friends.
"Our association has been brought into disrepute and yet we have done nothing illegal. We are aware that gambling is illegal in Cyprus and that’s why there is no money involved in our games. We are simply trying to put together a good team to represent Cyprus at tournaments abroad," he said. "We were arrested for illegal gambling although no prize money was being offered."
"We notified the police in writing and also by phone that these events were taking place and notified them of dates, times and venues," said Theophanides of the three trials, noting that the notifications were sent three weeks prior to the games. In addition to the police, the attorney-general, the interior minister and the president of the Cyprus sports federation all received notification.
The most recent trials for the group were organized to select the ten best players to form the first-ever Cyprus Poker Association national squad. These players will go on to compete in the Nations Cup qualifying tournament in London in September where Cyprus will compete against 43 other countries. Additional trials are scheduled for August 4th but they may not go ahead, considering the police's continual harassment players.
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The U.S. government has taken a dim view towards online gambling since the passage of the Unlawful Internet Gambling Enforcement Act in 2006. Now, two online poker companies operating outside the United States — PokerStars and Full Tilt Poker — have reached a settlement with the Justice Department totaling some $731 million — and customers will be reimbursed for money they had on deposit. Although the companies don’t admit to any wrongdoing, the settlement resolves charges they effectively engaged in money laundering to accept illegal bets, and potentially clears the way for PokerStars (which is surviving the deal) to resume operations in the United States — if — or more likely, when — Internet gambling becomes legal.
Read more: Could online poker in the U.S. still have an ace up its sleeve? | Digital Trends
Read more: Could online poker in the U.S. still have an ace up its sleeve? | Digital Trends
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TWO of the world's largest poker companies have agreed to pay hundreds of millions of dollars, some of it to be reimbursed to online gamblers, to settle US laundering and fraud charges.
The online poker sites PokerStars and Absolute Poker will pay $US731 million ($A700 million) in compensation to consumers who claimed they were defrauded in online games.
As part of the agreement, PokerStars, which is based in the Isle of Man, will forfeit $US547 million to the US government and will acquire Full Tilt Poker, which is based in Dublin. The $US547 million will be available to victims of PokerStars' activities and another $US184 million will be made available from PokerStars to foreign victims of the Full Tilt Poker site.
The agreement approved by a federal judge settles investigations by US officials into money laundering and related charges.
Read more: Online poker giants to repay punters
The online poker sites PokerStars and Absolute Poker will pay $US731 million ($A700 million) in compensation to consumers who claimed they were defrauded in online games.
As part of the agreement, PokerStars, which is based in the Isle of Man, will forfeit $US547 million to the US government and will acquire Full Tilt Poker, which is based in Dublin. The $US547 million will be available to victims of PokerStars' activities and another $US184 million will be made available from PokerStars to foreign victims of the Full Tilt Poker site.
The agreement approved by a federal judge settles investigations by US officials into money laundering and related charges.
Read more: Online poker giants to repay punters
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Some online poker players are expecting a big payout soon, thanks to a multi-million dollar settlement between the Justice Department and two online poker companies. The companies were accused of running a Ponzi scheme.
We called up professional poker player Faraz Jaka to learn more about the settlement. He's going to get a big payout: "I've had a decent amount locked up in there. I don't want to say the exact amount, but it's a six-figure amount."
And you may recognize Jaka's nickname... take a listen.
Read More: Poker players expect big payout from online Ponzi scheme | Marketplace.org
We called up professional poker player Faraz Jaka to learn more about the settlement. He's going to get a big payout: "I've had a decent amount locked up in there. I don't want to say the exact amount, but it's a six-figure amount."
And you may recognize Jaka's nickname... take a listen.
Read More: Poker players expect big payout from online Ponzi scheme | Marketplace.org
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Players who enjoy the online poker action at PKR will likely tell you that the most notable difference between PKR's software and that of its competition is the amazing 3D play. PKR does an excellent job of incorporating the feel of actual poker and has visual aspects that are unrivaled by other online poker sites.
However, one of the drawbacks is that multi-tabling is not quite as smooth on this site as it is on others. Thankfully, Two Plus Two forum member "Thois," who is listed on the popular poker forum as "Adept," has created a new script that will allow players to manually cycle through four tables by using the mouse wheel.
Using the script can result in a significant amount of time saved, not to mention that it is free to use.
Read More: New Script Allows PKR Players to Cycle Through Four Tables
However, one of the drawbacks is that multi-tabling is not quite as smooth on this site as it is on others. Thankfully, Two Plus Two forum member "Thois," who is listed on the popular poker forum as "Adept," has created a new script that will allow players to manually cycle through four tables by using the mouse wheel.
Using the script can result in a significant amount of time saved, not to mention that it is free to use.
Read More: New Script Allows PKR Players to Cycle Through Four Tables
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Each time Congress promises to consider online poker, the subject ends up getting pushed back into yet another overcrowded, end-of-the-year, lame-duck session. And each time that happens, Nevada's gaming industry becomes increasingly nervous.
“There has to be some action,” said Tom Breitling, chairman of Ultimate Gaming, an online gaming company launched by the owners of Station Casinos. “The debate is not about the legalizing of Internet poker. It's about the survival of the industry that is the foundation of our economy.”
There still are months to go on the congressional calendar, but the gaming industry is starting to make the sort of last-ditch pitches usually reserved for the waning weeks of December in the hopes of drumming up some attention before the 2012 elections.
Read More: Online poker backers gird for endgame | NevadaAppeal-com
“There has to be some action,” said Tom Breitling, chairman of Ultimate Gaming, an online gaming company launched by the owners of Station Casinos. “The debate is not about the legalizing of Internet poker. It's about the survival of the industry that is the foundation of our economy.”
There still are months to go on the congressional calendar, but the gaming industry is starting to make the sort of last-ditch pitches usually reserved for the waning weeks of December in the hopes of drumming up some attention before the 2012 elections.
Read More: Online poker backers gird for endgame | NevadaAppeal-com
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Yesterday brought a spate of news reports, many of them inaccurate or oversimplified, about a settlement the U.S. Attorney’s office in Manhattan reached with two major international Internet poker sites—PokerStars and Full Tilt Poker.
The buried lead--and very good news for online poker players--is that Internet poker site PokerStars is back in business. Manhattan U.S. Attorney Preet Bharara ended his case against the site and it is now free to re-enter the U.S. market when states begin permitting Internet gambling, which could start as early as this year in states such as Nevada and Delaware.
The three-way settlement itself is rather complicated. Full Tilt Poker will have to forfeit all of its assets, at this point mostly property, to the U.S. government. PokerStars will then acquire those forfeited Full Tilt Poker assets from the feds in return for its own forfeiture of $547 million. PokerStars also agreed to make available $184 million in funds in deposits held by non-U.S. Full Tilt players, money players believed was lost.
What the shutdown did reveal, however, was a shortfall in player deposits at Full Tilt, which led prosecutors to charge that Full Tilt was illegally paying investors out of player funds in a Ponzi-like scheme. Those charges, which look to be more serious then the UIGEA violations, still have yet to be resolved. The deal prohibits Full Tilt management and investors to have roles in PokerStars.
Read More: What Really Happened with PokerStars and Full Tilt Poker
The buried lead--and very good news for online poker players--is that Internet poker site PokerStars is back in business. Manhattan U.S. Attorney Preet Bharara ended his case against the site and it is now free to re-enter the U.S. market when states begin permitting Internet gambling, which could start as early as this year in states such as Nevada and Delaware.
The three-way settlement itself is rather complicated. Full Tilt Poker will have to forfeit all of its assets, at this point mostly property, to the U.S. government. PokerStars will then acquire those forfeited Full Tilt Poker assets from the feds in return for its own forfeiture of $547 million. PokerStars also agreed to make available $184 million in funds in deposits held by non-U.S. Full Tilt players, money players believed was lost.
What the shutdown did reveal, however, was a shortfall in player deposits at Full Tilt, which led prosecutors to charge that Full Tilt was illegally paying investors out of player funds in a Ponzi-like scheme. Those charges, which look to be more serious then the UIGEA violations, still have yet to be resolved. The deal prohibits Full Tilt management and investors to have roles in PokerStars.
Read More: What Really Happened with PokerStars and Full Tilt Poker
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Poker, he said, is his passion and his profession, and he studies it every morning.
But he's doing it in Costa Rica.
He said he must play on foreign soil because online poker is illegal in the United States, after the Justice Department shut down the three largest sites on April 15, 2011, a day known among gamblers as Black Friday. "I can never live in my country of birth again without giving up the only job that has consistently fed me since I was a teenager," said Fitzgerald, who's 24.
One thing might change that: Congress could legalize online gaming, allowing at least 150 U.S. poker players who've fled the country to return.
Read more here: Poker lobby pushing to legalize online gambling | Nation | News from Fort Worth, Dallas,...