Bulgarian news reports that the country’s lawmakers have approved an online gambling regulatory measure, & have already started to move on implementing internet blocks on unlicensed operators.
The ban will become effective after regulations are finalized by the State Gambling Commission & the approval of the Sofia Regional Court has been obtained.
The practicalities of the ban were discussed at the second reading of the bill in a discussion on the use of black lists to exclude foreign & unlicensed operators from the local market.
The new law sets licensing requirements for all online casino operators, both Bulgarian & foreign, & makes provision for requests to Internet service providers to block access to unlicensed gambling websites, despite earlier protests against this tactic by the ISPs & Internet action groups worried about the practice extending beyond internet gambling.
There are also clauses restricting gambling advertising to licensed operators.
Government advisers have estimated that the regulation of online gambling could bring another Euro 50 million of annual revenues.
March 19, 2012
Playboy Club to leave the Palms Las Vegas
The Palms in Las Vegas on Thursday said the Playboy Club there will close for undisclosed reasons.
“After a strong six-year run, the Palms Casino Resort and Playboy Enterprises will end their partnership in early June and each pursue new brand opportunities in Las Vegas nightlife. The Palms and Playboy Enterprises have shared a great relationship and wish each other future success,” the Palms said in a statement.
A spokesman was asked how many employees would be affected and what the Playboy Club space will be converted to, but he said the resort had no further details to share.
The Playboy Comedy Lounge at the Palms closed after the New Year’s holiday, raising questions about how long the Playboy Club would remain at the Palms.
The Playboy Club regularly hosted events with Playboy founder Hugh Hefner and his playmates, bringing a unique vibe to the Palms and Las Vegas. The Playboy Club is part of the N9NE Group restaurant and nightclub company that operates mainly at the Palms.
For a time the Palms had the world’s only Playboy Club, but other Playboy Clubs to open around the world recently are in Cancun, London and Macau in China.
“After a strong six-year run, the Palms Casino Resort and Playboy Enterprises will end their partnership in early June and each pursue new brand opportunities in Las Vegas nightlife. The Palms and Playboy Enterprises have shared a great relationship and wish each other future success,” the Palms said in a statement.
A spokesman was asked how many employees would be affected and what the Playboy Club space will be converted to, but he said the resort had no further details to share.
The Playboy Comedy Lounge at the Palms closed after the New Year’s holiday, raising questions about how long the Playboy Club would remain at the Palms.
The Playboy Club regularly hosted events with Playboy founder Hugh Hefner and his playmates, bringing a unique vibe to the Palms and Las Vegas. The Playboy Club is part of the N9NE Group restaurant and nightclub company that operates mainly at the Palms.
For a time the Palms had the world’s only Playboy Club, but other Playboy Clubs to open around the world recently are in Cancun, London and Macau in China.
WorldSpreads in administration, 15,000 clients face losses
WorldSpreads, an AIM-listed operator of online and phone betting services based in Dublin, was placed in administration late on Sunday after the Financial Services Authority (FSA) uncovered “accounting irregularities”.
It is believed that the company broke the golden rule that client money should not be “co-mingled” with company money.
Administrators KPMG said the clients were owed £29.7m, which should have been held in a segregated customer account, but that the group’s total cash balance – including “segregated money” – was just £16.6m. The police have been alerted over suspected criminal action.
The development follows the departure last week of chief executive Conor Foley and finance director Niall O’Kelly. Mr O’Kelly had originally tendered his resignation in February after a profits warning. At the time, the company said it “maintains a strong balance sheet with net cash of €7m [£5.8m]”.
WorldSpreads’ clients will be eligible for £50,000 compensation under the Financial Services Compensation Scheme. Beyond that, they will be treated as preferential creditors ahead of WorldSpreads’ general estate. As a result, shareholders and lenders are likely to bear the bulk of the final losses.
The collapse of WorldSpreads will also pose questions for its auditors, Ernst & Young.
It will also lead to comparisons with the insolvency of the far-larger US brokerage, MF Global, which also broke the law by mingling client money with its own. KPMG is administrator to the brokerage’s UK arm, which was audited by PricewaterhouseCoopers.
WorldSpreads employed 66 staff, most of whom were based in London, whose jobs are now at risk. Last year, it made a €797,000 loss before tax.
The FSA said: “Clients should be aware that any shortfall in the client money accounts will impact the amount of money that can be returned.”
It is believed that the company broke the golden rule that client money should not be “co-mingled” with company money.
Administrators KPMG said the clients were owed £29.7m, which should have been held in a segregated customer account, but that the group’s total cash balance – including “segregated money” – was just £16.6m. The police have been alerted over suspected criminal action.
The development follows the departure last week of chief executive Conor Foley and finance director Niall O’Kelly. Mr O’Kelly had originally tendered his resignation in February after a profits warning. At the time, the company said it “maintains a strong balance sheet with net cash of €7m [£5.8m]”.
WorldSpreads’ clients will be eligible for £50,000 compensation under the Financial Services Compensation Scheme. Beyond that, they will be treated as preferential creditors ahead of WorldSpreads’ general estate. As a result, shareholders and lenders are likely to bear the bulk of the final losses.
The collapse of WorldSpreads will also pose questions for its auditors, Ernst & Young.
It will also lead to comparisons with the insolvency of the far-larger US brokerage, MF Global, which also broke the law by mingling client money with its own. KPMG is administrator to the brokerage’s UK arm, which was audited by PricewaterhouseCoopers.
WorldSpreads employed 66 staff, most of whom were based in London, whose jobs are now at risk. Last year, it made a €797,000 loss before tax.
The FSA said: “Clients should be aware that any shortfall in the client money accounts will impact the amount of money that can be returned.”
Rank & Gala Coral deal
Rank in late January confirmed it is in discussions with Gala Coral over the possible acquisition of Gala’s casino business. The deal would make Rank, which owns the Grosvenor Casino and Mecca Bingo chains, Britain’s biggest casino operator. However it has been now several weeks and no deal has yet been announced.
Rank’s confirmation came after the Sunday Times reported that it was in advanced discussions to acquire Gala Casinos for £250m. The deal would see Rank, which is 74% owned by Malaysian-based gambling group Guoco, merge its 35 Grosvenor Casinos chain with the 24 casinos owned by Gala.
While Rank doing the deal would expect that there could be some competition issues and it may take time to deliver synergies, the deal would make sense financially and strategically for Rank.
A break-up of Gala, has been on the cards ever since the company became embroiled in a complex debt restructuring in 2010. In December it disclosed it had net debts of £1.3bn.
Rank has long been mooted as a possible buyer of Gala casinos for quite a long time, though acquisitions were temporarily put on hold last year when it was itself controversially purchased by its biggest shareholder – Malaysia’s Guoco.
However now the dust has settled on Rank, Buying Gala’s casinos would accelerate the plans of Ian Burke, Rank’s executive chairman, to expand the gaming group’s Grosvenor chain to 45 venues by 2015.
Ian Burke is already converting many of the Grosvenor outlets to a new G Casino brand, the first of which was rolled out in Manchester in 2006, aimed at attracting a younger clientele.
Selling the casino wing would help Gala strengthen its balance sheet – but could also herald further break-up of the group, which is run by chief executive Carl Leaver, the former head of Marks & Spencer’s international arm.
So why the delay in announcing the deal has been done?
One reason certainly is the logistics of some of Gala Casinos would have to close should Rank buy them, the operator would not want to have two or even three casinos in one town. Either closure and redundancies or possibly a sell on to Genting of those properties or another buyer, could be delaying the deal.
The possibility of the competitions rule could be another and finally the asking price from Gala Coral. Although what is believed to be £250 million, is not that expensive as analysts have already indicated.
Whenever the deal is announced and certainly will be, the UK will see the emergence of the biggest casino operator, called Grosvenor Casinos.
Rank’s confirmation came after the Sunday Times reported that it was in advanced discussions to acquire Gala Casinos for £250m. The deal would see Rank, which is 74% owned by Malaysian-based gambling group Guoco, merge its 35 Grosvenor Casinos chain with the 24 casinos owned by Gala.
While Rank doing the deal would expect that there could be some competition issues and it may take time to deliver synergies, the deal would make sense financially and strategically for Rank.
A break-up of Gala, has been on the cards ever since the company became embroiled in a complex debt restructuring in 2010. In December it disclosed it had net debts of £1.3bn.
Rank has long been mooted as a possible buyer of Gala casinos for quite a long time, though acquisitions were temporarily put on hold last year when it was itself controversially purchased by its biggest shareholder – Malaysia’s Guoco.
However now the dust has settled on Rank, Buying Gala’s casinos would accelerate the plans of Ian Burke, Rank’s executive chairman, to expand the gaming group’s Grosvenor chain to 45 venues by 2015.
Ian Burke is already converting many of the Grosvenor outlets to a new G Casino brand, the first of which was rolled out in Manchester in 2006, aimed at attracting a younger clientele.
Selling the casino wing would help Gala strengthen its balance sheet – but could also herald further break-up of the group, which is run by chief executive Carl Leaver, the former head of Marks & Spencer’s international arm.
So why the delay in announcing the deal has been done?
One reason certainly is the logistics of some of Gala Casinos would have to close should Rank buy them, the operator would not want to have two or even three casinos in one town. Either closure and redundancies or possibly a sell on to Genting of those properties or another buyer, could be delaying the deal.
The possibility of the competitions rule could be another and finally the asking price from Gala Coral. Although what is believed to be £250 million, is not that expensive as analysts have already indicated.
Whenever the deal is announced and certainly will be, the UK will see the emergence of the biggest casino operator, called Grosvenor Casinos.
Betfair secures naming rights deal for California racetrack
Betfair US, the Los Angeles-based subsidiary of leading online betting exchange Betfair, has entered into a five-year agreement with Hollywood Park Racing Association (HPRA), operator of the Hollywood Park Racetrack which has been renamed Betfair Hollywood Park.
The HPRA said the deal was a “groundbreaking agreement intended to transform the customer experience for racing fans at the historic venue, online and on television.”
The association claims that the renaming of its venue as Betfair Hollywood Park marks the first naming rights agreement ever for a horseracing venue in the United States.
“We realize that US racing, and California racing in particular, simply cannot continue on as it has,” said Jack Liebau, president of Hollywood Park Racing Association. “We need to look at the way we do everything in presenting our product to the public and not be afraid to embrace change, particularly if we are going to generate a younger fan base.”
Subject to Hollywood Park receiving assurances regarding its racing dates for 2013, Betfair will also make significant infrastructure investments and improvements at the Hollywood Park facility to create the Betfair Club and Betfair Lounge, which will offer customers modern surroundings and access to state-of-the-art technologies to interact with the racing product.
Betfair said that this will build on the success of its innovative Betfair Lounge at Ascot Racecourse in the UK. The company said that it will utilise its own marketing initiatives to drive younger demographics to the racing venue and monetise them, supported by traditional marketing campaigns on TVG and in the Los Angeles market.
“We are deeply committed to changing US horseracing for the better and are delighted to find a partner in Hollywood Park Racing Association willing to take the bold step of trying to change every facet of the racing experience to appeal to a broader, younger audience,” said Stephen Burn, CEO of Betfair US and TVG. “Horseracing is a wonderful sport, but it must embrace cultural change and utilize advancements in technology and presentation to survive and thrive just as other sports and entertainment industries have done.
“We hope this is the first of many examples of using the assets of technology companies, such as Betfair, to revitalise historic venues such as Betfair Hollywood Park.”
Betfair subsidiary TVG will produce the Betfair Hollywood Park simulcast signal and related TVG television programming, as well as introduce advanced graphics packages similar to those used in network broadcasts of major US sporting events to enhance the user experience and data available from the product.
“We believe that partnering with Betfair to modernise the product will benefit California racing,” continued Liebau. “Exchange wagering is another possibly transformative technological change for horseracing. However, it will only be introduced after a thorough consultation with our Horsemen and Horsewomen and, of course, its implementation is ultimately subject to the approval of the Thoroughbred Owners of California.”
The California Horse Racing Board is currently considering regulations that would make possible the implementation of exchange wagering on horseracing by California residents.
The HPRA said the deal was a “groundbreaking agreement intended to transform the customer experience for racing fans at the historic venue, online and on television.”
The association claims that the renaming of its venue as Betfair Hollywood Park marks the first naming rights agreement ever for a horseracing venue in the United States.
“We realize that US racing, and California racing in particular, simply cannot continue on as it has,” said Jack Liebau, president of Hollywood Park Racing Association. “We need to look at the way we do everything in presenting our product to the public and not be afraid to embrace change, particularly if we are going to generate a younger fan base.”
Subject to Hollywood Park receiving assurances regarding its racing dates for 2013, Betfair will also make significant infrastructure investments and improvements at the Hollywood Park facility to create the Betfair Club and Betfair Lounge, which will offer customers modern surroundings and access to state-of-the-art technologies to interact with the racing product.
Betfair said that this will build on the success of its innovative Betfair Lounge at Ascot Racecourse in the UK. The company said that it will utilise its own marketing initiatives to drive younger demographics to the racing venue and monetise them, supported by traditional marketing campaigns on TVG and in the Los Angeles market.
“We are deeply committed to changing US horseracing for the better and are delighted to find a partner in Hollywood Park Racing Association willing to take the bold step of trying to change every facet of the racing experience to appeal to a broader, younger audience,” said Stephen Burn, CEO of Betfair US and TVG. “Horseracing is a wonderful sport, but it must embrace cultural change and utilize advancements in technology and presentation to survive and thrive just as other sports and entertainment industries have done.
“We hope this is the first of many examples of using the assets of technology companies, such as Betfair, to revitalise historic venues such as Betfair Hollywood Park.”
Betfair subsidiary TVG will produce the Betfair Hollywood Park simulcast signal and related TVG television programming, as well as introduce advanced graphics packages similar to those used in network broadcasts of major US sporting events to enhance the user experience and data available from the product.
“We believe that partnering with Betfair to modernise the product will benefit California racing,” continued Liebau. “Exchange wagering is another possibly transformative technological change for horseracing. However, it will only be introduced after a thorough consultation with our Horsemen and Horsewomen and, of course, its implementation is ultimately subject to the approval of the Thoroughbred Owners of California.”
The California Horse Racing Board is currently considering regulations that would make possible the implementation of exchange wagering on horseracing by California residents.
March 16, 2012
Live betting is here to stay, says Tabcorp
Live betting on sport is here to stay, and the Federal Government needs to do more to regulate it, says gambling firm Tabcorp.
Tabcorp chief executive David Attenborough said today the government was examining the issues of broadcasting odds during live events and the provision of live betting over the internet, among other matters.
Consumers can now bet on live sporting events over the phone but not over the internet.
"Despite this prohibition, a number of wagering operators have offered live online betting to their Australian customers," Mr Attenborough told an American Chamber of Commerce in Australia luncheon.
"We are not aware of any of these operators being prosecuted for breaching the Interactive Gambling Act.
"Whereas operators such as Tabcorp, who comply with the law, are disadvantaged because some competitors ignore the prohibition, without consequence."
Mr Attenborough said live betting needed to be governed by consistent national rules that provide a level playing field for all participants.
Mr Attenborough said one could not stop people from betting on sport, especially when money flowed freely around the world.
He said betting on sports was becoming "part of everyday entertainment".
"Sport is much more exciting when you bet on it," he said.
Mr Attenborough said technology was boosting the gambling sector, particularly as gambling products were made available over mobile phones.
"Customers just want to transact, through technology, as easily as possible," he said.
"And you can deliver information easily."
Mr Attenborough said Tabcorp would, at some stage, like to break into Asian markets, but they were more complex, given religious and regulatory factors.
"India is a particularly difficult one to enter. There are a number of companies that are trying to enter it," he said.
"I think it's good in some of those markets to be a follower."
Tabcorp chief executive David Attenborough said today the government was examining the issues of broadcasting odds during live events and the provision of live betting over the internet, among other matters.
Consumers can now bet on live sporting events over the phone but not over the internet.
"Despite this prohibition, a number of wagering operators have offered live online betting to their Australian customers," Mr Attenborough told an American Chamber of Commerce in Australia luncheon.
"We are not aware of any of these operators being prosecuted for breaching the Interactive Gambling Act.
"Whereas operators such as Tabcorp, who comply with the law, are disadvantaged because some competitors ignore the prohibition, without consequence."
Mr Attenborough said live betting needed to be governed by consistent national rules that provide a level playing field for all participants.
Mr Attenborough said one could not stop people from betting on sport, especially when money flowed freely around the world.
He said betting on sports was becoming "part of everyday entertainment".
"Sport is much more exciting when you bet on it," he said.
Mr Attenborough said technology was boosting the gambling sector, particularly as gambling products were made available over mobile phones.
"Customers just want to transact, through technology, as easily as possible," he said.
"And you can deliver information easily."
Mr Attenborough said Tabcorp would, at some stage, like to break into Asian markets, but they were more complex, given religious and regulatory factors.
"India is a particularly difficult one to enter. There are a number of companies that are trying to enter it," he said.
"I think it's good in some of those markets to be a follower."
March 15, 2012
Bulgaria moves to regulate online gambling
Bulgaria's parliament adopted on Thursday a new law to regulate online gambling for the first time, its press office said.
Internet gambling and online betting had not been strictly regulated in Bulgaria, opening the door to an ever growing number of scam websites.
The new law sets special licensing regimes for all online casino operators, both Bulgarian and foreign.
It also obliges Internet providers to block access to unlicensed gambling websites, which were also to be included in a special blacklist.
This controversial requirement was approved by parliament despite opposition from Internet service providers and rights groups, who said this might set a precedent for filtering other websites.
Lawmakers also banned direct advertisement of gambling games.
The new regulations will also bring another 100 million leva (50 million euros, $67 million) of annual revenues to the public budget, according to parliamentarians of the ruling right-wing GERB party.
Internet gambling and online betting had not been strictly regulated in Bulgaria, opening the door to an ever growing number of scam websites.
The new law sets special licensing regimes for all online casino operators, both Bulgarian and foreign.
It also obliges Internet providers to block access to unlicensed gambling websites, which were also to be included in a special blacklist.
This controversial requirement was approved by parliament despite opposition from Internet service providers and rights groups, who said this might set a precedent for filtering other websites.
Lawmakers also banned direct advertisement of gambling games.
The new regulations will also bring another 100 million leva (50 million euros, $67 million) of annual revenues to the public budget, according to parliamentarians of the ruling right-wing GERB party.
Bodog moves to address collusion concerns
Bodog has taken steps to address concerns about the increased possibility of collusion at its anonymous poker tables by offering to provide the hand histories of all players at a table.
The company said it was introducing the feature in response to player feedback.
“Once all the noise of whining poker ‘pros’ who could no longer use software allowing access to data on how you play your game against Bodog players died down, the only credible complaint was the threat of collusion,” Bodog said in a statement Thursday.
As a result, the Bodog Poker Network now allows players to request their own hand histories, after a period of 24 hours, as well as the hole card information for all players in the same hand.
“The fact that we can now offer players this information is another advantage of our anonymous tables and something nobody else can offer,” said Jonas Odman, VP of the Bodog Poker Network. “Collusion is a natural concern for any poker room but this new additional feature puts the player in full control.”
The company said it was introducing the feature in response to player feedback.
“Once all the noise of whining poker ‘pros’ who could no longer use software allowing access to data on how you play your game against Bodog players died down, the only credible complaint was the threat of collusion,” Bodog said in a statement Thursday.
As a result, the Bodog Poker Network now allows players to request their own hand histories, after a period of 24 hours, as well as the hole card information for all players in the same hand.
“The fact that we can now offer players this information is another advantage of our anonymous tables and something nobody else can offer,” said Jonas Odman, VP of the Bodog Poker Network. “Collusion is a natural concern for any poker room but this new additional feature puts the player in full control.”
March 14, 2012
Iowa Senate OKs bill allowing Internet poker
Iowa would be one of the first states in the nation to allow Internet poker under a bill approved Tuesday night by the Senate.
No legislators spoke against the overall bill, which passed by a bipartisan 29-20 vote.
Advocates said the bill would help give the state a cut of the estimated $30 million in Iowa gambling money now flowing overseas every year. The issue has been in play in recent legislative sessions.
“Anytime we deal with gaming issues, there are a lot of public policy considerations,” said Sen. Jeff Danielson, D-Cedar Falls, who led the debate. “We did our homework. We worked together to come up with a solution that we believe addresses the problem.”
If the bill were to become law, Iowa casinos could launch the games, allowing people to establish accounts and deposit money to use for online wagering. Various tools would be in place to bar underage users or people outside Iowa from participating.
The nonpartisan Legislative Services Agency estimated the games would bring as much as $15 million yearly to the state — $13.2 million from taxes and up to $1.8 million for educational and charitable giving required from license holders.
Efforts to use the money to help resolve an estimated $215 million annual shortfall in Iowa’s road improvement budgets failed after opponents expressed concerns that the idea had not been properly vetted through the typical legislative process.
“We have heard time and time again that this bill before us is not about the funding, it’s about protecting our consumers,” said Sen. Joni Ernst, R-Red Oak, who proposed using the money for roads. “So if it is not about the funding, why would we not direct it into an area that so desperately needs the funding?”
Groups like the Family Leader and the Iowa Faith & Freedom Coalition have previously voiced opposition to the proposal, saying it expands gambling.
“We look at this as a big step from having casino gambling in about 20 locations to however many households are in Iowa,” said Tom Chapman of the Iowa Catholic Conference. “We think legalizing it will expand it, and we think we’ll see more problems with families.”
Gov. Terry Branstad this week noted that he has previously indicated an openness to consider the issue.
“I want to protect the integrity of Iowans. I think that’s the most important thing. In terms of regulating and controlling gambling in this state, our top priority has been to keep it honest, clean, open, transparent and keep the criminal element out,” Branstad said.
Lawmakers in Nevada and the District of Columbia have approved Internet poker, although both are still creating rules and have not yet launched the games.
The bill now heads to the House for further consideration.
No legislators spoke against the overall bill, which passed by a bipartisan 29-20 vote.
Advocates said the bill would help give the state a cut of the estimated $30 million in Iowa gambling money now flowing overseas every year. The issue has been in play in recent legislative sessions.
“Anytime we deal with gaming issues, there are a lot of public policy considerations,” said Sen. Jeff Danielson, D-Cedar Falls, who led the debate. “We did our homework. We worked together to come up with a solution that we believe addresses the problem.”
If the bill were to become law, Iowa casinos could launch the games, allowing people to establish accounts and deposit money to use for online wagering. Various tools would be in place to bar underage users or people outside Iowa from participating.
The nonpartisan Legislative Services Agency estimated the games would bring as much as $15 million yearly to the state — $13.2 million from taxes and up to $1.8 million for educational and charitable giving required from license holders.
Efforts to use the money to help resolve an estimated $215 million annual shortfall in Iowa’s road improvement budgets failed after opponents expressed concerns that the idea had not been properly vetted through the typical legislative process.
“We have heard time and time again that this bill before us is not about the funding, it’s about protecting our consumers,” said Sen. Joni Ernst, R-Red Oak, who proposed using the money for roads. “So if it is not about the funding, why would we not direct it into an area that so desperately needs the funding?”
Groups like the Family Leader and the Iowa Faith & Freedom Coalition have previously voiced opposition to the proposal, saying it expands gambling.
“We look at this as a big step from having casino gambling in about 20 locations to however many households are in Iowa,” said Tom Chapman of the Iowa Catholic Conference. “We think legalizing it will expand it, and we think we’ll see more problems with families.”
Gov. Terry Branstad this week noted that he has previously indicated an openness to consider the issue.
“I want to protect the integrity of Iowans. I think that’s the most important thing. In terms of regulating and controlling gambling in this state, our top priority has been to keep it honest, clean, open, transparent and keep the criminal element out,” Branstad said.
Lawmakers in Nevada and the District of Columbia have approved Internet poker, although both are still creating rules and have not yet launched the games.
The bill now heads to the House for further consideration.
Is there a Full Tilt Poker Back Up Plan?
As with most things regarding Full Tilt Poker these days, most of what we know regarding the true fate of the company’s future is speculation, hearsay and leaked reports. While it has been confirmed that the French investment group, Groupe Bernard Tapie is willing to pay $80 million in order to acquire Full Tilt Poker, there has been some speculation recently that the online poker room may be eying a backup plan if the GBT buyout fails.
According to an iGaming report, an anonymous UK private equity firm wants to buy Full Tilt Poker’s software for “cannibalization purposes.” Unfortunately for the online poker room, and for the thousands of players who have been waiting to see their money paid back since April last year, the offer is much more modest than the amount offered by Groupe Bernard Tapie, and is said to be in the region of $35 million.
The iGaming report reads: “The deal would centre around offering in the region of $30 to $35 million for the software alone, while the FTP name, brand and all associated with it would be then wound up. The funds for the software would be deposited in a neutral account for Administrators of the company to distribute to creditors of FTP.”
In its heyday, Full Tilt Poker was raking in over $1 million a day, and its software is considered among the most innovative in the world. It seems a shame then, that the same platform which brought the industry Rush Poker and other excellent features, would be forced to sell for such a relatively small amount. On the other hand, it seems that if the plan with the French investors doesn’t come to fruition, Full Tilt Poker may simply have no other choice but to accept the offer by the unnamed British group.
According to an iGaming report, an anonymous UK private equity firm wants to buy Full Tilt Poker’s software for “cannibalization purposes.” Unfortunately for the online poker room, and for the thousands of players who have been waiting to see their money paid back since April last year, the offer is much more modest than the amount offered by Groupe Bernard Tapie, and is said to be in the region of $35 million.
The iGaming report reads: “The deal would centre around offering in the region of $30 to $35 million for the software alone, while the FTP name, brand and all associated with it would be then wound up. The funds for the software would be deposited in a neutral account for Administrators of the company to distribute to creditors of FTP.”
In its heyday, Full Tilt Poker was raking in over $1 million a day, and its software is considered among the most innovative in the world. It seems a shame then, that the same platform which brought the industry Rush Poker and other excellent features, would be forced to sell for such a relatively small amount. On the other hand, it seems that if the plan with the French investors doesn’t come to fruition, Full Tilt Poker may simply have no other choice but to accept the offer by the unnamed British group.
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