Two of the world's largest online poker Web sites will forfeit $547 million to settle U.S. Justice Department allegations that they violated anti-gambling laws and deceived financial institutions into processing their payments. Under a settlement with the Manhattan U.S. Attorney, PokerStars will absorb Full Tilt Poker and pay an additional $184 million owed by the latter to foreign poker players. U.S. clients of the companies will be able to sue the Justice Department for any winnings owed by the poker operations, which account for two of three businesses indicted in April 2011 for violating anti-gambling laws. In its 2011 indictment,...
An agreement between a global online gaming company and an Atlantic City casino to offer Internet wagering in New Jersey faces an uphill battle to gain the necessary approval from state regulators, say analysts.
Since the 2011 indictment by the U.S. Justice Department of some of the most prominent online gambling sites in the world, the financial risks posed by Internet betting have changed, believes Christine Duhaime, barrister and solicitor at Vancouver-based Duhaime Law.
The U.S. Justice Department is seeking $3 billion in forfeitures and fines from three of the largest online gambling businesses and the financial institutions and individuals that helped to process bets.