Online Casino Transfer: News - Poker Stars

02/19/2010		Online Casino Style: News Poker Stars - 2
Home History Games News Dictionary		continued from Poker Stars - 1 In fact, many in the online gambling community believe that Poker Stars’ success can be largely attributed to their defiance of the Unlawful Internet Gambling Enforcement Act of 2006, continuing to operate and service customers in the US despite the prohibition laws. Two-and-a-half million of their members are located in the United States, and make considerable contributions to the annual revenues reported by the firm topping $1.4 billion. According to the piece in Forbes’ magazine, it was a difficult if not profitable decision made by the Poker Stars’ executive team, after many long, hard conversations with their legal team. While most other internet casinos withdrew from the market fearing consequences, Poker Stars continues to maintain that their operation in America is not, in fact, illegal (for now.) As the UIGEA’s enforcement date was officially set back for this summer 2010, the only active law in regards to foreign online gambling companies is the Wire Act of 1961, and that is specific to sports betting. According to both the management and legal teams’ interpretation of the law, it’s application to sports betting doesn’t affect the ability for poker operators to accept US players. It’s been a rough decision, such as the issue in 2008 when the US Attorney’s office in Manhattan froze $34 million of online poker’s funds scheduled to be paid to players, but profitable in the end. As H2 Gambling Capital estimates, the online poker industry is worth some $4.8 billion a year, and Poker Stars’ strong position in America earned them the capital needed to expand to become the biggest poker internet casino in the world. The company currently employs around 1,000 people, and the Forbes article guesstimates that the company will only continue to grow, summarizing, “Either way PokerStars dominance of this lucrative global business seems secure for now.”

02/19/2010

Online Casino Style: News
Poker Stars - 2

continued from Poker Stars - 1

In fact, many in the online gambling community believe that Poker Stars’ success can be largely attributed to their defiance of the Unlawful Internet Gambling Enforcement Act of 2006, continuing to operate and service customers in the US despite the prohibition laws. Two-and-a-half million of their members are located in the United States, and make considerable contributions to the annual revenues reported by the firm topping $1.4 billion.

According to the piece in Forbes’ magazine, it was a difficult if not profitable decision made by the Poker Stars’ executive team, after many long, hard conversations with their legal team. While most other internet casinos withdrew from the market fearing consequences, Poker Stars continues to maintain that their operation in America is not, in fact, illegal (for now.) As the UIGEA’s enforcement date was officially set back for this summer 2010, the only active law in regards to foreign online gambling companies is the Wire Act of 1961, and that is specific to sports betting. According to both the management and legal teams’ interpretation of the law, it’s application to sports betting doesn’t affect the ability for poker operators to accept US players.

It’s been a rough decision, such as the issue in 2008 when the US Attorney’s office in Manhattan froze $34 million of online poker’s funds scheduled to be paid to players, but profitable in the end. As H2 Gambling Capital estimates, the online poker industry is worth some $4.8 billion a year, and Poker Stars’ strong position in America earned them the capital needed to expand to become the biggest poker internet casino in the world. The company currently employs around 1,000 people, and the Forbes article guesstimates that the company will only continue to grow, summarizing, “Either way PokerStars dominance of this lucrative global business seems secure for now.”