Online Casino Transfer: News - Cost to Tokwiro made Public

06/11/2010		Online Casino Style: News Cost to Tokwiro made Public
Home History Games News Dictionary		The numbers for last year’s cheating scandal at online casinos Absolute Poker and Ultimate Bet are beginning to become available to the press, and the results are staggering. According to the most recent estimations made by chief operating officer Paul Leggett, the grand totals being summed for costs to refurbish the sites, methodology and most especially the refunds given back to players come to nearly $23 million. Even for parent company and operation managers Tokwiro Enterprises, the numbers are high. Though many in the online gambling industry had previously thought that the highest cost paid by the company had been their reputation and good name in the internet gambling circles, the fiscal damage is now understood to be much more than originally anticipated. The comments regarding the issue were part of Tokwiro’s ongoing and transparent discussions with the market in regards to their most recent snafu, an encryption failure in the software, opening up both online casinos to hackers. For last year’s debacle, Leggett admitted that Tokwiro had refunded back to cheated players an amazing $22,054,351 and change in addition to later payments of $227,956 after a secondary error was uncovered. Costs also included paying out fines imposed on the firm by their regulator, the Kahnawake Gaming Commission. Recovering from the bad rap has been even more expensive. “We were limited by the information available to us and we had legacy data sources and applications from the previous owners that we learned we could not trust,” Leggett wrote on his blog. “We also were initially relying on the old UB software developers to help us with the analysis, which proved very problematic. We eventually hired independent database analysts and a poker mathematician to help us redo the analysis because of the frustrations we had dealing with the problems.”

06/11/2010

Online Casino Style: News
Cost to Tokwiro made Public

The numbers for last year’s cheating scandal at online casinos Absolute Poker and Ultimate Bet are beginning to become available to the press, and the results are staggering. According to the most recent estimations made by chief operating officer Paul Leggett, the grand totals being summed for costs to refurbish the sites, methodology and most especially the refunds given back to players come to nearly $23 million.

Even for parent company and operation managers Tokwiro Enterprises, the numbers are high. Though many in the online gambling industry had previously thought that the highest cost paid by the company had been their reputation and good name in the internet gambling circles, the fiscal damage is now understood to be much more than originally anticipated.

The comments regarding the issue were part of Tokwiro’s ongoing and transparent discussions with the market in regards to their most recent snafu, an encryption failure in the software, opening up both online casinos to hackers. For last year’s debacle, Leggett admitted that Tokwiro had refunded back to cheated players an amazing $22,054,351 and change in addition to later payments of $227,956 after a secondary error was uncovered. Costs also included paying out fines imposed on the firm by their regulator, the Kahnawake Gaming Commission. Recovering from the bad rap has been even more expensive.

“We were limited by the information available to us and we had legacy data sources and applications from the previous owners that we learned we could not trust,” Leggett wrote on his blog. “We also were initially relying on the old UB software developers to help us with the analysis, which proved very problematic. We eventually hired independent database analysts and a poker mathematician to help us redo the analysis because of the frustrations we had dealing with the problems.”