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Reuters: Full Tilt Poker, Pokerstars and Absolute Poker charged with illegal gambling Reuters: Full Tilt Poker, Pokerstars and Absolute Poker charged with illegal gambling

04-16-2011 , 07:47 AM
What's going to happen to one of my favorite TV shows -- Poker Stars the Big Game?
04-16-2011 , 07:48 AM
Is it still possible to change the address/account to another country (in Europe) on PokerStars? I have my PS account based in CA until now.
I did on FullTiltPoker, it seems to work just fine.
Thanks.
04-16-2011 , 07:49 AM
Quote:
Originally Posted by Kevin B
What's going to happen to one of my favorite TV shows -- Poker Stars the Big Game?
People have hundreds to millions of dollars in limbo, and you're worried about ****ing television? GDIAMFF.
04-16-2011 , 07:50 AM
Quote:
Originally Posted by Kevin B
What's going to happen to one of my favorite TV shows -- Poker Stars the Big Game?
I would assume that the show would still be working and that players from the US would be excluded for the time being.
04-16-2011 , 07:51 AM
Looks like the brick and mortar card rooms are going to need more dealers in the coming weeks.

Some of those old Vegas geysers better get used to a rash of young internet kids sitting next to them.

Last edited by Kevin B; 04-16-2011 at 08:01 AM.
04-16-2011 , 07:52 AM
Quote:
Originally Posted by John N
I think those numbers are nowhere near the reality, lets say there are around 750K-1M unique players on stars, and the average roll online is 100 dollars (again these are certainly highly underestimated figures in my sense)

This makes it up for 75-100M USD, and I think that figure lies on the very low end. I'm more enclined to believe that the total amount goes well over 200M USD unfortunately. Having said so, I doubt every1 will rush to withdraw at the same time, but a large part will, and they certainly dont have the cash in hand to satisfy that demand, the same way a bank keeps only around 5-15% of the money it is entrusted with.
I think you're in the ballpark. Unfortunately I underestimated how many funded accounts there are since I don't keep good tabs on player volume.

If there are indeed 30 mm real money accounts I am positive 97% or more of those have a balance of zero at any given time. Those accounts get created year after year by people who no longer play so that number can never go down. Even active recreational players usually deposit just enough to gamble with for that day/week until they've lost it.

Anyways the situation looks bleaker if there are $100 mm in deposits or more at the present time. The higher the number, the harder it is to pay out and the higher incentive the sites would have to default.
04-16-2011 , 07:53 AM
Quote:
Originally Posted by PokerjunkieXL
For everybody who has problems updating. I uploaded the FTP installer. This should work as a charm!!

http://www.filesonic.com/file/701672...lTiltSetup.exe
LOL. Only tard click/install unverified poker soft.
04-16-2011 , 07:53 AM
Cliffs anyone?
04-16-2011 , 07:53 AM
100mm is still way off alone jorj95 and nanonoko got each 1million in their accout or at least they had months ago(Stated by a pokerstarsemployer in the Supernovaelitethread)
04-16-2011 , 07:57 AM
I never bothered to change my FTP account address when I left the US and it was initially blocked. I changed it to my current address (Italy) and got access within a short time.

Pokerstars presents a special problem because it has an agreement with the Italian government to allow Italians, and residents of Italy, to play only on Pokerstars.it which has only tournaments. To play on regular Pokerstars has required another address which for me was my old USA address but now that seems useless. Best news, since I am also an EU citizen I have the right to reside in any EU country I wish.
04-16-2011 , 07:58 AM
Quote:
Originally Posted by PokerjunkieXL
For everybody who has problems updating. I uploaded the FTP installer. This should work as a charm!!

http://www.filesonic.com/file/701672...lTiltSetup.exe
does not work
04-16-2011 , 08:00 AM
Quote:
Originally Posted by NiSash1337
No seriously if everyone cashsout now, that would kill PS/FTP. That`s like if everyone in the world would run to the banks and take all their money.
Baloney, hopefully. A bank borrows (takes your deposit which you can take back at any time) short term but lends long term (30 year mortgage) -- so if all depositors withdraw at once (w/o replacement depositors) the bank cannot meet the demands. PS/FTP, hopefully, have all our money in (short term) deposits or safe bonds, earning nice interest for them but withdraw-able by them -- and therefore by you -- at any time, hopefully.
04-16-2011 , 08:02 AM
For the naysayers I took a screenshot. Don't know if my ISP has not been informed or if FTP missed it but here it is from 15 minutes ago.

04-16-2011 , 08:03 AM
Emm can someone say what's the situation right now?
04-16-2011 , 08:03 AM
Quote:
Originally Posted by ChickRaise
who is that
04-16-2011 , 08:03 AM
THEY TOOK OUR M0THER****1NG JOBS!
04-16-2011 , 08:04 AM
Uninstalled the client and downloaded it and re-installed it from the uk site and client loads and works. But obviously can't play or do anything at this time.

Such a shame.
04-16-2011 , 08:06 AM
04-16-2011 , 08:06 AM
Quote:
Originally Posted by lostbear87
Cliffs anyone?
mesmorised by your avatar, took my mind off the $ limbo for 39secs thx, would also appreciate cliffs
04-16-2011 , 08:06 AM
OFFsuit72...

Did you ever have to uninstall and download then reinstall the client from the uk site? I'm just curious to know how you are even playing.
04-16-2011 , 08:06 AM
Unbelievable...
04-16-2011 , 08:09 AM
Been reading about what people estimate the amount of PS accounts come out to... seen 15-20 mil (lol), all the way up to 200 mil. Are you guys assuming these numbers just on the American market or worldwide? Hopefully if its just the American market were talking about and its not up to 200mil they wont default... at any rate, are there any new articles/info about cashing out/processors being shut down? Sometimes PS wires take 1 day to get into bank account- anyone received a wire from a recent cashout? thanks
04-16-2011 , 08:10 AM
Quote:
Originally Posted by VillaBoy
Would you honestly expect them to release press statements stating anything else? Think about it...
Player balances have to be kept in separate segregated trust accounts under IOM law (matching UK law in this respect) (Online Gambling Participant Regs 2010).

PS are based in IOM and spend a fortune on top UK City of London law firms who advise on their regulation. They are by far the biggest gaming company in IOM and I would be astonished if the IOM Gaming Commission had let them flout this. Nor do I think the legal and accountancy firms who advise them would have had anything to do with what would be stealing player funds (they would be committing offences under the UK money laundering regs in assisting Stars do this in any way and the firms would have to report it or their partners would go to jail).
Remember we would be talking about offences in Stars home jurisdiction where all their assets are held and the individuals involved live.

They have clearly rolled the dice and decided to try to keep their assets and themselves out of the way of the US jurisdiction
I expect they will have put the player funds (as well as their own) into banks that do as little business in the US as they can find.

But I would be astonished if they have not kept all the player money separate.
04-16-2011 , 08:10 AM
So a guy on a podcast im listening to just suggested stars might be shutting down worldwide withing 48 hours. What what? Now even I'm scurred.

      
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