A Heavy Price To Be Placed On Establishing Legality By U.S. Officials According To Uk Financial Site
ThisIsMoney, the well known British financial news site, has recently reported the possibility that the U.S. Justice Department may attempt to regain any and all moneys acquired by online gambling groups 888 and Party Gaming from players resident in the U.S. during the period prior to their getting out of the market but following passage of the Unlawful Internet Gambling Enforcement Act, according to unnamed sources.
According to the article the amount in question could be as much as $900 million or £445m for the online gambling website PartyGaming, and $120 million for 888.
The need to come up with this much money would certainly have a negative affect on the financial viability of these two company. It is highly unlikely that either company would come up with this much money since to do so would immediately put them both out of business.
There is an alternative solution and that is that payment be shared between the two companies and their principal founders and owners, to whom it is reported were paid large dividends representing the major part of the profits that were collected. It is alleged that PartyGaming has paid out in dividends to their shareholders 90 percent of its US profits with 70 percent going to the founding shareholders who still own large portions of the company.
It was reported earlier this week that the two companies are in negotiations with Department of Justice officials.
If You want to Make a Million try a Poker Tournament
An online gambling phenomenon that has become a real grabber is the high stakes poker tournaments. Let’s take a gander at some of the more popular versions of this endeavor. Here is a big ticket competition to consider that has become especially popular among the online poker set.
With its $1.3 million slush pool of prizes along with a reasonable only $1 000 plus another $50 buy-in, the PokerStars $1 Million Guaranteed tournament brought in an amazing but not overwhelming 1301 competitors. By the time the final table was reached after some really hot play, the value of an average stack of chips had reached an impressive $425,000.
When it was all said and done the two remaining players fought over a first prize valued as $262,151 and odd change. This is the kin of sum that you might expect to see played out as a large online casino’s progressive winnings. The guy who came in in second place took with him to his home a respectable $161, 974.50. There were another eight finalists no one else of whom took home less than $18,000 in cash.
The thing is that even though this was a lucrative engagement it was not out of the ordinary. In fact it simply reflects what is happening on the Internet at online poker sets every week, things that are being missed because of the big fanfare that the larger events are getting, events like the World Series of Poker or the World Poker Tournament. Along with the more impressive tournaments that are being held by the big time corporations.