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Amaya Gaming Buys PokerStars and Full Tilt Poker For $4.9 Billion 52

Posted by timothy
from the clearing-the-table dept.
Dave Knott (2917251) writes Montreal-based gaming company Amaya Gaming Group Inc. has agreed to purchase privately held Oldford Group, the owner of online poker websites PokerStars and Full Tilt Poker, for $4.9 billion. The deal marks the end of a remarkable story that began when Isai Scheinberg, an Israeli-Canadian former IBM computer programmer, founded PYR Software in Toronto and started building PokerStars, which eventually became the largest online poker site in the world. But in 2011, federal prosecutors in Manhattan launched a massive crackdown against online poker in the U.S., indicting Scheinbeg, suing PokerStars and shutting down the U.S. operations of the company for operating an illegal gambling business. In 2012, PokerStars struck a $731 million settlement with federal prosecutors that also saw the company acquire the assets of Full Tilt Poker. However, reentering the vital U.S. market has proved difficult, and in the end, it started to make sense for the Scheinbergs to sell. The Scheinbergs will not remain with PokerStars in any capacity after the current deal closes. In a statement announcing the deal, Amaya said it believes the "transaction will expedite the entry of PokerStars and Full Tilt Poker into regulated markets in which Amaya already holds a footprint, particularly the U.S.A."
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Amaya Gaming Buys PokerStars and Full Tilt Poker For $4.9 Billion

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  • by fustakrakich (1673220) on Friday June 13, 2014 @11:01PM (#47234643) Journal

    How is this any different from Turkey or Pakistan blocking twitter? And where is the resistance against this crap?

  • by Anonymous Coward on Saturday June 14, 2014 @12:04AM (#47234819)

    Except none of that applies to poker. It's not gambling against the house with the odds in their favor.

    They take a rake of the pot, essentially you're paying for the privilege of using their tables (or software). Like renting a bowling lane or a pool table. Your odds are exactly the same as all of the other players, in the long term the only difference is differences of skill. This is all assuming no cheating or collusion going on of course, and says nothing of the legality of playing poker for money.

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