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Businesses The Almighty Buck Games

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

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 rtb61 ( 674572 ) on Friday June 13, 2014 @11:53PM (#47234791) Homepage

    It is never gambling when the odds are biased in one sides favour, then it is fraud and losing. Quite simply gambling laws need to change, equal odds should be enforced and both sides of the gamble should be forced to 'GAMBLE'. It would be truly humorous to see all those gambling houses being forced to actually gamble, here's betting the majority of those fraudsters would shut down long before they would be willing to actually 'GAMBLE' with their money.

    Of course this is likely a share transaction, specifically designed to inflate share prices in order to allow major share holders to dump shares based upon insider bad news. That bad news likely linked to upcoming legislation. Not that it will be say 'Fair Gambling' laws that actually require that both sides share they same gamble when it comes to winning or losing or at least be forced to include substantial warnings that the odds are tilted in the favour and that the punters on average will 'LOSE' and not gamble their money.

    I've got no problem with gambling where the odds are equal, where they are one sided, people should be going to jail for fraud.

  • by Anonymous Coward on Saturday June 14, 2014 @07:58AM (#47235693)

    that is true in person - online you have no idea what you are really playing against. there are many documented cases of online sites allowing players to see all the cards on the table. the documentary I saw showed a 100% proper call on bluff rate over a period of many months.

    think about it. you are at a 8 person table. 7 of the players are computers and know your cards. think that make the odds of you winning 'exactly the same'?

Thus spake the master programmer: "Time for you to leave." -- Geoffrey James, "The Tao of Programming"