Case Against Online Poker Payment Processor Closed

August 20, 2010

Last year’s US court case regarding Ahmad Khawaja, online payment processor, is finally over after the FBI confiscated more than $13 million from Allied Systems and Allied Wallet, two payment processors involved in online poker transactions with the world’s biggest online poker site, PokerStars.

The FBI claims that funds were seized after violations of the UIGEA was violated, though the confiscated amount is only a fraction of the total value of cash that what was actually transferred back and forth via the two processors during 2009.

The investigation that ultimately brought down the companies involved specifically eight bank accounts that were allegedly in direct conflict with orders set forth by the UIGEA. In defense of the accused, it was argued that the UIGEA was convoluted and in fact permitted such transactions to be made legally. Unfortunately though, however such transactions may be “hidden” in writing, efforts to slip them under the radar were not effective in these cases.

A statement made by PokerStars follows:

“PokerStars does not condone efforts by processors to conceal the nature or purpose of funds used to play online poker. PokerStars has taken steps to ensure that processors properly disclose the nature of their business to their relevant financial institutions.”

Attacking the payment processors that facilitate online poker transfers is the only way for the feds to enforce the UIGEA, as there is no actual criminal activity taking place. The UIGEA is in fact convoluted and while it hasn’t done much to stop or even deter the existence and progression of online poker, and gambling in general for that matter in the US, it does point fingers at the financial institutions that facilitate online gambling between players and the gambling sites.

Chinese Cheaters Outed at PokerStars

August 20, 2010

According to the 2+2 forum, a recent scandal on PokerStars resulted in the discovery of a Chinese collusion ring, which led to a $2 million refund to affected players. The popular poker forum revealed that there were multiple Chinese players registering for the same Double or Nothing (DoN) sit and go tourneys around the $52 to $104 buy-ins. These single-table tourneys start out with 10 players and the last five players standing cash out with double the buy-in.

In the case of the Chinese cheaters, the players would reveal to each other their hole cards and purposely exchange piles of chips to ensure they’d cash out winners. These guys’ ironically outed by one of their own. One of the players, “Jane0123” posted a thread in May that stated PokerStars had suspended his account and frozen the $10K in it. This was the resulted of regular DoN players reporting to PokerStars that something seemed fishy.

A month later, PokerStars paid out just under $600K to affected players, but Stars players demanding more, and the reparations were recently upped to $2 million. Although the online poker site has done much to amend the issue, there still seems to be a problem. 2+2 posters have still reported new accounts held by Chinese players with similar playing styles to that of the collusion ring in tournaments and 7-card stud games.

While the problem is obviously far from over, there is likely to be some sort of policy put in place to prevent this from happening in the future, as it seems like this practice has become an epidemic that will hopefully be contained very soon. This isn’t the first time that online poker has been the center of a scandal, but the PokerStars brand name and reputation is now tarnished. However, Stars is much too big an empire to allow such a negative connotation to be associated with their brand as say UltimateBet, which ultimately re-branded as UB.com in an effort to save what little dignity they had left.

Legends of Poker Begins Friday in LA

August 19, 2010

The World Poker Tour will host the Main Event of the $5K Legends of Poker NL Hold ‘em championship on August 20th at the Bicycle Casino in LA. Day 1A begins at 1:00 p.m. PDT and Day 1B will follow on Saturday, August 21st, culminating on Wednesday the 25th.

Participants will start the tourney off with 25K chips at nine-handed tables with blinds starting at 50/100 and 90-minute levels with 10-minute breaks between. A dinner break is scheduled each night of the tournament from 7:30 p.m. until 8:30 p.m.

Preliminary events began on July 28th and 21 events have resulted in winners including Soheil Shamseddin with a $10K win on $225 PL Omaha 8s or Better with Rebuys and Murdock Schelechi’s $130K win in the $335 NL Hold ‘em event that saw more than 1,700 registrants and a guaranteed prize pool of $400K.

Last year, the Legends of Poker tournament crowned Prahlad Friedman champion with a $1+ million purse, who placed first after buying into a 279-player field with $10K that resulted in a $2.6 million prize pool and 27 places paid. Other past winners include the legendary Doyle Brunson, who won the third Legends of Poker tournament and a cash out of almost $1.2 million.

With the buy-in reduced by 50% this year, there is likely to be a bigger starting players field than years past. Of course the prize pool is likely to be cut as well, but it shouldn’t deter attendance.

The tentative schedule for the tournament will continue through Tuesday daily at 1:00 p.m. until the final table is determined. On Wednesday, the final table will resume play at 4:00 p.m. until a winner is determined.

Absolute Poker Referral Code August 2010

August 16, 2010

Absolute Poker Bonus

New players at Absolute Poker will receive a 150% deposit bonus up to $500 when using Absolute Poker Referral Code PSITEORG%

Mizrachi Signs as a Poker Instructor with DeepStacks Live

August 16, 2010

Recently, Michael “The Grinder” Mizrachi landed a spot in the 2010 WSOP Main Event final table. Now in 7th place in terms of chips in this year’s November Nine, Mizrachi has come a long way in the five or so years that he’s been playing. Racking up more than $8.5 million in tournament winnings, $2 million of that from the 23 WSOP cashes he’s incurred including a first place win in the $50K Players’ Championship, the Grinder is a force to be reckoned with in the poker world.

It is for this reason that he’s been signed with DeepStacks Live exclusively as a poker instructor. Not just a pro at an online poker site, Mizrachi’s deal provides a real job with a poker training site company. Mizrachi will actually be teaching poker classes in Florida where new laws have allowed for uncapped play. It is important for poker players in Florida to learn new tactics and change their approach to poker in order to defend themselves when more experienced players come in from out of state.

“I had a lot of options after the WSOP, but DeepStacks Live was the right fit for how I play and how I want to teach others to play. They are the most innovative and hands-on training company,” stated Mizrachi in a press release.
Mizrachi will join the ranks at DeepStacks Live with other famous poker players and instructors, Hall of Famers Mike “The Mouth” Matusow, Tom McEvoy, and TJ Cloutier.

To find out where upcoming training locations and sessions will be held in Florida, as well as California, Mississippi, New York, Nevada, Oklahoma, and throughout Canada, visit www.deepstacks.com.

Cake Poker Signup Code August 2010

August 15, 2010

Cake Poker Bonus

Earn a 110% bonus on your new deposit at Cake Poker this month, up to $600. New players making their first ever deposit at Cake Poker using Cake Poker Signup Code CAKEB are eligible for this great bonus offer. After registering your new account with the signup code listed above and making a real money deposit, start playing real money cash games and tourneys online at Cake Poker to earn your poker bonus. As you play poker, you’ll receive Frequent Player Points (FPPs). These points are worth $0.06 of your bonus. As you earn increments of 83.33 FPPs, you’ll earn $5 installments of your bonus until you’ve cleared your bonus in full.

Cake Poker New Depositor’s Freeroll

New players at Cake Poker will also earn a ticket for the New Depositor’s Freeroll with a $500 prize pool. This event runs weekly on Saturdays at 2:00 p.m.

Cake Poker’s Gold Spree

Don’t wait to sign up at Cake Poker because the Gold Spree promotion only lasts through August 2010. During this promo, you’ll get a chance to win a piece of the $20K booty full of cash prizes. To play in this promo, just earn FPPs. Every week, you will be given a target to reach in FPPs. This value will be an individualized target, assigned to you personally. If you meet your weekly target, you’ll get a shot at that week’s $5K Kamikaze tourney. To discover your personal FPP target goal, after creating your account and depositing cash, visit “My Account” within the Cake Poker software.

Kamikaze tourneys are No-Limit Shootouts that run fast and require no player action, as every hand is a forced all-in. With a table winner quickly declared, the tournament persists at super speed until the prize pool is dispersed.

Full Tilt Poker Referral Code August 2010

August 15, 2010

Full Tilt Poker Bonus

Full Tilt Poker is offering a bonus this month worth 100% of your first time deposit up to $600. In order to claim this bonus, just use Full Tilt Referral Code PRULESNET when you create your new player account at Full Tilt Poker. After you make your first real money deposit, just start playing cash games and tournaments to earn Full Tilt Points (FTPs). For every dollar you pay in tourney fees, you’ll receive 7 points. In cash games, you will receive one point for every dollar in rake you pay. As you earn more and more points, you’ll earn more and more of your bonus. Each point is worth $0.06 of your poker bonus, and you’ll receive payments of $20 as you earn the equivalent FTPs. This bonus expires after 120 days, so earn all your points within this time frame to clear your full bonus.

$100K First Deposit Freeroll

New players will also get a free ticket to participate in the $100K First Deposit Freeroll Tournament where you will have the opportunity to play with other new Full Tilt Poker players in one of the biggest freerolls online.

Happy Hour

All throughout the month of August, all Full Tilt Poker players can earn double or triple Full Tilt Points just by playing ring games and tourneys. Short Handed Happy Hour will award double points on short-handed ring games. These are 6-max tables with three or less players and full ring tables with four or less players. Play at these tables during scheduled happy hours, and you’ll get triple the FTPs. To locate these tables in the Full Tilt Poker lobby, look for the happy face icon in the “Players” column of eligible tables. Rush Poker ring games do not apply. These points will help you clear your bonus faster and can be used to purchase tournament buy-ins and Full Tilt Poker merchandise.

August 2010 PokerStars Marketing Code

August 15, 2010

PokerStars Poker Bonus

The August PokerStars Poker Bonus is worth 100% of any first time deposit up to $600. To claim this bonus, just create a new account with PokerStars Marketing Code PSP11903 and make a real money deposit. But what makes this bonus different from other online poker bonuses is that it spans across the first three deposits you make at PokerStars, so don’t think you have to deposit $600 to get the full value out of your PokerStars bonus. Just make three deposits within the first 90 days of registering, and you’ll have six months to clear your bonus. To clear this bonus, earn 17 times the bonus in player points. You can earn points by simply playing real money online poker at PokerStars. As you play cash games and tournaments, you’ll earn your bonus in $10 installments.

World Championship of Online Poker

Otherwise known as the WCOOP, the World Championship of Online Poker, hosted by PokerStars, begins next month on September 5th, but you can satellite in during the month of August for cheap. With more than $500K in seats added, you don’t want to miss this annual series. Satellite buy-ins start at as little as $5.50, so there’s no excuse not to participate.

WCOOP Extreme Satellites begin August 21st and run three times every day through August 29th and start at $5.50. To find these events, go to the PokerStars Lobby, then “Events,” then “WCOOP,” then “All” and type “WCOOP Extreme” in the Tourney Filter.

The 2010 WCOOP will be the ninth installment of this series. It will include 62 events spanning over 23 days and guarantee a total prize pool of $50 million. Everyone who is anyone in online poker, or live poker for that matter, will partake in this series, including many Team PokerStars Pros. Don’t miss this!

Criminal Allowed to Play Poker to Save Jail Time

August 12, 2010

Samuel McMaster, an ex-stockbroker from New Mexico and poker conman, convicted of swindling at least 20 people is being given an unusual shot to pay off his debts. He has been given the opportunity to compete in live poker tournaments throughout the country in an effort to earn the money back he owes to his victims.

McMaster, who admitted to 26 felonies of securities fraud, owes $444K to his victims. He has been given a delayed sentence so that he may work over the next six months to win restitution owed of $7,500 per month. If he misses two of those payments, he will immediately return to court to face sentencing of up to 12 years in prison.

McMaster’s attorney claims that his only source of income right now is poker. He’s actually been accused of using the stolen money to originally fund his gambling habit. McMaster is known as a poker shark and pro, but that remains to be seen. Over the last seven years, he’s own cash a few times in live tourneys and for minimal amounts since 2003, the biggest cash out being a $1,000 buy-in to a 2008 Bellagio tournament in which he won $12,550. He’s never even cashed at the WSOP. The court has actually granted him leave to play out of state tournaments.

Because the IRS recognizes pro poker as a profession, the New Mexico judge claimed there was not reason enough to prevent McMaster from “working” in order to earn the money to pay back to his victims. Furthermore, he poses no real threat.

The New Mexico prosecutor on the case, Phyllis Bowman, said, “There’s nothing to indicate he is a violent threat to society. The conditions of his release have nothing to do with his profession.”

It all seems very unconventional when taken in perspective of the US judicial system. However, according to Kelly O’Donnel, superintendent of New Mexico’s state regulation and licensing department, “If he demonstrates an ability to successfully meet his restitution payments by playing poker, it potentially could sway the judge’s decision on final sentencing. How much jail time he gets ultimately is up to the judge.”

Phil Laak OK After Major ATV Accident

August 9, 2010

Phil “The Unibomber” Laak, pro poker player, was involved in an unfortunate ATV accident last week and as a result was hospitalized. Laak and fellow poker players, David Wells, Brian Rast, Antonio Esfandiari, and Alec Torelli, along with other friends, were on their way to a camping trip in Oregon when Laak lost control of his ATV. Though the injuries are minor, they included lacerations to his right eye and broken bones.

Esfandiari, who was with Laak in the hospital, told sources, “We were following Dave and Tony on the ATVs and we were keeping up very well. We went over a sand dune, but there was a drop hidden behind it. It could have happened to either of us, honestly. Phil tried to jump off in mid-air, but he ended up landing on his bike. His elbow is broken and his wrist is all jacked up. His eye is also really messed up. Had it been one millimeter off, he’d probably be blind.”

Despite the upset though, Laak still found time to update his Twitter page @ RealPhilLaak. On August 5th: “Atv accident, massive arm injury and lacerations to eye in oregon. Life is good.” Then later that evening, he posted, “Stitches forthcoming. Could have been worse I’m lucky to be in one piece.”

Laak still remains in good spirits. Esfandiari says “he is handling it all very well.” He went on to explain that Laak “was even cracking jokes with the police and paramedics who were on the scene. He wants to fly home tonight [Friday], but they aren’t sure if they will let him. We might have to drive.”

According to his Twitter page @ RealPhilLaak, he did make it home and is now in the arms of his girlfriend Jennifer Tilly. His last post on August 7th read: “Jennifer is the best. Cuddling w her is better for the pain then even my perkocet pain medicine.”

He posted this pic on Twitter:

phil laak

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