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Top Stories
Accused Online Gambling Payment Processor Franzen Pleads Not Guilty 4/18/2011 (Bloomberg) Bradley Franzen, one of 11 people charged last week with being part of an online gambling conspiracy, pleaded not guilty before a U.S. magistrate in New York. Franzen, 41, of Illinois and Costa Rica, is accused of lying to banks about the nature of the transactions they were processing, and of creating fake companies and websites to disguise payments to poker companies. Manhattan U.S. Attorney Preet Bharara announced on April 15 a revised indictment against the founders of PokerStars, Full Tilt Poker and Absolute Poker. PokerStars, based on the Isle of Man, Ireland’s Full Tilt Poker and Absolute Poker of Costa Rica are the leading online poker sites doing business with U.S. customers, according to prosecutors. “Not guilty, your honor,” Franzen told U.S. Magistrate Judge Frank Maas today in Manhattan after being asked how he pleaded to the charges.  Full Story
Listed poker sites gain winning hand 4/18/2011 (Financial Times) Europe’s leading listed gambling companies reaped the benefit of Friday’s crackdown by US prosecutors on online poker, claiming that trust in those operators had been damaged beyond repair. Shares in bwin.party climbed nearly a third, closing at 170p, a rise of 39p, while 888 Holdings rose 20 per cent, Playtech by more than 7 per cent and Sportingbet by nearly 5 per cent. US prosecutors are enlisting international counterparts to arrest most of the founders of PokerStars, Full Tilt and Absolute Poker, who have been charged with illegal gambling, money laundering and bank fraud. Their unregulated US websites were seized, although PokerStars and Full Tilt were continuing to operate in Europe, where they are subject to regulation. PokerStars has a licence from the Isle of Man and Full Tilt is registered in Alderney. Full Story
Poker Crackdown: Time to Fold ‘Em? 4/18/2011 (WSJ) In a move that’s roiling the online poker community, federal prosecutors have filed fraud charges against the founders of online poker websites Full Tilt Poker, PokerStars and Absolute Poker, among others. It’s the first big crackdown on online poker sites — and the legal action could disrupt a cottage industry that’s sprung up around the popular game. Aside from site operators, a number of companies offer data programs, calculators, software and other tools that cater to the online poker-player audience. PokerScout, a website that tracks online poker, estimates that 1.8 million people played poker for money in the U.S. last year, representing $16 billion in wagers. Full Story
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