April 15, 2011 has been marked as one of those most pivotal dates in the history of online poker. Also known as Black Friday, this marks the day that the FBI, in collaboration with the Southern District of New York, had made announcements that it would be arresting the executives of the top three online poker sites. These sites include PokerStars, Full Tilt Poker, and Absolute Poker. In addition, the FBI has seized their websites and placed freezes on any associated accounts. The CEOs of these companies have been charged with bank fraud, money laundering, and other illegal acts under the Unlawful Internet Gambling Enforcement Act.
Bradley Franzen, one of the 11 executives that has been charged, turned himself into a Manhattan FBI office and has pleaded ‘not guilty’ to the charges. Franzen has posted a bail of $200,000 on the same day he was arrested and has used his parents’ house as collateral. Franzen’s defense rests on the idea that poker is a game of skill not of luck and should is not subject to the laws concerning gambling. However, the charges that are being brought against him have to do with creating fake businesses and wiring the money to the poker companies.
Immediately after the announcement was made that these companies were under charges by the FBI, ESPN and ESPN.com has severed all ties with PokerStars and has even terminated coverage of the North American Poker Tour. The Big Game, a show on Fox, has been canceled in the mean time. Wynn Casinos and many other casinos, based in the United States, have also decided to distance themselves from these online sites. The CEOs of these companies can also possibly be extradited based on which country they live in. Furthermore, funds that are associated with these sites have been frozen for US players and there is a possibility of being completely lost.
One of the biggest changes is going to be the reduction of poker coverage on mainstream television in the United States. One of the biggest sufferers will be the World Series of Poker main event that is held using online qualifiers. Attendance is also expected to drop down to precisely 2,500 attendees from 8,000. This shutdown of the US online sites has drastically reduced the market share that is involved in online poker.
Many high-stakes US players will soon find themselves moving overseas to be able to continue playing and make money legally. Another side effect of Black Friday is many sponsorships with these companies will dissipate and will incur million-dollar losses for some companies. For instance, ESPN had a 22 million dollar deal with PokerStars that will no longer exist and many sponsored players will lose their contracts.
In the mean time, the Poker Players Alliance is attempting to gain support from players and push for regulation of online poker. These topics have been a hot debate in Congress and may result in a some type of quick decision in light of these events that have occurred recently. If there is any hope for online poker in the US, it will definitely come with some sort of new taxation and regulations that are approved by Congress. However, if Congress does decide to set up a system in which US online poker players can be taxed, this change of legislation can provide valuable state and federal funds which could help the government create additional revenue.
Bradley Franzen, one of the 11 executives that has been charged, turned himself into a Manhattan FBI office and has pleaded ‘not guilty’ to the charges. Franzen has posted a bail of $200,000 on the same day he was arrested and has used his parents’ house as collateral. Franzen’s defense rests on the idea that poker is a game of skill not of luck and should is not subject to the laws concerning gambling. However, the charges that are being brought against him have to do with creating fake businesses and wiring the money to the poker companies.
Immediately after the announcement was made that these companies were under charges by the FBI, ESPN and ESPN.com has severed all ties with PokerStars and has even terminated coverage of the North American Poker Tour. The Big Game, a show on Fox, has been canceled in the mean time. Wynn Casinos and many other casinos, based in the United States, have also decided to distance themselves from these online sites. The CEOs of these companies can also possibly be extradited based on which country they live in. Furthermore, funds that are associated with these sites have been frozen for US players and there is a possibility of being completely lost.
One of the biggest changes is going to be the reduction of poker coverage on mainstream television in the United States. One of the biggest sufferers will be the World Series of Poker main event that is held using online qualifiers. Attendance is also expected to drop down to precisely 2,500 attendees from 8,000. This shutdown of the US online sites has drastically reduced the market share that is involved in online poker.
Many high-stakes US players will soon find themselves moving overseas to be able to continue playing and make money legally. Another side effect of Black Friday is many sponsorships with these companies will dissipate and will incur million-dollar losses for some companies. For instance, ESPN had a 22 million dollar deal with PokerStars that will no longer exist and many sponsored players will lose their contracts.
In the mean time, the Poker Players Alliance is attempting to gain support from players and push for regulation of online poker. These topics have been a hot debate in Congress and may result in a some type of quick decision in light of these events that have occurred recently. If there is any hope for online poker in the US, it will definitely come with some sort of new taxation and regulations that are approved by Congress. However, if Congress does decide to set up a system in which US online poker players can be taxed, this change of legislation can provide valuable state and federal funds which could help the government create additional revenue.
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