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    Daily Gambling News Update | Tuesday, January 3, 2012

    Posted by Quad Jacks March 14, 2012

    Tuesday, January 3, 2012

    Voting for New Jersey online betting bill scheduled for 5th and 9th of January: The forecast of Joe Brennan Jr., the iMEGA chairman and New Jersey gaming insider, has been validated. He tweets today: “NJ Senate gaming panel to vote on new i-gaming bill this Thursday (10am); Assembly set to vote Jan 9 on the bill.”

    The Senate panel in question is the Senate and General Assembly Government, Wagering, Tourism and Historic Preservation Committee. If the bill succeeds in the committee, it will go before both houses of the state legislature the following Monday, the last day of voting for the current session.

    In addition, the Casino Association of New Jersey (presided by Bob Griffin, CEO of Trump Entertainment) will convene tonight at 5pm EST to explore the current gaming climate further and the impact the Department of Justice’s reinterpretation of the Wire Act will bear.
    Sources: Joe Brennan Jr. (Twitter), Press of Atlantic City

    Groupe Bernard Tapie lawyer gives interview, update about Full Tilt Poker: Behnam Dayanim, a Wshington D.C.-based lawyer with the firm of Axinn, Veltrop, Harkrider, LLP, and legal representative of Groupe Bernard Tapie in the United States, spoke to Chad Holloway of PokerNews in an interview released on Monday.

    When asked if there have been any noteworthy updates regarding the ongoing negotiations among FTP, DOJ and GBT, Dayanim reports that there is “nothing new.” He describes the process and history of these triangular proceedings, how Full Tilt Poker agreed to forfeit its assets to the Department of Justice, who will then “sell” them to Groupe Bernard Tapie, and how “negotiating and memorializing a definitive agreement with the DOJ that essentially sets out all of the details surrounding the terms to the letter agreement” is what GBT is presently focused on. Dayanim is reluctant to lay out a timeline for the process’s resolution, and limits himself that he “hopes” it can all be concluded by the early part of the year.

    Dayanim addresses speculation over the new ownership structure of Full Tilt Poker and whether existing owners would be able to retain partial interest. “The agreement with the DOJ contemplates that the GBT would retain majority and controlling interest in the company,” he said. “The DOJ also prohibits Full Tilt members from retaining or acquiring any ownership interest in the new company, namely the directors are not permitted to have ownership interest going forward.” Any minority interest pursued further by the current owners would have to be “entirely passive,” says Dayanim. When asked about the possibility of offering shares of the new company to some indebted players as an alternative method of repayment, Dayanim refused to comment specifically. Nor would he agree to speculate on the specifics of how the company would go about indemnifying worldwide players.

    Dayanim confirms that, under GBT’s directorship, the “new” Full Tilt Poker would seek licenses by the Alderney Gambling Control Commission and the Kahnawake Gaming Commission, and he expressed a hope that this would happen expediently. “Alderney is already familiar with the technology, the software, the gaming platform, and all of that, which is a large part of the process.”
    Sources: PokerNews

    PokerStars agrees to negotiate new rake changes with players: In response to the mass “sit-out” carried out by many of its players as protest over new rake changes, PokerStars issued the following statement to PokerStrategy.com: “We will work with player representatives on a better rake system later this month. We hope to agree on a rake structure that will benefit a majority of players, both professional and recreational.”

    The January 1 sit-out involved occupying a high number of cash game tables simultaneously only to sit out from play, with the intention of slowing down the room’s game flow and rake revenue. Prior to today’s statement, PokerStars had suspended or locked the accounts of some protesters. There has not yet been any official update over the lifting of these restrictions.
    Sources: PokerStrategy.com

    QuadJacks – Tuesday, January 3, 2012

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