Online Poker News

Since its introduction in 1995, the global market for online gambling has grown rapidly, bringing in more than $25 billion in revenue in 2009. It was estimated to reach nearly $30 billion, before U.S. authorities announced a major crackdown of online poker by seizing five major gambling websites and indicting 11 individuals involved with the sites, on April 15, 2011 this has had a major effect on the market in the USA.

Internet gambling has officially been illegal in the U.S. since 2006, as legislation prohibited banks from handling payments related to online gambling. The current crackdown saw three major sites have their sites seized and their executives face prosecution over allegations they tricked banks into believing transactions were not gambling related. They also operated companies that hid offshore to try and avoid U.S. regulations. However, online casinos in Europe and other parts of the world do not have such problems and the online poker sites in the UK are fully licensed and are entirely legal.

Casino news seems to have been dominated recently by the revelations that three online poker sites had been closed down in the US, but contrary to what many may think, the online poker sites here and in Europe are open for business and healthy, completely unaffected by the problems in the US.

Although two of the three sites, Full Tilt Poker and PokerStars were content to settle the online poker shutdown with the US government by agreeing to never offer gambling for real money inside the United States again, a third and lesser talked about company is taking a much harder stance on the situation. It would appear that Harold Lovell, the Finance Minister in Antigua, is not prepared to let Absolute Poker surrender their rights inside the United States without an appeal to the World Trade Organization. Thankfully we are able to get on with a hand or two of online poker and let the US sort out its own problems.

The world of online poker has literally been stunned by the news of the crackdown on three major online poker sites in the United States who are being charged with fraud. A number of people who are connected with the three sites, Full Tilt Poker, Absolute Poker and PokerStars have been charged with illegal gambling, money laundering and bank fraud.

Naturally, European online poker players and visitors to online casino rooms have become worried by the events that have taken place across the “pond” but, here in Europe, there are inbuilt regulations that safeguard poker players using fully regulated online casinos. Much of what has happened in the U.S. may have been due to the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA) which was passed making it illegal for U.S. banks and credit card companies to fund online gambling. An unsealed indictment in a Manhattan Federal Court Friday showed that some of the online gaming sites have been disguising payments to get around the law.

It looks as though the Italian government is set to legalise cash games of online poker in the near future, which is thought to be coming in March of this year. Online poker rooms are required to follow from A to Z the new technical procedures established by the terms of reference in order to upgrade their licenses. This Italian decree came just in time for the online poker market in the country which registered a 28% increase for 2010.

The market for legalised gambling in Italy is huge; in 2008 for example its entire turnover was close to € 4.8 billion. It is surprising that it has taken so long for this legislation, when you consider just how much tax the Italian authorities’ will claw back from online casinos when it gets started.

Online poker pro Huy Nguyen a 25 year old from Oklahoma has scooped the WSOP event at the Choctaw Resort and Casino in Durant, Oklahoma. Playing amongst a number of fellow locals, Nguyen worked his way past a field of 808 to collect the prize.

Big names like Berry Johnston, Tommy Vedes, Allen Kessler, Tom McEvoy, Ylon Schwartz, were amongst his competitors as well as WSOPC National Championship point leaders Brett Schwertley and Kevin Calenzo. Traci Brown, who finished 11th in the WSOP Ladies event this summer, was the runner up in the tourney and netted a cool $143,462 and we don’t think that Nguyen has seen the last of her, with more WSOP circuit events to be played.