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Online poker group Poker Stars bought by Canadians

By admin on 2014-06-26 15:16:53

The big news in the general poker news recently is the purchase of Poker Stars poker by a Canadian company called Amaya which supplies gambling software and slots machines and consequently becomes the largest listed online gambling company. According to the online poker news Amaya has bought the Oldford Group which is based in the Isle of Man and not only owns PokerStars but also has the Full Tilt Poker brand through a subsidiary known as the Rational Group. The new company will be listed in Canada but as this piece of poker news was announced, shares in other online poker companies such as Bwin/Party and 888 Holdings dropped dramatically despite online poker only being a part of their online gambling operations. Apparently Poker Stars is according to poker news reports the leading poker site in most European countries competing directly with Bwin/Party and 888 poker but the worries are for those companies that the new group may be able to expand into other areas such as online casino or online sports gambling which the current Poker Stars does not do. What the deal does do is to make the founders of Poker Stars, the Scheinberg family, into billionaires as according to the poker news reports the purchase price could be as high as $4.9 billion. Poker Stars was in the poker news some time ago for their involvement  with US authorities about contravening the UIGEA (unlawful internet gambling enforcement act) and the company was accused of taking illegal bets from US citizens. The case was settled according to poker news reports back in 2012 when Poker Stars agreed to pay some $730 million but without admitting any fault but one of the family members Isai Scheinberg remains under indictment in the USA and although the family is reported in the poker news as leaving the company it is believed that the management will remain.