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PATIENT POKER FANS IN LINE FOR $82 MILLION
The Garden City Group - the independent financial administration company selected by the US Department of Justice to dish out legitimate Full Tilt Poker payments - has announced that the first tranche of pay-outs will involve $82 million dollars and will go to 30,000 former Full Tilt players who have no dispute with the amount in their FTP accounts as assessed by the administrator.
The payments are expected to go out at the end of this (February) month, and will be financed from the hundreds of millions of dollars paid to the DoJ by Pokerstars in settlement of its Black Friday shutdown three years ago and its subsequent acquisition of Full Tilt Poker (see previous InfoPowa reports).
Unconfirmed reports suggest that as much as $300 million may have been involved in the official seizure and shutdown of Full Tilt Poker in April 2011.
The following year, Pokerstars inked a deal with the DoJ, agreeing to repay FTP's international players and hand over another $547 million for the DoJ to disburse to owed FTP players in the USA, clearing the way for its takeover of Full Tilt Poker.
Although Pokerstars complied with its undertaking to pay the international players, doling out another $184 million, the DoJ spent an inordinate amount of time finding the right administrator and putting an assessment and payment system in place.
In the next phase, GCG will deal with players who dispute the amounts it claims they are owed, along with the cases of affiliate marketers with FTP accounts and professional players engaged by the old management.
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FERTITTA CLOSING IN ON INTERNET POKER
Online gambling provider Fertitta Entertainment has moved a step closer to online poker following a deal between its new Ultimate Gaming online brand and Los Angeles-based Central Account Management System (CAMS) that will help it maintain regulatory compliance and accept payments online.
CAMS is to provide Ultimate Gamings new Ultimate Poker online poker enterprise with its Intelligence Suite product and gateway functionality solutions containing IP and mobile geo-location services along with device intelligence, player age verification, payment connectivity, chargeback representment and tokenisation via a single integration to a centralised platform.
Chris Derossi, chief technology officer for Ultimate Gaming, said Thursday:
By working with CAMS we are able to reduce our internal programming costs, centralise many of our daily operating functions and at the same time reduce nearly 30 percent of our upfront and ongoing monthly costs from the same vendors we intended to work with.
Last year saw CAMS become the first service provider to receive a Class Two gaming licence in Nevada so that it could assist potential online operators in complying with KYC requirements, geo-location services and payment connectivity.
CAMS supports the creation of a safe and secure payment environment for casinos, lotteries, brands and players and helps meet or exceed regulatory and compliance requirements," said Matthew Katz, chief executive for CAMS.
Our solutions are specifically tailored for partners like Ultimate Gaming and will become increasingly critical as new United States regulatory markets continue to develop for the online gaming world.