Online Poker Affiliate PokerStrategy Wins Legal Battle

Published Wednesday, February 13, 2013 -

The recent revelation that the Irish High Court awarded PokerStrategy €828.6k after Pocket Kings declined to contest the suit in court is an example of closing the barn door after the horse has left the stable. At least the online poker affiliate PokerStrategy prevailed in its attempt to recover $1.2 million it claimed it was owed by Pocket Kings, the Dublin located technology subsidiary of Full Tilt Poker.

Damon Banard the lawyer for PokerStrategy was quoted by eGaming Review that while the company was “incredibly pleased” with the court’s ruling, “we are being realistic about our prospects of recovering the entire judgment debt.” Pocket Kings gave PricewaterhouseCoopers the task of dealing with its insolvency and Mr. Banard has offered to assist in the process, “as he investigates the prior dealings of the company and its directors for impropriety.”

The Alderney Gambling Control Commission which granted Full Tilt Poker the license to operate has been downgraded for its lack of due diligence after the debacle and revelation that Full Tilt had everyone’s money in the one basket. Now the United Kingdom’s Gambling Commission has reassured operators and consumers that it will make the necessary moves to ensure a similar fate is not waiting for their licensees. There are no requirements currently for UK licensees to segregate player funds from operating capital.

The U.K.’s Gambling Commission policy manager Helen O’Kane has announced a process for consultation coming soon in hopes of strengthening the guidelines for operators. O’Kane did indicate that the U.K. government had no interest in holding player deposits itself and is not willing to compel operators to undergo capital adequacy assessments to determine their risk of insolvency. The Commission wants to standardize and strengthen language regarding use of player funds in the operators’ terms and conditions. There are no sure fire ways of preventing fraud but at least the government and the gambling commissions should have some safety nets in place.

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