PokerStars settles with DOJ and acquires FTP

After many months of rumors, today (Tuesday, July 31, 2012) the online poker community finally received the official news it had been eagerly anticipating. PokerStars issued the following press release :

PokerStars today announced that the Company has reached a settlement with the U.S. Department of Justice (DOJ) Southern District of New York. As part of the settlement agreement, PokerStars has also acquired the assets of Full Tilt Poker, and has committed to the full reimbursement of Full Tilt Poker customers outside the United States.

The total amount to be paid by PokerStars is USD$547 million which will be payable over a period of three years. The money paid to the US Government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice. PokerStars repaid all amounts owing to its own U.S. customers shortly after it closed its U.S. operations.

PokerStars will also make available in a segregated bank account, all outstanding balances owing to all non-U.S. customers of Full Tilt Poker (an amount totalling USD$184 million), with no restrictions on withdrawals, within 90 days of completing this transaction. PokerStars has remained open for non-U.S. players, with all its licenses in good standing, without interruptions.

Under the agreement with the Department of Justice, PokerStars does not admit to any wrongdoing. Furthermore, the agreement explicitly permits PokerStars to apply to relevant U.S. gaming authorities, under both PokerStars and Full Tilt Poker brands, to offer real money online poker when State or Federal governments introduce a framework to regulate such activity.

PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. Full Tilt Poker’s operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. Further details of these plans will be announced shortly.

Intra-hand equity-mood swings

I have AhQs and call a young guy's pre-flop all-in. He tables Ac5d, making me the 72% favorite. Stoic discipline prevents me from showing any signs of elation. He appears disappointed.

Flop : As 7h 5c

The bastard outflops me and his 2 pair now makes him the 73% favorite. Stoic discipline prevents me from showing any signs of dejection. He appears ecstatic.

Turn : 7s

Bingo! His 2 pair is counterfeited and I catapult into the lead as the 87.5% favorite. Stoic discipline prevents me from showing any signs of euphoria. He appears crestfallen.

River : 7d

We split the pot and prepare for the next round.

Full Tilt PokerStars Deal Done?

Unconfirmed report from Wendeen Eolis that negotiations between PokerStars and DOJ are complete :

Breaking News: The ups and downs and glitches in negotiations between PokerStars and the United States Department of Justice with respect to Full Tilt Poker have come to an end.

Without giving away the identity of a consistently impeccable resource, it is now safe to say announcements for public dissemination are in the works. At this point I am ready to go out on a limb; FTP customers will see their monies well in time for Christmas shopping.

Poker Player Newspaper's print edition goes to press before I can provide further details, rest assured the story is a thriller that will be told.

WSOP leaves town

No need to phone in and put my name on the list. Vegas poker rooms are empty shells of their former selves. WSOP and Deep Stack flotsam, the source of many weeks of pre-flop all-ins, shameful calls, and exhausted chip runners, are now but a distant memory.

How much is that? WTF !?!?!

2/5 at the V. I pick up KdTd on the button and limp in with 2 earlier callers, to be joined by the SB and BB. 5-way unraised action with genial Joseph about to deal the flop and yours truly on the button; what could possibly go wrong?

The flop is Kh Jd 9d giving me top pair and the second nut flush draw, not to mention straight flush and gutshot straight draws.

It's checked around to me and I bet $20. Everyone folds except BB, a local regular who calls and has me covered.

The turn is 6d, giving me the 2nd nut flush. BB checks, I make it $45, BB calls.

The river brings a harmless 5s. BB checks again and I go all-in with my remaining $150.

BB looks at the chips I have just pushed across the line, and then asks Joseph, "How much is that?" As he counts out his chips, I am already mentally stacking the chips in the pot that are soon to be pushed my way.

As soon as BB calls and even before he slides his chips over the line, I immediately expose my hand, not wishing to prolong his agony any further. He looks at my cards and then turns over Ad3d, the nut flush.

I decide not to say anything at the table, get up and leave. 20 minutes later I catch up with BB, who is on a break away from the table. I shake his hand and say, "Nice hand. But when I'm all-in and you've got the nuts, why do you ask How much is that ?"

"I'm sorry, I made a mistake, I shouldn't have," he replied and repeated it again. I know this regular and accepted his apology.