August 05 2012, Brett Collson
Did you miss any of the top poker news stories this week? Well you’ve come to the right place to get caught up. We’re covering PokerStars’ acquisition of Full Tilt Poker, the shocking death of poker pro Ryan Young, and more.
Poker Business
PokerStars Acquires Full Tilt Poker Assets
After months of negotiations with the U.S. Department of Justice, PokerStars has completed the purchase of Full Tilt Poker.
On Tuesday, the U.S. Attorney’s office approved a deal allowing Full Tilt Poker to forfeit all of its assets to PokerStars. In return, PokerStars will forfeit $547 million to the U.S. government over the next three years. Once the transfer of assets is finalized, PokerStars will make available all outstanding balances owing to all non-U.S. customers of Full Tilt Poker – an amount totaling $184 million – within 90 days. U.S. players, owed approximately $150 million, will be refunded separately through a remission process organized by the DOJ.
According to a press release issued by PokerStars, the company plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a “new, independent management team.” In addition, the agreement allows the company to operate real-money online poker in the U.S. under both PokerStars and Full Tilt Poker brands once the activity is legalized at a state or federal level and PokerStars receives the proper licenses.
For the full story, check out PokerNews.com.
Another Win for the DOJ
Nelson Burtnick, former director of payments for Full Tilt Poker, was arrested on Tuesday after arriving in New Jersey from his home in Dublin.
Burtnick was one of the 11 defendants in the civil indictment issued by the Department of Justice on April 15, 2011. He surrendered to authorities Tuesday and pleaded not guilty to charges of money laundering and bank fraud in connection with the illegal activities conducted at Full Tilt Poker. Like his former colleague Ray Bitar, Burtnick posted bail and was released.
The news of Burtnick’s arrest was overshadowed by the deal between PokerStars and the DOJ on Tuesday. PokerStars forfeited $547 million to acquire all of Full Tilt Poker’s assets and help clean up the mess created by Burtnick, Bitar and others at FTP. It will pay another $184 million to all non-U.S. FTP customers within 90 days of the close of the deal.
Read more about Burtnick right here at PokerNews.com.
Praying for a Bad Beat
A record-setting Bad Beat Jackpot is currently up for grabs at the collective Caesars Entertainment properties in Atlantic City. As of Saturday the jackpot was sitting at $730,540, pooled from the Caesars Atlantic City, Bally’s Atlantic City, Harrah’s Resort Atlantic City, and Showboat Atlantic City properties. The previous record was $672,115.
“This record Atlantic City Bad Beat Jackpot has generated a buzz like nothing else in our Caesars Entertainment poker rooms,” said Don Marrandino, eastern division president for Caesars Entertainment Atlantic City. “Players are lining up each and every day for a chance at this life changing amount.”
The Bad Beat Jackpot in Caesars’ Atlantic City properties has gone untouched since March 1, 2012, when a winning table shared $281,000. When the jackpot is won, it will be split among everyone playing in all four card rooms, with the loser of the hand getting 30 percent and the winner receiving 20 percent.
For more on the Bad Beat Jackpot, visit Harrahs.com.
Poker Players
Far Too Young
Poker pro Ryan Young of Torrance, Calif., passed away on Monday, according to many of his close friends in the poker community. Young was 28.
Details of Young’s death are limited, but several sources close to Young said he died in a car accident. Young was beloved by many of his peers in the poker community, several of whom shared their thoughts via social media on Monday.
“So incredibly torn up about Ryan Young’s car accident,” said Amit Makhija. “Was in disbelief when I read the news this morning was praying it was a bad joke. I was quite close to him for many years, and it’s really so sad, he was definitely an amazing friend, and a great person. My heart and prayers go out to his family.”
“Very sad day,” Bryn Kenney wrote on his own Facebook page. “A good friend of mine Ryan Young passed away. He was such a good hearted kid. You will be missed, I love you buddy.”
“This is such a shock,” David Benefield wrote on Young’s Facebook wall. “You were a great friend, an awesome person, and a damn good poker player. I have known you for as long as I have known almost anyone in the poker world, and I will miss you dearly.”
Even those who didn’t know Young well had wonderful things to say about him.
“We only met a few times, but I can echo the thoughts of so many others – poker, and the rest of the world, needs more truly nice guys like you,” said poker pro Jon Turner.
On Saturday, Young’s mother contacted Daniel Negreanu to post a short message on his blog from her and the Young family:
Ryan Young, family, and I would like to thank all the kind words and gestures that were posted on Facebook, Twitter, and the poker media. It has meant so much to our family to hear that he was so respected and loved by so many. We are confident that Ryan is in a better place now. He is continuing to infect people with his one of a kind smile, and his positive attitude, just as he did in this world. Thanks again for your compassion, support, and kindness. Sincerely, Lois, Ryan’s mom, Robbie and Randall, Ryan’s brothers.
Young burst onto the live poker scene in 2007 when he won his first World Series of Poker bracelet in a $1,500 no-limit hold’em event for $615,955. He amassed more than $1.6 million in live tournament cashes in his short career. Young was also a feared player on the virtual felts, where he played high-stakes sit-and-gos and tournaments under the name “youngluck.”
Our deepest condolences go out to Young’s family and friends.
Stiffing The Grinder
When Michael “The Grinder Mizrachi was at the final table of the $50,000 Poker Players Championship in June, he had more on the line than the $1,451,527 top prize.
Before the start of the World Series of Poker, Mizrachi was offered 5-to-1 odds on $20,000 by Giorgio Medici that he wouldn’t win a bracelet in 2012. As you probably know, Mizrachi went on to win the Poker Players Championship (for the second time in three years). But when it was time to collect his $100,000 from the prop bet, Medici said he couldn’t pay.
Apparently, Medici filed for Chapter 7 bankruptcy on July 6, claiming $36.2 million in liabilities. On page 25 of the bankruptcy filing, Medici listed his debt to Mizrachi under “unsecured nonpriority claims.”
Mizrachi was steaming about the bet on social media outlets last month. His main reason for coming forward about the bet was to warn others. “I don’t want this to happen to anybody else,” he posted on Twitter.
Mizrachi recently spoke with the South Florida Sun-Sentinel about the situation. Click on the link for more info.
Paying Off Debts
Team PokerStars Pro Barry Greenstein says he intends to repay the $400,000 he borrowed from Full Tilt Poker a few years ago.
Greenstein’s debt to Full Tilt Poker was made public by Groupe Bernard Tapie in February. According to GBT attorney Behnam Dayanim, Greenstein and several other high-profile pros borrowed a combined $18 million from the embattled poker room before it was shut down on Black Friday. The debts were discovered while GBT was investigating Full Tilt’s financial situation before purchasing the company.
Now that PokerStars has acquired the assets of its former rival, the community is asking questions about the debts of the high-stakes players.
“I was always going to have to pay whoever owned Full Tilt,” Greenstein said in a thread at TwoPlusTwo.com this week. “Clearly, PokerStars will own Full Tilt in a few days or a little longer, and finally I will know who to pay. I’m curious if they will try to collect from anyone else.”
Others involved in the alleged FTP loans include Phil Ivey, Mike Matusow, Erick Lindgren and David Benyamine. While the exact debts of each player haven’t been made public, an Excel spreadsheet created by Full Tilt Poker CEO Ray Bitar has been given to PokerStars. The spreadsheet breaks down the amounts owed by each player, according to sources who have seen the document.
Read more on Greenstein at TwoPlusTwo.com.
Poker Tournaments
Raymer Back in the Winner’s Circle
Greg “Fossilman” Raymer has added a Heartland Poker Tour trophy to his World Series of Poker bracelet.
On Monday, Raymer won the $1,500 HPT Route 66 championship event for $71,875. Raymer bested a field of 131 players in the tournament, which fell short of its $250,000 guaranteed prize pool by $53,500. It marked Raymer’s first victory in a televised event since he won the WSOP Main Event in 2004 for $5 million.
Others taking part in the event at the Route 66 Casino were Kathey Liebert, Allen Kessler, and former HPT champs Craig Casino, John Sacha, and Rob “veeRob” Perelman. Raymer’s victory came in the 200th HPT event.
Here’s a look at the final table results from the Heartland Poker Tour Route 66 championship event:
PlacePlayerPrize
| 1 |
Greg Raymer |
$71,875 |
| 2 |
Robert Crawford |
$42,500 |
| 3 |
Scott Dougherty |
$26,875 |
| 4 |
Benjie Benaviden |
$21,550 |
| 5 |
Steven Carruthers |
$16,250 |
| 6 |
Matt Wakeman |
$14,375 |
| 7 |
John Bechard |
$11,875 |
| 8 |
Alberto Herrera |
$10,625 |
| 9 |
Julian Melancon |
$9,375 |
For more details from the event, check out the Heartland Poker Tour website.
Prague Poker Festival
The schedule for the 2012 Prague Poker Festival has been released. The festival kicks off on Nov. 27 with the World Sit ‘N’ Go Masters and will be followed by events from the World Poker Tour, European Poker Tour, and Grand Series of Poker (GSOP), all of which will be played at Corinthia Hotel and Casino in Prague.
In addition to the poker tournaments, event organizers Living it Loving it and Mind Sports (International) Ltd. will launch the inaugural Prague Mind Sports Festival from Dec. 1 through 4. Poker players will have the opportunity to compete in games such as Backgammon, Scrabble, Risk and Counter-Strike: Global Offensive in an exciting tournament format.
Here’s a look at the preliminary schedule for the Prague Poker Festival:
Online Poker
Nevada’s Online Poker Race
South Point Poker is scheduled to meet with the Nevada Gaming Control Board next week to discuss recommendation for an operating license in Nevada. If approved, South Point will seek final license approval from the Nevada Gaming Commission and possibly become the first operator to offer legalized and regulated real-money online poker in the U.S.
South Point’s hearing with the NGCB is set for Aug. 8 in Carson City. Monarch Interactive, another one of the 30-plus companies that have applied for online poker licensing in Nevada, will meet with the NGCB on the same day.
South Point CEO Mark Gaughan told eGaming Review last month that his real-money online poker site would be ready to launch as early as September. Gaughan says his gaming platform has already been approved by an independent testing laboratory, meaning it can go live as soon as it is licensed to do so. South Point currently offers a free-to-play site at SouthPointPoker.com, but Gaughan says the real-money site will have brand new software.
Slot machine suppliers IGT and Bally Technologies were the first companies to receive licenses to act as service providers for Internet poker operators, but it could take up to six months for their technology to be tested by the board and the state.
Read more about the NGCB hearing at gaming.nv.gov.
Ultimate Beat
The cheating scandal that occurred on Ultimate Bet and Absolute Poker between 2004 and 2008 is arguably the worst case of fraud the online gaming industry has ever seen. Years later, though, many in the community are still left wondering what exactly happened behind the scenes.
Enter Scott Bell. A former poker pro who was affected by the cheating incidents, Bell has since spent years investigating the real story behind the scandal. Now, he’s set to release a documentary, appropriately titled Ultimate Beat. Here’s a sneak peak that was released on Thursday:
Bell and production company DoubleHead Pictures are still shooting interviews for the film, so if you have an interesting story involving the scandal be sure to contact the team at doubleheadpictures.com.
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2012
Aug 2
August 02 2012, Rich Ryan
On Tuesday, after months of negotiations with the United States Department of Justice, the poker world rejoiced as PokerStars acquired Full Tilt Poker’s assets. In 90 days, PokerStars will make available all outstanding balances – totaling $184 million – owed to the “rest of world” players who had money frozen on Full Tilt. American players – who are owed about $150 million – will be refunded separately. No timeline or payout process has been determined for the latter.
Prior to the acquisition being completed however, PokerStars will have to pay the DOJ $225 million before Monday, and founder Isai Scheinberg must step down from his role within the next 45 days.
Additionally, the settlements made by Full Tilt Poker and PokerStars do not constitute admissions of any wrongdoing, culpability, liability, or guilt by any parties. Thus, once online poker is legalized in the United States, PokerStars will have an opportunity to apply for a license and reenter the market.
1. PokerStars saves the day
Two years ago, if you told me that PokerStars was going to buy Full Tilt Poker, I would have laughed in your face. It what universe would the New York Yankees buy the Boston Red Sox? Why would Manchester United purchase Arsenal? Well, today it’s a reality, and it’s all thanks to the people at PokerStars.
Clearly the acquisition is a concentrated business move by PokerStars to solidify its customer base and make good with the DOJ, but it also shows how invested PokerStars is in the players. Scheinberg and the crew understand that legitimacy is paramount when it comes to online poker. If customers don’t feel safe playing on your site, then your traffic will always be limited. If customers trust you and remain loyal however, then the word will spread, your traffic will boom, and your income will be plentiful.
Ray Bitar and his cronies didn’t understand this concept, and they tried to maximize profits right before the ship went down. Before Black Friday, Full Tilt introduced multi-entry tournaments, which created massive field sizes, and after Black Friday, Full Tilt continued to rake the ROW players without the proper funds to pay them. Thankfully, the DOJ barred Bitar, Howard Lederer, Chris Ferguson, Rafe Furst, and Nelson Burtnick from working for PokerStars.
PokerStars plans to keep the Full Tilt Poker brand alive however, but Head of Home Games at PokerStars Lee Jones says that the company is not planning to seek licenses to operate in France, Italy, Spain, Denmark, Belgium, and Estonia.
Hundreds of players took to Twitter to react to the news. Here are some of my favorite Tweets:
Hopefully, once the repayment process for Americans is released, there will be further celebration. We’ll just have to wait, and thankfully I don’t think we’re in store for another 15-month nightmare.
2. Raymer ships HPT event
On Monday, the Heartland Poker Tour filmed it’s 200th episode at the Route 66 Casino in Albuquerque, New Mexico. 2004 World Series of Poker Main Event champion Greg Raymer entered the final table as the chip leader and eventually won, defeating Robert Crawford heads up to earn the title, $71,875, and 50 points in the HPT Player of the Year race. Raymer is currently tied for sixth in the race with Phil Collins, Will Failla and five others. The 2012 HPT POY will earn six HPT Main Event buy-ins and hotel accommodations for the 2013 season. According to the HPT’s recap of the event, Raymer’s opponents were delighted to play against the former world champion, and Raymer was equally excited to win.
Raymer won the Main Event eight years too soon. Coming off of the heels of Moneymaker, Raymer’s impact on the game was limited when he won in 2004. Any American-born player could’ve filled Raymer’s shoes and nothing would’ve changed, unless that player was non-white or female. Even then it’s hard to predict how different things would be had David Williams defeated Raymer heads up or a female was able to take it down. Raymer’s impact on the game came way after he had won, and it was self–imposed. He worked hard to create his image, whether it be with PokerStars or the Poker Player’s Alliance, and continues to carry the torch as an ambassador despite not having a sponsorship deal.
Being a Main Event champion is a lot like being a quarterback in the National Football League. You’re expected to lead, you’re expected to win, you’re expected to be motivated, and fans, writers and fellow players will magnify all of your mistakes, faults and shortcomings. Unlike the NFL however, there are no teams in poker – you represent yourself. There are sponsorship deals available, and most Main Event champions pursue deals, but they aren’t mandatory, and wearing a hat or a patch doesn’t make you an ambassador of the game. It just makes you money.
Main Event champions Jamie Gold and Jerry Yang were never great ambassadors. Neither Gold or Yang wanted to be a full-time representative for poker, but they risked money to play in the Main Event, they won, and like it or not, to the victor go the spoils. They have every right to do whatever they want with their money, and if that includes playing less than 10 poker tournaments a year, then so be it.
If a Greg Raymer somehow won the 2012 Main Event however, then his impact would be immediate. Just imagine if a 48-year-old, well-spoken, intelligent, skilled player, who’s also a strong advocate for legalized and regulated online poker was able to defeat a 20-something-year-old wizard heads up. Isn’t that a dream come true?
Even if Darvin Moon was able to defeat Joe Cada we could’ve benefited because the 25 to 54 demographic is so important. On average, 25 to 54-year-old males make more money than 18 to 24-year-old males. However, one can assume that 25 to 54-year-old males tend to be more worried about the shadiness of online poker, and may be unwilling to deposit their money, even when it becomes legalized and regulated.
Raymer is great for the game, and his support is nothing less than admirable. I only wish more professional players shared his passion for the industry and focused more on fostering, growing, and protecting the game of poker.
3. Bring on more Russians!
After 10 days of low-stakes raging on PokerStars, MicroMillions II came to a close last week. The winner of the Main Event was Argentinean “SoyDelGlobo,” however, even with his $157,218.68 cash, Argentina only netted $230,700.44 during the series. The country with the most money won was Russia with $1,119,518.12, followed by Germany ($1,009,509.88), the United Kingdom ($696,038.10), and Canada ($605,856.05). Russia also led the world in cashes by country with 24,046 (4,357 more than second-place Germany), final tables per country with 130 (30 more than second-place Germany), entrants by country with 211,968 (57,009 more then second-place Germany), and events won by country with 18 (five more than second-place Germany).
I want to believe that there’s a poker training facility in the heart of Russia that’s looping the Ivan Drogo/Rocky Balboa training montage from Rocky IV, while great poker players are being handcrafted by Alexander Kravchenko, Vladimir Shchlemev, and Vitaly Lunkin, but that’s just a little bit too far-fetched. Most of Russia’s success has to do with the size of its population, which is nearly double Germany’s population, but there’s still something to be said about the quality of the players. Brazil has 50 million more people than Russia, yet only two Brazilians won MicroMillions bracelets, and Brazil ranked sixth in money won by country.
Along with Kravchenko, Shchlemev, and Lunkin, the successes of Andrey Zaichenko, Alexander Kostritsyn, Ivan Demidov, Max Lykov, Kirill Gerasimov, Andrey Pateychuk, Leonid Bilokur and more have helped bolster the game in Russia. According to Hendon Mob, there are 19 players with over $1 million in career tournament earnings and 163 players with at least six figures. Only one Brazilian player, one Indian player, and two Chinese players have over $1 million in career tournament earnings.
The rise of Russian poker players is sure to continue over the next few years, and it will be interesting to see if one player in particular can step out and assume the role as a leader or an ambassador.
4. Ryan Young killed in car accident
Professional poker player and 2007 WSOP bracelet winner Ryan Young died in a car accident on Monday, according to numerous tweets from his friends and fellow professionals. The first player to mention the tragedy with Jared “TheWacoKidd” Hamby, and he was followed by a plethora of others:
Rest in peace, Mr. Young. My prayers are with you and your family.
5. Ronnie Bardah Seat Open Part II
Check out part two of our feature interview with 2012 WSOP bracelet winner Ronnie Bardah.
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