..

Online Poker News: DOJ Actions Result in €765m Worldwide Market Devaluation

Written by:
C Costigan
Published on:
Jun/16/2011
online poker

In some rather grim online poker news, the sector has suffered a meltdown on a global scale since the events of April 15, 2011, otherwise known as “Black Friday”.  That’s when the US Justice Department indicted three of the world’s largest online poker companies and froze a good chunk of their assets.  To date, only PokerStars has refunded US players back what was owed to them.  Full Tilt Poker and UB.com are yet to pay US players two months later. 

eGaming Review Magazine reports that growth in the online gambling sector is going to slow to 4.4 percent, the slowest we’ve seen since 1998.

H2 Gambling Capital offered the following analysis:  

H2 said this morning: “Black Friday (and subsequent actions) occurring in the US that have decimated the scale of the Internet poker industry in that market. At this stage we have calculated that the impact will equate to as much as €765m of lost market value this year and a further €100m loss next.” It added that it expected the JRA’s interactive business to be down approximately 13% year-on-year in 2011.

In brighter news for the sector, global egaming gross win excluding the US and Japan is projected to grow by 12% year-on-year in 2011. The forecasts include the expected launch of cash poker and casino in Italy in the middle of this year, and not regulated activity in Greece, Belgium and Spain expected by H2 to commence at some point in 2012.

- Chris Costigan, Gambling911.com Publisher

Poker News

High-Stakes Poker Player and Fraudster Found Guilty of Kidnapping

High-Stakes Poker Player and Fraudster Found Guilty of Kidnapping

He was also indicted recently for the murder of French high-stakes cash game player Cyril Mouly's driver, and his ex-father-in-law.

Poker Pro Layne Flack Dead

Poker Pro Layne Flack Dead

Flack was a six-time World Series of Poker bracelet winner and just 52 years old at the time of his passing.

G911 World Exclusive: Matusow Doubts He Caught Covid at UFC 264

G911 World Exclusive: Matusow Doubts He Caught Covid at UFC 264

In an exclusive interview with Gambling 911, Matusow revealed that he was at a local event on July 8 that combined poker and politics, and that may have caused the problem.

Popular TwoPlusTwo Forum Has Been Sold

Popular TwoPlusTwo Forum Has Been Sold

The popular but extremely outdated and mobile unfriendly TwoPlusTwo poker forum has sold for an undisclosed amount.  TwoPlusTwo is the oldest gambling posting forum on the Net today.

The Mouth Continues to Deal With Covid Symptoms

Despite being vaccinated, poker pro Mike "The Mouth" Matusow continues to battle Covid-19.

Syndicate