Apr 13, A year ago, hundreds of thousands of online poker players in the United States woke up on what was later dubbed Black Friday to the Department of Justice cracking down on the alleged crimes of the major offshore operators.
The whole debacle was intricate and confusing, leaving many unanswered questions. In just a few months, Black Friday affected millions of people and put billions of dollars in limbo, but the long term effects won't be seen for years.
The potential losses of both companies combined could add up to billions of dollars, but both Full Tilt Poker and PokerStars are headquartered overseas and make the majority of their profits outside of the US.
Absolute Poker co-founder Brent Beckley pleads guilty to criminal charges. Bills have failed this year in both Hawaii and Mississippi, while Utah has preemptively banned and criminalized web poker.
April 18, Please be assured player balances are safe. Other forms of online gambling such as horse racing and fantasy sports remained legal, leading many to call the laws against online poker hypocritical. The developments are confined to the US and do not have any impact on your ability to continue using our services. The Black Friday Timeline: The major fallout from Black Friday was the financial loss.
A press release issued exclusively to PokerNews by FTP suggests the company is seeking other possible investors than those previously mentioned. Brian Sandoval said recently.
Attorney Preet Bharara said: The Poker Players Alliance took the lead in Washington, supporting multiple bills in congress that would lead to the legalization of online poker, all of which are currently awaiting review. Immediately following the indictment PokerStars and Full Tilt Aliante casino senior day, who generated the majority of online poker traffic, stopped offering players the chance to play for real money, effectively halting the poker boom started in the early s and jeopardizing the livelihood of thousands of American poker players.
With a population of just 2. FTP cancels the Onyx Cup.
Long-term Outlook in the U. Below is a timeline highlighting the important developments from April 15,to April 15, Department of Justice released an update regarding FTP and the issue of player funds.
Despite Black Friday and the DOJ letter, some states are still having a hard time with the online gaming issue. Their dominance continued until Black Friday, when the Department of Justice issued their indictment.
California and New Jersey currently have proposals working through their respective legislatures, while Delaware is prepared to introduce a bill. The indictment named 11 defendants: After the insolvency of Full Tilt Poker and its atrocities with player funds, American poker players of the future will have the security of playing on sites run by publicly traded casino companies, with strict rules on accounting practices.
A class action lawsuit is filed in the U. Chris Ferguson responds to FTP complaint.
While the case U. PokerStars releases first statement via pop-up on its poker client.
Amateur players began to hone their skills by playing dozens of games a day and an unprecedented amount of people were able to make a living off of online games alone.