Federal authorities have unshielded an indictment against the founders of the three largest Internet poker companies operating in the U.S. The indictment charges 11 defendants, including the founders of PokerStars, Full Tilt Poker, and Absolute Poker/Ultimate Bet with bank fraud, money laundering, and illegal gambling offenses.
The federal government is getting serious about cracking down on online gambling, with 2009 revenue from U.S. players to be an estimated $5.4 billion. So is the federal government missing out on potential tax revenue, and what’s the future of the online gaming industry? Fox Business Network’s Adam Shapiro reports live from the Foxwoods Resort Casino in Connecticut.
Obama’s justice department led a massive crackdown on online poker sites, with the FBI indicting 11 people on charges of fraud, money laundering and illegally operating online gambling sites. The websites include three of the largest and most popular online poker forums, Full Tilt, Absolute Poker, and Poker Stars. Cato’s Julian Sanchez weighs in on the sudden crackdown.
Led by US attorney Preet Bharara, the so-called “anti-poker crusades” have sparked debate over the government’s role in online gambling. Protesters dispute poker’s classification as gambling, saying it is a game of skill, not just luck.
According to John Pappas, executive director of the Poker Players Alliance, poker is not an illegal activity — it is a legitimate business.
“The reality is, we don’t believe poker to be gambling, therefore the activities surrounding it shouldn’t be viewed as covering up some sort of illegal gambling activity.”
Cenk Uygur and Ana Kasparian discuss the real motives behind the U.S. government cracked down on several large internet poker websites and players.