Absolute Poker, UltimateBet Players Closer to Getting Paid

Written by:
Guest
Published on:
Aug/21/2017

The US Department of Justice has approved the first round of payments to those customers affected by the abrupt closure of Absolute Poker and Ultimate Bet in 2011 following a series of indictments lodged against poker company reps.

The Garden City Group has been assigned as administrators to ensure correct payments are made to customers. 

From PokerIndustryPro.com:

This first round of payments totals nearly $33.5 million and will be distributed to the approximately 7400 petitioners that filed claims prior to the initial June 9, 2017 filing deadline. The current deadline to submit petitions is September 7, 2017.

Payment amounts have been calculated based on players’ last known account balance on Absolute Poker and Ultimate Bet, which combined formed the Cereus Poker Network. Affiliates and “professional players” are subject to an undisclosed alternative calculation method to determine eligible claim amounts.

Settlement of claims for Absolute Poker and Ultimate Bet deposit balances are being administered by Garden City Group, LLC , the same firm that handled the Full Tilt claims process which returned more than $118 million to more than 44 thousand fraud victims that were deceived by the online poker company which led its customers to believe that their deposits were “safe, secure, and available for withdrawal at any time,” according to the DOJ.

-  Ace King, Gambling911.com

Poker News

PokerStars Shelves Beat the Clock

PokerStars Shelves Beat the Clock

The world’s largest real money online poker site, PokerStars, has shelved its timed Beat the Clock tournaments after having introduced the five minute long Sit & Go Zoom games just under a year ago.

Greenblatt Wins $179k on HPT in Colorado

Greenblatt Wins $179k on HPT in Colorado

Alex Greenblatt has been a force to be reckoned with on the poker circuit for several years.

HPT to Debut in Pennsylvania

HPT to Debut in Pennsylvania

Heartland Poker Tour (HPT) has traveled the country many times over since its inception in 2005, awarding more than $90 million in prize pool money.

Global Poker Announces Charity Tournament to Benefit Hurricane Harvey and Irma Refugees

Global Poker Announces Charity Tournament to Benefit Hurricane Harvey and Irma Refugees

Global Poker, a new online poker room, has announced a benefit online poker tournament for those of us impacted by Hurricanes Harvey and Irma. 

PokerStars Flattens Payout Structure: Grinders Screwed Again

PokerStars Flattens Payout Structure: Grinders Screwed Again

“Looking back to the 2002 – 2006 period, most tournaments paid about 10% of the field," a statement notes.

Syndicate