Cereus, Absolute Poker, UB.com Plan to Liquidate Assets to Pay Back Players

Blanca Games, the company that owns the Cereus Poker Network and its brands, Absolute Poker and UB.com, have submitted a plan to the US Justice Department that would result in the repayment of players.  Part of that plan would include the liquidation of assets.

Players would likely not see all of their funds but rather be paid cents on the dollars as was the case recently with settlements five years after the shutdown of BetOnSports.com.  In that case, customers were paid anywhere from 3 cents to 5 cents on the dollar.  It is unclear what affected UB.com and Absolute Poker players would receive at this time.

The company was forced to exit the US market after an April 15 indictment had been handed down against two of the popular online poker company executives.  One of the individuals was charged with money laundering and bank fraud while another was charged only with violation of the Unlawful Internet Gaming Enforcement Act.  Funds were seized in conjunction with the indictment. 

Blanca, which also operates an online bingo website that remains in good standing, has to file a claim for assets seized by the DOJ no later than October 31. 

- Chris Costigan, Gambling911.com Publisher