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MSNBC.com reported on Thursday that there was a $75 million claim involving UltimateBet.com, a leading online poker room. The report itself was a most interesting read from Michael Brunker, a top reporter for the online gambling sector. But that matter presented was a bit complicated.
Gambling911.com has learned the following on Friday in an effort to clear up some of the confusion:
1. Ultimate Bet - the 3rd largest US facing online poker room - would actually be the complainant in this matter, meaning they are the organization bringing about the suit against the former owners of UltimateBet.com.
2. There is currently no lawsuit. The matter is in its preliminary stages and one of two things could transpire: there will be a lawsuit or there will be a settlement. Regardless of whether there ends up being a lawsuit, a settlement is most probable even if not immediate.
3. Customers will not be impacted by any suit. And once again, it is NOT Ultimate Bet that is being sued. They are the group that HAS FILED the complaint.
4. Despite past scandals involving Ultimate Bet, the firm remains under a magnifying glass, making it one of the safest online poker rooms in which to play today. The Kahnawake licensing agency, which regulates Ultimate Bet, is akin to the US Securities and Exchange Commission (SEC), which oversees Wall Street firms. Gambling911.com, which still endorses Ultimate Bet, is like the US Government, monitoring both Kahnawake and Ultimate Bet. Some online poker rooms are not under such intense scrutiny and it may be prudent to avoid these outfits. We witnessed a few close up over the last two years.
5. Ultimate Bet - just like troubled Wachovia Bank - is under new and proven leadership. They have welcomed an audit into last year's "cheating" scandal described by Mr. Brunker, and that audit is being conducted by an outside firm which has ensured anyone "internally" connected with the matter will be cut from the company. It can be argued that Ultimate Bet online poker room is more safe than many of our US banks right now.
6. Ultimate Bet representatives have been told by Kahnawake they are not to talk to the press while the audit is taking place. Ultimate Bet will open communications with the press once the audit is completed in the next few weeks.
We hope this answers your questions and we encourage your comments regarding this matter.
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Jagajeet Chiba, Gambling911.com
