Sunday, October 15, 2006

News Update on Ultimate Bet (UB) thanks to Amy Calistri

Just on Full Contact Poker and Daniel is scrambling to change networks right now and I cant login to FCP. I had previously posted the link to his article criticizing the US Govt and want to give him props for doing so. The Government needs to get its priorities straight and worry about the lives being lost in Iraq not how we spend our time or money in the pursuit of happiness. As far as I'm concerned I still have the First Amendment right to Freedom of Speech and will exercise it. Its times like these I wish I had continued on to Law School instead of just sticking with my Accounting/Finance and Psychology degrees. I should have become a lobbyist instead of a corporate drone. More often then not I feel like Don Quixote attacking windmills.

I'm doing some research and testing into anonymous proxy servers hence the reason for my lack of "real" poker content. There are some great articles over on the 2+2 forums and on I'm no techie but I know there are ways to block where your computer is located.

Some co-workers stopped by my desk yesterday in surprise that they couldn't access their on-line Bingo accounts and online Casino accounts and asked how to get their money out now that they were locked out. Ignorance is not Bliss. No one had thought about emailing support to request their funds. It dawned on me that most people gamble for entertainment purposes and probably only have the hope for the big score and no expectations to win. And I guarantee you not one of them read the Terms and Conditions or FAQs on any of the sites they played on.

And here is the Friday nite answer to the question that Ray raised about Ultimate Bet. Just call me the Chris Berman of Poker:

October 15, 2006
Amy CalistriPrint
Just one day before US President Bush signed the Unlawful Internet
Gambling Enforcement Act into law, Excapsa Software sold its entire operation to Blast Off Ltd, a privately owned Maltese company, for a reported $130 million. Excapsa, parent company of Ultimate, was one of the last publicly traded online gaming companies to divest itself of its US operations prior to the signing of the law. Blast Off Ltd. operates Online Elimination Blackjack ™ and was associated with Excapsa via the Ultimate Blackjack Tour, the brainchild of former WSOP Champion and Team UltimateBet member Russ Hamilton.

PartyGaming Plc was one of the first publicly traded companies to announce its plan to close off access to US players, closely followed by 888 Holdings Plc. Earlier this week Britain's Sportingbet (SBT.L) and Leisure & Gaming (LNG.L) both pulled out of the United States, each selling their U.S. operations to private investors for $1. World Gaming (WGP.L) called it quits, citing that it was no longer possible to continue its operation and called in administrators.

Publicly traded companies are commonly prohibited by their listing regulations from knowingly violating any law where they operate. Regulatory issues, as well as the added potential shareholder liability, seemed to be the tipping point for online gaming companies contemplating tangling with the US's new legal environment. People speculated that the US market would be left only to private enterprises such as Poker Stars, Full Tilt Poker, and Doyle's Room. PokerStars had been scheduled to float a $1.6 billion IPO on the London Exchange next spring, but recently postponed those plans based on the US legislation.

Many had been puzzled by UltimateBet's recent affirmation that they would continue to support US online customers, wondering how Excapsa would traverse the regulatory terrain as a public company. The mystery is now solved. UtlimateBet will continue to service US customers, but under its new private enterprise.

Woohoo!!!! They are in for the long haul

1 comment:

slb159 said...

Good to hear something positive about UB. I've never had an account there due to doubleas' complaints about the site. But positive news is positive news, nonetheless.
Hope you're doing well.