Black Friday Online Poker Recap – May 3

There has been a lot going on today.  The first news is that Full Tilt Poker has been telling U.S. players today that there will not be an announcement on player refunds this week as previously announced.  An announcement for U.S. player cashouts will not be made until at least next week. Some non U.S. players have been reporting that they have received their cashouts recently.

The bigger news of the day is that it appears that the Cereus Network, consisting of Absolute Poker and UB, is on their way out in the online poker world.  A letter went out to Blanca Games debt holders stating that the company could not meet its debt obligations.  It was also stated that the company had no cash on hand and no prospects of any cash flow.  It was also stated that they would file for bankruptcy.  The company also emailed all of their employees, approximately 350, and told them that they would be laid off immediately.  It has also been reported that the company cleaned out their Costa Rican office.  You can see quotes of the letters here.

Gambling911 posted a press release that was similar to the letters.  The press release also stated that Absolute Poker and UB would be leaving the U.S. market.  I will believe that when I see it.  There has been a message in the poker software off and on for two weeks saying that but yet U.S. players are still able to sit at the tables and play for real money even though they cannot use any banking features.  At this point there are many U.S. players still playing on the Cereus Network.  It probably does not matter though because the chips they win are most likely worthless.

Last but not least U.S. Attorney General Eric Holder was questioned by the House Judiciary Committee today.  It was a part of a regular Department of Justice oversight hearing.  Holder was asked quite a few questions related to poker.  Holder described the online poker indictments as appropriate and dodged many of the questions related to the Black Friday indictments.  He did say that he does not know if poker is a game of skill.

I am looking forward to another big day of news tomorrow.  The Cereus situation should be interesting in the coming days.

Leave a Reply

Your email address will not be published. Required fields are marked *