Issue N16, 2012
April 19, 2012
Full Tilt Poker Moves Back into Gambling Industry
Last week, the industry marked the one year anniversary of Black Friday, when the US authorities brought charges against sites such as Full Tilt Poker, Poker Stars and Absolute Pokers and shutting their domains. It has been a difficult year for players of Full Tilt Poker, who have yet to see the $150 million owed to them by the site paid out. However, for the past few weeks, we’ve started to see some positive movement in the rebirth of Full Tilt Poker, culminating yesterday with the news that Groupe Tapie, the French investment firm which is said to have bought the beleaguered group out, registered a company in Ireland by the name of New Full Tilt Ltd.
The Dublin based firm started advertising for staff in the local recruitment offices and some posters on poker blogs and forums have confirmed that they have been hired to provide customer support to various European language-speaking players at Full Tilt Poker. Laurent Tapie, the son of Groupe Tapie founder Bernard Tapie, has been named director of the new Full Tilt company. It is now hoped that players will finally be able to claim back their money and put the entire Full Tilt Poker debacle behind them once and for all.
Online Gambling Film in the Pipelines
Online gambling moved closer to mainstream culture with the news that a new movie on the subject is being planned by Hollywood. The new film, Runner Runner, was written by the screenwriters of the 1998 movie Rounders which also tapped into the world of online gambling. Runner Runner will also focus on offshore online casino gambling and will star Justin Timberlake, who has already signed a contract with the producers. Another Hollywood legend, Ben Affleck, is said to be in final negotiations to also star in the movie.
Runner Runner will be directed by Brad Furman, who earned fame in the industry with his job on The Lincoln Lawyer last year. It will also see the involvement of Leonardo DiCaprio’s development company, Appian Way. While there hasn’t been much news reported about the storyline of the new film, it is believed that it will follow the relationship between a business entrepreneur and his protégé, all set against the world of offshore gambling. Production of the movie will begin in Puerto Rico this summer.
Playtech to Enter New Business Partnership
Playtech, the online casino software provider, announced plans to purchase acquisitions from its main shareholder, Teddy Sagi to the tune of €95 million. News of the purchase of the social gaming initiatives has investors concerned, especially due to potential conflict of interests, and share prices dipped 9.7%, only to recover by around 5% later on in the same day.
Analysts sent notes to their customers that concerns had been raised about the fact that, once again, Playtech is acquiring assets from its founder and largest shareholder (with 48%). "Ninety five million euros is a significant investment, especially in an area that is relatively unproven - there is no mention of the current profitability of the assets being acquired in this morning's announcement,” noted an analyst at Davy Research, Simon McGrotty.
Teddy Sagi was the founder of Playtech and has an estimated wealth of $1.2 billion. Recently Playtech announced plans to move from its current AIM listing on the London Stock Exchange and move instead to a prime market listing. Sagi agreed to become company advisor ahead of this important move.
In reaction to the concerns, Playtech said that it would put the question of the proposed deal to a vote among shareholders.
William Hill’s Claims of Biggest Bet in History Raises Eyebrows
William Hill, the giant online and offline gambling giant, has been accused by its rivals of using excessive marketing hype to draw attention to itself. While most bookmakers are guilty of this practice, competitors feel that WillHIll has gone a little overboard. Recently, William Hill reported that it had taken its biggest bet in its 78 year history after a player placed a £500,000 bet on the Grand National, wagering on Big Buck’s winning his race. While William Hill has said that it can prove that the wager was made and the winnings paid out, other bookies are saying that the group only provided selective information about the incident.
Said a spokesman for Coral Group, David Stevens: “One betting firm is out with the publicity tactics it’s pursuing. At least the rest of us have semblance of truth in what we claim.”
Adding to the comments was David Williams from Ladbrokes who said: “This is irresponsible. It’s out of hand!”
Nevertheless, William Hill is standing its ground that the massive bet was genuine and its spokeswoman, Kate Miller said: “We don’t have to make things up and we have audited accounts.”