UK Gambling Week in Review for October 3, 2013

UK Gambling Review

As we draw closer to the implementation of the UK’s new iGaming tax policy you would expect the new tax laws to dominate the news, and for the industry to be on standby waiting to see what the fallout will be. But this has most certainly not been the case, as there has been more going on in the world of UK gambling over the past week than at any point in recent memory.

In this installment of the UK Gambling Week in Review we’ll take a look at stories, like the possibility of the UK Gambling Commission requiring fund segregation, a real-life bad-beat for a UK poker player, a potential shakeup at Ladbrokes; and a whole lot more.

UK Gambling Commission takes on fund segregation

A recent article on PokerFuse.com details the UK Gambling Commission’s recent decision to explore the possibilities for the protection of iGaming funds. According to the article there are currently six potential options on the table:

  • Option 1: Segregated accounts – where funds are held in a separate bank account.

  • Option 2: A ‘Quistclose’ trust – a peculiarly UK legal form where funds held by an operator are restricted for a particular purpose and therefore not available to creditors in the event of insolvency.

  • Option 3: Insurance against insolvency

  • Option 4: An independent trust account

  • Option 5: Reserve held by the regulator

  • Option 6: Rules for specific gambling products

Player fund segregation/protection has become a major issue for regulators since the debacle that was Full Tilt Poker in the aftermath of Black Friday, when online poker rooms open to U.S. players were shuttered by the government.

Even to this day, very few regulators (generally government run agencies like those found in France, Spain, and Italy) require an online gaming company to segregate player funds, and there is no real way for customers to know if any regulated offshore sites are actually doing this; the oversight simply does not exist.

So, the potential for another Full Tilt poker disaster still exists, and was emphasized recently, when details of the sale of the OnGame Poker Network to Amaya Gaming showed OnGame could only cover 31% of player deposits.

Paul Carr loses lawsuit to reclaim poker winnings

In the immortal words of Judge Smeals from Caddyshack, “Paul Carr will get nothing and like it!” Well, he won’t be getting anything from the Limerick Police anyway. According to an article at CalvinAyre.com, Carr –who finished 4th in the 2010 Paddy Power Irish Poker Open and winning over €300k—had a friend of his hold on to some €36k of his winnings, only to discover his friend was embroiled in a drug investigation, and while the police didn’t find any drugs, the €36k was seized as evidence of illegal activity.

The story itself is fascinating, as is the potential that a further €244k of Carr’s may be confiscated. Carr would seem to have an airtight case, as his lawyer stated, “adding it all up, that’s about the account of my client’s winnings,” but so far he’s been on the wrong side of the court’s decisions.

EPL Fantasy Update: Upset City, population MCU and MCI

The Premier League standings are starting to take shape, with perennial powerhouse Arsenal up top, followed not by the usual suspects (Manchester United and Manchester City) but instead by a few surprising teams, Liverpool, Everton, and Tottenham.

Manchester City is a full 5 points behind Arsenal going into this weekend’s games, but the real concern has to be with Manchester United, who sits near the bottom of the EPL, with just 7 points after six games and 8 points behind Arsenal.

Last week both teams suffered horrific losses, Manchester City lost 3-2 to a depleted Aston Villa squad, while Manchester United lost to West Brom at home for the first in decades.

You can join EPL fantasy leagues at http://www.premierleague.com/. You can also check out Sky new player bonus code offers for October by following the link.

We Thought You Should Know…

Ladbrokes CEO on the way out?

Multiple reports have Ladbrokes CEO Richard Glynn on the hot seat, ahead of what is expected to be a lower than expected earnings reports.

Ladbrokes Chairman Peter Erskine said the company supported the current team, and was quoted as saying, “While we are disappointed that the digital results are still not where we anticipated they would be, the board believes the strategy is the right one and that the actions taken to date, along with those planned for the coming months, will drive the long-term success of the business.”

Glynn took over as the chief executive of the gaming giant in April of 2010.

PKR’s new pro

PKR Poker has added a new sponsored pro to their roster this week, inking small-stakes grinder Patty Beaumier to a contract. The PKR team already includes the notable Sofia Lovgren and the polarizing Russian pro Vladimir Geshkenbein, so it will be interesting to see how PKR uses Beaumier.

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