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Found 4 results

  1. In recent days, PokerStarshas been reaching out to former New Jersey VIP players and meeting with them via a series of summits in Jersey City and Atlantic City. The site, which Amaya Gaming purchased along with Full Tilt Poker three months ago, appears on track to enter the New Jersey market by the end of the year and perhaps as soon as next month. --- PocketFives' news coverage is brought to you by Betsson Poker, a leading global online gaming provider. Betsson Poker is available on Mobile and offers regular promotions to live events around the world along with great bonuses and competitions. Play nowfor a chance to win the a Dream Holiday with the Grand Poker Adventures throughout 2014! --- The Atlantic City meet-up was on deck for Wednesday from 12:30pm to 2:30pm local time at the Landshark Bar and Grill at Resorts, according to a post on Two Plus Two. The Jersey City meet-up took place on Monday at Hyatt Regency's Vu Lounge. The e-mail sent to players read, "As a valued former PokerStars VIP in New Jersey, we would like to invite you to meet two members of PokerStars' management who will be in the area next week. They will be hosting two discussions in a casual setting with the goal of meeting the New Jersey player base and inviting feedback on any topics or concerns you as a player may have." The e-mail continued, "The meetings will be in an open house format and you can drop by at any time during the scheduled sessions. RSVP is not required. However, if you know in advance that you'll be attending, please let us know at which location we can expect you." One PocketFiver from Atlantic City was contemplating attending the PokerStars meet-up, but would have to miss an event during the ongoing Garden State Super Series on Borgata Pokerand PartyPokerin order to do so. He posted in our New Jersey poker community, "Anyone get another invite from Stars? Would involve taking a GSSS night off, so curious about the exclusivity before I decide/RSVP, but I do love PokerStars, so will probably do it anyway." One person who attended Monday's session told PocketFives that he was "a little disappointed," adding, "It was a marketing questionnaire to find out the status of the New Jersey poker community." One player who attended the meetings this week told PocketFives, "They answered a lot of general questions but were hesitant to lock in to anything in terms of an opening date, as they are still going through the licensing process. But, they did mention that once licensing was approved, it would probably only take a few weeks to be up and running." The same player added, "They wouldn't or couldn't go into much detail on anything relating to opening promotions, rewards, or rakeback as of right now. They had a mock/tentative MTT schedule printed up for eyes only. It was a fuller schedule with guarantees in line with what we currently see being offered, just a wider variety of buy-ins, guarantees, structures, and tournament styles. They seemed very keen on adjusting guarantees accordingly once the player pools and volume was established." The review of PokerStars' application for an operating license in New Jersey was suspended last Decemberafter the site had agreed to partner with Resorts. In June, Amaya Gaming bought PokerStars' parent company for almost $5 billion, possibly paving the way for the world's largest online poker site to enter New Jersey pending approval. As part of Amaya's transaction, Rational founder and CEO Mark Scheinbergand "other principles" agreed to resign. However, "Rational Group's executive management team will be retained and online poker services provided by PokerStars and Full Tilt Poker will be unaffected," so it remains to be seen if regulators will be satisfied by the changes made at PokerStars and Full Tilt. We'll keep you posted on the latest poker news right here on PocketFives. Want the latest poker headlines and interviews? Follow PocketFives on Twitterand Like PocketFives on Facebook. You can also subscribe to our RSS feed.
  2. Just three months ago, almost no one would have predicted that the relatively unknown gaming systems supplier Amayawas in advanced talks to purchase the parent company of the online poker behemoth PokerStars. Yet on Friday, the Canadian firm announced the completion of its acquisition of PokerStars and Full Tilt, instantly transforming it into the biggest publicly traded online gambling company on the globe. --- PocketFives' news coverage is brought to you by Betsafe, one of the leading suppliers of online gaming products worldwide and a major sponsor of Gumball 3000. Sign up now for great bonuses, €3,000,000 guaranteed monthly, and plenty of live events! --- "We are extremely pleased to have completed this acquisition," said Amaya CEO David Baazov in a press release. "Through PokerStars, Full Tilt, and its multiple live poker tours and events, [Rational Group]brands comprise the world's largest poker business, generating diversified and recurring revenues across the globe from its extremely loyal customer base." Amaya's shareholders voted in favor of the deal earlier this week. The purchase was completed in an all-cash $4.9 billion transaction and includes the PokerStars and Full Tilt brands along with the popular European, Latin American, and Asian Pacific Poker Tour events. The company's poker sites are two of the largest in the world and have dealt over 100 billion poker hands and run over 800 million tournaments, according to the release. "Since launching PokerStars in 2001, we have grown the business each year thanks to constant innovation, unparalleled customer service, and the talent of our dedicated workforce," said PokerStars CEO Mark Scheinberg. "I'm confident that Amaya, together with Rational Group's leadership, will continue to successfully grow the business into the future." The transfer of ownership out of the hands of Mark and his father, Isai Scheinberg (pictured), is considered by many analysts to be the motivating factor behind the sale. On Black Friday, the elder Scheinberg was charged by the US Department of Justice with a bevy of offenses including violating the UIGEA, operating an illegal gambling business, and money laundering. The father and son's continual involvement in the company has already led to issues with PokerStars reentering the potentially lucrative regulated US gambling market. The sale to Amaya could potentially solve both of these problems. For one, the new company leadership would be untainted by Black Friday and, furthermore, the cash raised from the deal could be used for a settlement between Isai and the DOJ. That amount would likely be massive. In 2008, former PartyPoker CEO Anurag Dikshit handed over $300 million to the agency and sold his stake in Party Gaming, while Mark Scheinberg settled for $50 million last year. Insiders have said that one of Mark Scheinberg's final goals for the company was to see PokerStars reenter the US market. So far, though, the site has been blocked at every turn, first after an ill-fated agreement to buy the Atlantic Cluband later when New Jersey regulators suspended their review for two years. But with the transfer to Amaya, that vision might finally be turning into a reality. With the sale complete, many believe it's only a matter of time before New Jersey regulators give PokerStars the green light to open up shop in the state. In California, the company is making inroads as well, but is engaged in a fierce battle against a coalition of tribes who would rather not face the competition that a brand like PokerStars will surely bring. In April, the Rational Group announced a partnership with the Morongo Band of Mission Indians and three large card clubs in its effort to begin operating in the populous state. As part of its lobbying strategy, PokerStars has continually highlights the fact that it holds more online poker licenses than any other i-gaming company on the planet. And according to the release, "works closely with regulators around the world to help establish sensible global regulation." Stay tuned to PocketFives for the latest on the PokerStars sale. Want the latest poker headlines and interviews? Follow PocketFives on Twitterand Like PocketFives on Facebook. You can also subscribe to our RSS feed.
  3. Now that the sale of the Rational Group, the parent company of PokerStarsand Full Tilt Poker, to Amaya Gaming has been announced, several in the industry have begun speculating about the future of PokerStars founder Isai Scheinberg (pictured, image courtesy Bloomberg) The Canadian and Israeli in his mid-60s was one of 11 individuals indicted on Black Friday, but has yet to turn himself into US authorities or settle in any way. Scheinberg has denied all charges and when PokerStars settled with the Department of Justice in July 2012, the company admitted no wrongdoing. In an e-mail sent to members on Friday, the Poker Players Alliance, the main lobbying voice for poker players on Capitol Hill in the US, asserted that Scheinberg settling with American authorities would help turn the page on Black Friday. PPA Executive Director John Pappas wrote in the e-mail, "The players have asked and the media has speculated whether yesterday's acquisition would accelerate resolution of Isai Scheinberg's outstanding issues with the US Department of Justice. I certainly hope there is swift resolution of these matters. It is important for the poker community to close the Black Friday chapter and move forward. An agreement between Mr. Scheinberg and the DOJ would help do that." The sale was worth $4.9 billion and is expected to close in September. According to Bloomberg, Isai's son, Mark Scheinberg (pictured below, image courtesy Bloomberg), owns 75% of the Rational Group and is in line for a major payday as a result of the acquisition. He is selling his shares and resigning. As Online Poker Report's Chris Grove speculated, "Rumors that Isai Scheinberg is discussing a settlement with the DOJ have been swirling for months. This deal could represent a step in that direction, providing ready cash for a settlement and (arguably) a greater motivation for Isai Scheinberg to close the chapter completely. A deal would almost certainly come with an eight- or nine-figure fine attached. All parties involved are no doubt keen to reach a resolution, as none benefit at this point from the saga… dragging on." How much could Scheinberg's fine actually be? Last June, Mark Scheinberg settled with the DOJ for $50 million"as full and final resolution of any and all claims by the United States," according to the document outlining the agreement. In 2008, Anurag Dikshit, one of the founders of Party Gaming, forfeited $300 million and sold his Party Gaming shares in 2009. Also in 2009, Party Gaming agreed to a non-prosecution agreementwith the DOJ and paid $105 million. PokerStars' settlement with the DOJ, which involved acquiring its longtime rival Fill Tilt, weighed in at three-quarters of a billion dollars. Scheinberg was charged on Black Friday with conspiracy to violate the UIGEA, violating the UIGEA, operating an illegal gambling business, conspiracy to commit bank fraud and wire fraud, and money laundering conspiracy. PokerStars Director of Payments Paul Tate was also indicted, but, like Scheinberg, has not surrendered to US authorities. Want the latest poker headlines and interviews? Follow PocketFives on Twitterand Like PocketFives on Facebook. You can also subscribe to our RSS feed.
  4. After a long day of speculation, it was revealed on Thursday night that Amaya Gaming has acquired the Rational Group, the parent company of PokerStarsand Full Tilt Poker, for $4.9 billion. According to a press release, it's still subject to Amaya shareholder approval. Earlier today, we learned about the suspension of trading of Amaya's stockin Toronto. Then, we learned that Blackstone was raising $1 billion in funding. Now, we can get into the nitty-gritty details of the sale. According to the release, the shareholders of the Oldford Group, the parent company of the Rational Group, "will dispose of their shares to a wholly-owned subsidiary of Amaya." Mark Scheinberg, Rational's founder and CEO, and "other principles of Oldford Group" will resign once the transaction has been completed, potentially satisfying issues New Jersey regulators hadwith the presence of Isai Scheinberg and other post-UIGEA executives. Speaking of executives, "Rational Group's executive management team will be retainedand online poker services provided by PokerStars and Full Tilt Poker will be unaffected by the transaction, with players continuing to enjoy uninterrupted access to their gaming experience." PokerStars and Full Tilt Poker have a combined 85 million registered users. Whether the presence of PokerStars' and Full Tilt's executive management teams will complicate any "bad actor" issues in the US remains to be seen. David Baazov (pictured), CEO of Amaya, said about the long-rumored acquisition, "This is a transformative acquisition for Amaya, strengthening our core B2B operations with a consumer online powerhouse that creates a scalable global platform for growth. Mark Scheinberg pioneered the online poker industry, building a remarkable business and earning the trust of millions of poker players by delivering the industry's best game experiences, customer service and online security. Working with the experienced executive team at Rational Group, Amaya will continue that tradition of excellence and accelerate growth into new markets and verticals." Mark Scheinberg added, "I am incredibly proud of the business Isai and I have built over the last 14 years, creating the world's biggest poker company and a leader in the iGaming space. Our achievements and this transaction are an affirmation of the hard work, expertise, and dedication of our staff, which I am confident will continue to drive the company's success. The values and integrity which have shaped this company are deeply ingrained in its DNA. David Baazov has a strong vision for the future of the Rational Group which will lead the company to new heights." Now on to the topic the poker community has speculated about, the prospects of PokerStars and/or Full Tilt returning to US soil. "Bad actor" clauses in states like California may still prove to be problematic even under the new ownership, according to Online Poker Report, but the press release argued, "Amaya believes the transaction will expedite the entry of PokerStars and Full Tilt Poker into regulated markets in which Amaya already holds a footprint, particularly the USA." Amaya will introduce more casinos games into the Full Tilt Poker client and help Rational's brand gain strongholds in sports betting, casino gaming, and social gaming. If you're a finance person, here's how the sale breaks down: $2.1 billion in senior secured credit facilities, $800 million in senior secured second lien term loans, $1 billion to be raised through the issuance of convertible preferred shares, $460 million to be raised through the issuance of subscription receipts, and about $540 million in cash. This paragraph uses language directly from the press release to avoid any interpretation. The Boards of Directors of both companies have already approved the transaction and Amaya's Board will remain the same following the deal, meaning it doesn't look like a reverse takeover as some had predicted. Stay tuned to PocketFives for complete reaction and analysis to one of the biggest stories we've reported in several years. Want the latest poker headlines and interviews? Follow PocketFives on Twitterand Like PocketFives on Facebook. You can also subscribe to our RSS feed.
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