PokerStars Supports the New US Regulations?

The Frank bill [3], passed two days ago, is extensively supported by PokerStars, as we can read in the poker site’s official statement. Paul Telford, the general counsel of the US-facing poker giant, expressed his support concerning the HR 2267.

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Below you can read extracts from PokerStars’ official statement:

“PokerStars, the world’s largest poker site, welcomes news of the successful mark up of H.R. 2267.

The bill, sponsored by Committee Chairman Barney Frank, offers a long overdue common sense approach to internet gaming regulation in the United States. PokerStars wholeheartedly supports the efforts of Chairman Frankmand the bill’s proponents."

It is important to note that H.R. 2267 was passed out of Committee with the addition of certain amendments. Two in particular warrant additional comment:

"Representative Brad Sherman offered language accepted by the Committee which would in part render as unsuitable for licensure any person who fails to certify in writing that it and its affiliated business entities have never committed an intentional felony violation of Federal or Stategambling laws.

Ranking Member Spencer Bachus and Representative Michelle Bachmann also sponsored an amendment, accepted by the Committee, which would in part render unsuitable for licensing any person who knowingly participated in illegal internet gambling activity after enactment of the UIGEA in 2006."

Of course, PokerStars expressed their support of the provisions in both amendments, although the site itself has broken former UIGEA regulations.

Paul Telford, PokerStars’ General Counsel said that “PokerStars maintains its strong support for H.R. 2267 and encourages the full House and ultimately the Senate to move quickly to secure passage during the current Congressional term. PokerStars, a pioneer in operating online poker under stringent regulatory frameworks, looks forward to working with incumbent and new operators in promoting a safe and healthy online poker industry in the United States, as it currently does under similar licensing models in Italy and France”.

Although the press release sounds very humble and positive, I will be curious to see whether PokerStars will really receive a licence, considering the fact that the they have performed actions in the past that can easily be viewed as unlawful. In my opinion PokerStars will at least first have to pay a serious fine in order to become a licensed operator in the United States.