Home / Poker News July 2012 / The Poker Grapevine – AGCC Institutes Changes
The Poker Grapevine – AGCC Institutes Changes
Posted by: Randy Williams - Mon, 2012-07-30 04:11
It has apparently become clear to the Alderney Gambling Control Commission that in the wake of the Full Tilt Poker scandal, which – let’s face it – has largely discredited them, they had to do something to regain any sort of credibility. While they may indeed just be grasping for straws now, they have indeed introduced a few significant changes to their Alderney eGambling Regulations of 2009.
The segregation of player funds has long been hailed as a measure that would’ve prevented the Full Tilt meltdown and that’s exactly where the AGCC changes were aimed: starting next year, the commission will require that all those companies to which it had issued licenses, keep their players’ monies in an account separate from the company’s general operating account. Those who are the recipients of an AGCC license will also be compelled to submit monthly reports regarding the amount of player funds held and a detailed situation of the bank accounts where the player monies are.
Full Tilt Poker submitted periodic reports to the AGCC too, but because player deposits were held together with various operating funds used by the company, the reports were pretty much meaningless.
In other news: Molly Bloom is apparently gearing up to do what every self-respecting Hollywood celebrity would after being caught red-handed running an illegal
high stakes poker ring and getting away with it: she will release her memoirs which will offer an insight into the world of high stakes underground celebrity poker, where people like Benn Affleck, Tobey Maguire, Leonardo DiCaprio and Matt Damon used to waste their hard earned dollars. Bloom was apparently the main organizer of these games. The underground poker scheme came to a halt after hedge fund manager Brad Ruderman’s antics exposed it to the public. A total of 22 people were involved in the games, and they all settled out of court for a total of $1.7 million. Bloom will now continue to reap some more dividends off the scheme, this time without any kind of risks involved.
