Black Friday (2011)
The Day Poker Died On "Black Friday".
US players logged in to find FBI seizure notices on PokerStars, Full Tilt Poker, and Absolute Poker.
The Charges
The founders were indicted for bank fraud and money laundering (tricking banks into processing gambling payments). *
Full Tilt Scandal:
It was revealed Full Tilt was operating a Ponzi scheme and couldn't pay back player balances. *
Resolution:
PokerStars settled with the DOJ for $731 million and eventually acquired Full Tilt to repay international players.
Related Terms
- Casino Hold'em
The house-banked version of Texas Hold'em where you play against the dealer, not other players.
- Pai Gow Poker
A slow-paced, low-volatility game where players split 7 cards into two separate hands to beat the dealer.
- Volatility (Variance)
A measure of the risk level associated with a specific game, defining how often and how big you can expect to win.
- The Poker Boom (2003)
The global explosion of online poker popularity triggered by amateur Chris Moneymaker winning the WSOP Main Event.
- Bingo
A social game of chance where players match numbers on pre-printed cards to form patterns.
- Sic Bo
An ancient Chinese game played with three dice, offering massive payouts for specific triple combinations.