UltimateBet Poker Network Goes Into Insolvency
The web poker network Cereus, which operated Absolute Poker and Ultimate Bet, has gone into insolvency. As of August 2010, it is no more processing withdrawals and struggles to accept new players. As of this writing, the networks are owned by private company Blanca Games. The network was acquired from Tokwiro Enterprises in August 2010. The firms are still operating, but are currently not processing any player withdrawals. In addition, both these sites are no longer accepting new players.
In addition to the software, the UltimateBet website also offers a person support center that answers questions. Several players have complained concerning this, but it is unclear if the complaints have merit. The program company’s CEO, Travis Makar, was aware of the cheating problem before he founded the business. For example, he knew that the poker program used a feature referred to as “God Mode.” Although his wife, Janelle Lynn, had an affair with a student during 2002, the company didn’t know about this. The ultimatebet company is situated in Costa Rica.
Pierson, among the co-founders of UltimateBet, said that he had nothing to do with the God Mode cheating scandal. While he was the CEO of ieLogic, which later acquired the poker software maker Excapsa Software, he claimed to be unacquainted with the business’s internal affairs. However, he did admit he had some influence on the company. Actually, he says he had not been aware of the ongoings at the time of the scandal.
Much like all the other websites, UltimateBet includes a history of scandals. In October 2006, it was purchased by Absolute Poker, which then merged with Kahnawake Gaming Commission. Norton, a former Grand Chief of the Kahnawake Gaming Commission, was responsible for setting up the business enterprise and developing its software. This is the reason why it needed to create a separate company to carry the gaming license, an organization referred to as E-World Holdings.
While there are various stories regarding cheating at UltimateBet, the company was founded in 2001 and has been a leader in the market. There are many game variants and tournaments, and the business also hosts a $200k guaranteed Sunday tournament. Moreover, UltimateBet hosts a few of the world’s top poker pros. The grand prize of this tournament has ended $1 million. Its repute as a high poker site helped attract many people to the website.
UltimateBet was acquired by Absolute Poker in October 2006, once the Kahnawake Gaming Commission merged with Absolute Poker. In 2006, ieLogic, which was owned by the former Grand Chief of the Kahnawake Gaming Commission, registered the trademark UltimateBet. It subsequently abandoned the brand, and eWorld Holdings leased the UltimateBet site. The lawsuits were ultimately settled, with both companies claiming that the web poker site had violated regulations.
The scandal involving UltimateBet has led to the demise of the business. The company was created by way of a software company which developed the gaming software and marketed it. This made it difficult for the company to obtain the gaming license and operate internet poker games. Consequently, it is headquartered in Aruba, where it is a area of the E-World Holdings group. It isn’t yet clear how this scandal is connected to the ieLogic lawsuits.
The legal case against UltimateBet was resolved by a judge in November of 2008. Through the trial, the jury decided that the business had misled its clients. The defendants were fined $2 million, but the Supreme Court discovered that their actions weren’t illegal. The yes casino court ruled that the operators were not guilty. After all, there were no proofs of fraud or criminal activity. Apart from the money laundering and fraud cases, the monetary sanctions imposed on the company were minimal. The iovation lawsuit against the company were also not related to the website’s success in the poker space.
In a legal case against UltimateBet, the business was found to be cheating. The business was not aware of the cheating and had no chance to avoid it. The investigation discovered that it had been a rogue gambling site. The site is really a scam and the owners of the business were fined by the court. As the ieLogic and Pierson companies are actually both operating in Aruba, the ieLogic software was used by the Kahnawake gaming commission.