After a lengthy battle, things are starting to look up for PokerStars. A court of appeal threw out a judgment against The Stars Group which owns the online poker site. The court vacated the $870 million judgment by Franklin Circuit Judge, Thomas Wingate. The circuit court had found The Stars group guilty of violating a gambling loss recovery statute. It is alleged that the online poker site offered poker in the state prior to black Friday.
Speaking to the Press, Sheryl Snyder – an attorney representing The Stars Group couldn’t hide his excitement. “We are pleased not only with the Court of Appeals vacating the $870 million judgment but also with the well-reasoned opinion appropriately limiting the scope of the antiquated statute at issue,” he remarked.
In Kentucky, losers can sue winners to recover wagers lost in games of chance. However, by the court vacating the billion dollar judgment, it is clear that the State of Kentucky can ‘t represent victims.
PokerStars Billion Dollar Judgement
In 2015, PokerStars bore the brunt of the justice system after a circuit court judge slapped them with $870.7 million. How the $870.7 million figure was arrived at still remains to be a mystery. Interestingly, PokerStars only made roughly about $18 million during the 5-year period.
To stay the judgment, Amaya gaming, on behalf of The Stars Group posted a $100m supersedeas bond. On the other hand, the State of Kentucky wanted a 12% interest on $870.7 million until the amount was paid.
Well, the money was not for the affected players but was to stay with the state.
Before December 2015, Pokerstars was facing similar litigation in Illinois. Luckily, the judgment was in Pokerstar’s favor. The judge presiding over the Illinois State Vs Pokerstars, in his judgment, noted that Pokerstars merely acted as a facilitator. According to the judgment, players did not lose money to the online poker room but lost to other players. Therefore, PokerStars had no case.
What next for Kentucky?
At the moment, the state has only two options; lodge another appeal or escalate to the supreme court.
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