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The Stars Group Announces Complete Reversal of $870 Million Kentucky Judgment
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The Stars Group Inc. (Nasdaq: TSG; TSX: TSGI) today announced that the Kentucky Court of Appeals has ruled in its favor and reversed in its entirety the $870 million judgment issued against it by a trial court judge in December 2015. The Court of Appeals stated “[a]llowing a complaint, like the one put forth by the Commonwealth, to move forward would lead to an absurd, unjust result.”
“We applaud the decision of the highly-respected three-judge panel of the Kentucky Court of Appeals,” stated Marlon Goldstein, Executive Vice President & Chief Legal Officer of The Stars Group. “The merits of the case prevailed and we look forward to putting this matter behind us as we sharpen our focus on executing on our growth strategy going forward.”
The litigation that is subject to the appeal was initially filed by the Commonwealth of Kentucky in 2010, approximately four years prior to The Stars Group’s acquisition of the PokerStars business, and sought recovery of alleged losses by Kentucky residents who played real-money poker on PokerStars’ website during a period between 2006 and 2011. To bring the action, Kentucky relied on a centuries old statute that was intended to allow individuals who incurred gaming losses to bring an action against their winning opponents, but was never intended to authorize the Commonwealth to sue and collect such losses from the operator of the games for the Commonwealth’s own benefit.
As a result of the ruling, The Stars Group intends to petition for the release of the $100 millionsupersedeas bond posted by it to stay enforcement of the trial court’s order during the pendency of the appeals process, which includes$5 million in cash collateral and $65 million in letters of credit securing the same.
As previously disclosed, approximately $300 million continues to be held in an indemnity escrow fund established under the merger agreement governing The Stars Group’s acquisition of the PokerStars business. The Stars Group previously filed an indemnification claim relating to the Kentucky litigation, which is currently pending against the sellers of the PokerStars business, for all losses, costs and expenses related to the litigation. This claim and the release of the outstanding escrow funds will be resolved in accordance with the provisions of the merger and escrow agreements related to the acquisition. There can be no assurance that such claim will result in any amounts in the escrow fund or otherwise being remitted to The Stars Group or that any of The Stars Group’s estimates of potential losses will reimbursed by the sellers or otherwise.
The Stars Group expects the Commonwealth to either petition the Court of Appeals for a rehearing or seek discretionary review of the Court of Appeals decision by the Kentucky Supreme Court and intends to vigorously dispute any and all liability in the event the Kentucky Supreme Court grants review and hears the appeal.
About The Stars Group
The Stars Group is a provider of technology-based product offerings in the global gaming and interactive entertainment industries. Its brands have millions of registered customers globally and collectively are leaders in online and mobile betting, poker, casino and other gaming-related offerings. The Stars Group owns or licenses gaming and related consumer businesses and brands, including PokerStars, PokerStars Casino, BetStars, Full Tilt, BetEasy, Sky Bet, Sky Vegas, Sky Casino, Sky Bingo, and Sky Poker, as well as live poker tour and event brands, including the PokerStars Players No Limit Hold’em Championship, European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour, Asia Pacific Poker Tour, PokerStars Festival and PokerStars MEGASTACK. The Stars Group is one of the world’s most licensed online gaming operators with its subsidiaries collectively holding licenses or approvals in 21 jurisdictions throughout the world, including in Europe, Australia, and the Americas. The Stars Group’s vision is to become the world’s favorite iGaming destination and its mission is to provide its customers with winning moments.
Source: Latest News on European Gaming Media Network
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ACR POKER IS AWARDING 100 FREE SEATS TO FINAL WSOP QUALIFIER, WITH FIVE GUARANTEED $30K PACKAGES TO PARADISE
Join ACR Poker’s Freeroll to WSOP Qualifiers this Sunday and secure your chance to win a free ticket to the $50 Million GTD WSOP Super Main Event in the Bahamas
The countdown to the $50 Million GTD WSOP Super Main Event in the Bahamas is on, and ACR Poker is offering players a chance to win their way to this monumental event for free. On Sunday, December 1st, players can join the Freeroll to WSOP Qualifiers and claim one of 100 free $95 satellite tickets, putting them one step closer to winning a coveted $30K WSOP Paradise Package.
Starting this Sunday at 9:00am ET, the Freeroll to WSOP Qualifiers offers players the ultimate opportunity to compete for a free seat in the largest guaranteed live poker tournament in history. The top 100 finishers of the freeroll will advance to the final $95 Mega Satellite via ‘The Beast’ tourney at 2:05pm ET that same day, where at least five winners will receive an incredible $30K package.
“The Freeroll to WSOP Qualifiers is your chance to turn a $0 investment into a $30K package in paradise and a poker journey of a lifetime,” said 2003 WSOP Main Event Champion and ACR Pro Chris Moneymaker. “Every poker player dreams of moments like this, and with just one freeroll and one $95 Satellite, you could be heading to the Bahamas to compete for huge stakes in poker’s biggest live tournament ever.”
Winners of the premium $30,000 package will receive a luxurious 14-night stay at the 5-Star Atlantis Paradise Island Resort (December 6th-19th) with complimentary lunch and dinner, a $26,000 buy-in to the WSOP Super Main Event, access to an exclusive players’ lounge and entry to the $1 Million Super Save Gold Bracelet Freeroll.
For those looking to increase their chances of earning their $95 Beast ticket, Daily Super Satellites will continue through this Saturday, with five daily freerolls awarding $11 Super Satellite tickets and five $11 Turbo tournaments guaranteeing five $95 seats. This Sunday will also feature two freerolls leading to $11 Super Satellites, plus a Mega Super Satellite at 10:10am ET with 30 guaranteed $95 tickets.
For more details on the Freeroll to WSOP Qualifiers, visit ACRPoker.eu.
The post ACR POKER IS AWARDING 100 FREE SEATS TO FINAL WSOP QUALIFIER, WITH FIVE GUARANTEED $30K PACKAGES TO PARADISE appeared first on European Gaming Industry News.
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Stretch Network Unveils MEGA FREEBUY Tournaments in World Poker League Season 3
Stretch Network announces the continuation of the MEGA FREEBUY tournaments in the third season of the World Poker League. Designed to captivate players and showcase the power of our online poker platform, these events deliver high stakes, excitement, and player engagement.
The MEGA FREEBUY tournaments feature a €5,000 prize pool guarantee, with a €0 buy-in and rebuys available for just €1. Taking place on 30 November, 7, 14, and 21 December at 16:00 (UTC+0), each tournament accommodates up to 4,000 players.
For media partners, these tournaments highlight the capabilities of Stretch Network’s industry-leading online poker software and its ability to drive player retention and acquisition. By offering such tournaments, poker platforms powered by Stretch Network can set themselves apart in the competitive online gaming market.
Our solutions are designed for B2B poker providers seeking innovative tools to deliver exceptional gaming experiences. The World Poker League and the MEGA FREEBUY tournaments serve as a testament to the scalability, reliability, and engagement opportunities our platform provides.
We welcome our media partners to collaborate with us in promoting this exciting series, further establishing Stretch Network as a trusted name in online poker solutions.
The post Stretch Network Unveils MEGA FREEBUY Tournaments in World Poker League Season 3 appeared first on European Gaming Industry News.
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SuperGaming’s Indus Battle Royale surpasses 5 million downloads; concludes first international playtest in Manila
SuperGaming’s highly anticipated Indo-futuristic Battle Royale game, Indus, has achieved a significant milestone, surpassing 5 million downloads on the Google Play Store and over 100,000 installs on the iOS App Store. This remarkable feat solidifies its position as one of India’s fastest-growing games. The title has also been recognized as the Best Made in India Game by Google Play in their prestigious Best of 2024 awards.
Indus has captivated players with its distinctive Indo-futuristic world setting that seamlessly blends Indian culture with futuristic aesthetics, immersive gameplay, and community-driven innovation. Key gameplay features like the Cosmium Clutch, Grudge Mechanic, and culturally inspired avatars and weapons have particularly resonated with players, offering strategic depth and adrenaline-filled matches.
Building upon this momentum, SuperGaming recently hosted its first international community playtest at the YGG Play Summit in Manila, Philippines. The event featured some of the region’s top esports talent, with Kadiliman Esports emerging victorious. This successful international debut aligns with SuperGaming’s vision to expand its player base while maintaining a deep-rooted connection to its community.
“Surpassing 5 million downloads is more than a milestone—it’s a reflection of the enthusiasm our players have for Indus,” said Roby John, Co-Founder and CEO of SuperGaming. “Hosting our first international playtest at the YGG Play Summit was another defining moment for us, and a reminder of what gaming can achieve—bridging cultures and bringing people together. We’re driven to keep breaking new ground and taking Indus to even greater heights, reaching newer players across the world,” he adds.
Furthermore, in a move to strengthen India’s esports ecosystem, SuperGaming has also announced its year-long Clutch India Movement. The initiative kicks off with the Indus International Tournament, running from October 2024 to February 2025, featuring a massive prize pool of INR 2.5 crores. The tournament will bring together top Indian and international teams across four competitive phases.
SuperGaming remains committed to keeping Indus fresh with regular updates based on player feedback, ensuring the game continually improves. These efforts demonstrate the studio’s commitment to creating a gaming experience that reflects its players’ needs and aspirations while redefining the global perception of Indian gaming.
The post SuperGaming’s Indus Battle Royale surpasses 5 million downloads; concludes first international playtest in Manila appeared first on European Gaming Industry News.
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