Franklin Circuit Judge Thomas Wingate has told the state that it can now collect $100 million in bonds from PokerStars. The bonds were posted through insurance companies prior to a December ruling by the Kentucky Supreme Court that PokerStars was “an illegal internet gambling criminal syndicate” operating in the state.
In the December ruling, it was estimated that PokerStars took in more than $290 million from around 34,000 state residents. As a result, the court decided that the company must pay $1.3 billion to the state. The $100 million in bonds is just the first installment of the total figure which is growing daily accruing around $500,000 per day in interest.
Although the bonds must be surrendered within the next 20 days, it seems unlikely that the remainder of the $1.3 billion will be coming to the state any time soon.
Flutter Entertainment, who owns PokerStars, has asked the US Supreme Court to review the case. There’s also a suggestion by the state’s lawyers that Flutter has been actively transferring valuable assets which suggest that “neither PokerStars nor its parent company, Flutter Entertainment, have any intention of paying the judgment.”
Sheryl Snyder, a lawyer for Flutter Entertainment, said at an April 13th court hearing that British Law does not recognize judgements that award triple damages saying:
“The statute in the United Kingdom treats the entire judgment as void and unenforceable. So the simple point is, my client believes that when you get to the United Kingdom to collect, they won’t let you domesticate the judgment.”
Kentucky law requires that in cases such as these, the defendant must bond a sum of not more than $100 million pending a judgement. However, the state’s lawyers have requested that the court increase that sum as the case continues.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.