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Kahnawake No Concern for Poker Casino Gaming Giant GigaMediaThu, Mar 27th, 2008 @ 12:00am GigaMedia Limited, the Asian gambling giant who develops and licenses online poker and casino software, issued a statement this week saying they are not concerned by reports that the Canadian government is considering a UIGEA-like ban to shut down online poker and Internet gaming sites operating from the Mohawk Territory of Kahnawake (Canada's First Nations). "On the basis of communications with Canadian counsel and government officials, the Company believes no change in the current licensing system is contemplated," the statement said. "Moreover, in accordance with best practices, GigaMedia maintains disaster recovery and alternate hosting arrangements." Gaming Intelligence Group noted that GigaMedia's statement contains a certain degree of ambiguity, as Canadian officials would maintain that they are not seeking to change the current licensing system, which they believe already prohibits Kahnawake from issuing licences. WHY THE STATEMENT GigaMedia's statement came after a financial website on Monday suggested that the company might face the possibility of a revenue drop if Canada changes its hands-off policy toward online gambling licenses issued by Kahnawake and actively enforces its existing Criminal Code. GigaMedia said it could find no basis for the financial website's statement. The issue first gained media attention when earlier this month Canada's National Post reported that Minister of Justice [Rob Nicholson] had asked his officials to examine the possibility of enforcing the Criminal Code provisions by imposing UIGEA-like payment restrictions between Canadian residents and 'illegal' online gaming sites (click here for related article). The Criminal Code states that only the provincial government is authorized to issue gaming licenses. The ban would target Internet operators considered by the Canadian government to be illegal in Kahnawake, namely the 400 online gambling licenses which represent about 60% of the world's online gaming business. The Kahnawake Mohawk Territory say Canada's laws do not apply to them since they are a sovereign nation. They also cite section 35 of Canada's Constitution, which protects native culture. The Mohawks say that gaming has been central to their culture as a means of settling disputes through competition, not violence. REGARDLESS OF OUTCOME Regardless of the outcome of the Canadian dispute, GigaMedia's statement confirmed that they maintain alternate hosting arrangements in line with business best practices for continuity. As a result, even if there were a change in its licensing jurisdiction, is would not expect it to significantly impact the company's revenues. RECORD PROFITS IN 2007 This month GigaMedia reported record profits of $38.9 million from year 2007 revenues of $166.9 million, helped in large part by strong growth by their poker and casino software products, driven by Everest Poker. Everest Poker recently signed a multi-year deal as the online sponsor of the World Series of Poker (click here for related article). Read Related Articles:
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Keikoan Captures Harvey's Lake Tahoe WSOPC Championship This week marked the finale of the biggest annual tournament series in Northern Nevada, the WSOP Circuit championship at Harvey's Lake Tahoe. While the Main Event saw only a modest turnout, it did boast of a tough final table, and a WSOP bracelet owner as the eventual champion.
WSOP Main Event Champ Joe Cada to Appear on Letterman The poker world will receive some late night attention tonight as "The Kid" Joe Cada, the youngest champion in the four decade history of the World Series of Poker Main Event, takes a seat next to embattled talk show host David Letterman.
First Korean Champ of Asia Pacific Poker Tour Crowned in Cebu Another stop on the Asia Pacific Poker Tour is in the books, this time it's the APPT Cebu in the Philippines, and for the very first time a Korean player has come out on top.
Pollack Done as Commish of World Series of Poker Just three days after crowning Joe Cada as the 2009 Main Event champion, officially closing the special 40th anniversary run of the World Series of Poker, Jeffrey Pollack has resigned his post as Commissioner of the WSOP.
Durrrr Signs as Team Full Tilt's Youngest Member Tom "durrrr" Dwan is the newest member of Team Full Tilt, the online site's highest level of affiliation. At 23, Dwan is the youngest of the now 14-person team. The high stakes cash phenomenon was nominated for induction this year into the Poker Hall of Fame until the Hall of Fame Governing Council decided he was too young to meet the "has stood the test of time" qualification.
Joe Cada Becomes Youngest World Series of Poker Main Event Champ History was made early Tuesday morning in Las Vegas as 21-year-old Joe Cada outlasted Darvin Moon in heads-up play to claim the 2009 World Series of Poker Main Event bracelet and more than $8.5 million.
Moon and Cada Heads-Up, Ivey 7th at WSOP Main Event Final Table After a marathon session at the most esteemed table in the poker world, a 21-year-old and a logger are set to go one-on-one for the World Series of Poker Main Event bracelet.
PokerStars Launches New UK and Ireland Poker Tour PokerStars.com has announced the start of a new poker tour with stops throughout the United Kingdom and Ireland. The UK and Ireland Poker Tour (UKIPT) will kick off in Galway, Ireland in mid-December, and the first event in the UK will be held in Manchester in February.
Peerless Media Agrees to Purchase World Poker Tour Enterprises According to a Monday press release, WPT Enterprises Inc., mothership of the World Poker Tour, is now the rightful property of Peerless Media, Ltd., subsidiary of online giant PartyGaming.
Tiffany Michelle and Maria Ho Hit the Amazing Race Rail After surviving six legs of the Amazing Race by the skin of their teeth, poker pros Tiffany Michelle and Maria Ho were finally eliminated in the CBS reality show's most recently aired episode. Michelle and Ho, the last women standing in the 2008 and 2007 World Series of Poker Main Events, gave reality television fans another chance to watch poker personalities compete away from the felt. Annie Duke garnered quite a following earlier in the year on another reality show competition, NBC's Celebrity Apprentice. |
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