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Kentucky fines PokerStar's owner $870 mln to cover residents' losses

Published 2015-12-24, 05:46 a/m
© Reuters. Kentucky fines PokerStar's owner $870 mln to cover residents' losses
TSGI
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Dec 24 (Reuters) - Canadian gaming company Amaya Inc
AYA.TO has been ordered by a Kentucky court to pay $870
million in penalties to cover alleged losses by the state's
residents who played real-money poker on PokerStars' website
between 2006 and 2011.
Amaya, which got PokerStars in 2014 through the $4.9 billion
takeover of Rational Group, said on Thursday said it planned to
post a bond to stay the enforcement of the order and to appeal
in early January.
The company said the ruling was in contrast to the same
trial court's decision last month when it determined that
damages should be based on the net losses of players.
Amaya argued the latest ruling calculated damages based on
the players' gross losses, without accounting for their
winnings, bonuses or free play.
The company said Kentucky relied on a "centuries old
statute" that allowed people who incurred gaming losses to sue
their opponents, rather than authorize the state to sue and
collect such losses "for its own benefit".
Montreal-based Amaya said if it is obligated to pay the
amount, it would seek recovery from the former owners of
PokerStars.

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