Make us your home page
Instagram

Absolute Poker: a timeline

Absolute Poker a timeline

2000-02: Four college students at University of Montana at Missoula develop a business plan for online poker company and begin soliciting investors.

2003: Parent company of Absolute Poker, then called SGS Inc., formed, incorporated initially in Belize but with operations headquartered in Costa Rica.

Sept. 30, 2006: Congress passes Unlawful Internet Gambling Enforcement Act making it a crime for online gambling businesses to knowingly accept most forms of payment from U.S. players.

Early October 2006: SGS sells Absolute Poker to Tokwiro Enterprises, owned by a former grand chief of the Mohawk Council of Kahnawake; Absolute Poker merges with Ultimate Bet, another poker site, giving it the highest number of players.

April 2007: Shareholders sell software and intellectual property to Tokwiro in exchange for $250 million in notes, paying 12 percent annually.

August 2007: SGS is dissolved and restructured as Madeira Fjord, with headquarters in Norway and subsidiary in Portugal.

Late 2007-08: Players at both Absolute Poker and Ultimate Bet uncover cheating scandals, costing the sites market share and $22 million in refunds.

Mid 2009: Last time dividends were paid to investors, who reportedly paid from 10 cents to $3 for shares. Over time, investors have received a total of about 18 cents a share in dividends.

July 2010: Shareholders, angry at the lack of information and dividends, petition Norwegian court to force meeting of Madeira Fjord.

August 2010: Absolute/UB's gaming operation moves from Tokwiro in Canada to Blanca Games in Antigua.

April 15, 2011: U.S. district attorney for the Southern District of New York seizes the three largest poker sites, including Absolute Poker/UB and indicts two of its principals on charges of bank fraud, illegal gambling offenses and money laundering.

Absolute Poker: a timeline 04/30/11 [Last modified: Saturday, April 30, 2011 10:28pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming

    Roads

    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street

    Retail

    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24

    Retail

    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters

    Corporate

    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights

    Business

    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.

    Yet.

    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]