$85 million claim filed over UltimateBet.com cheating scandal

I ran across this story today while I was glancing over the news.

Poker site cheating plot a high-stakes whodunit - Crime & courts - MSNBC.com

Very interesting... I wonder how they decided on the claim amount of $85 million?

More intesting is that it is only 80 million Canadian. Think that is other way around 85 canadian= 80 US.

All they're talking about there--$85m US/$80m Canadian--Is current exchange rates---$85mil US is worrth $80mil Canadian. The US dollar is worth a tad more than the Canadian dollar is all. It used to be $1.25 US was worth $1.00 Canadian, but it flucuates daily on the international market. Also, back in March UB DID give me $10 on my account--called it "Mass Refund"--it's all related! UB was TRYING to make up for most of the players who lost ANYTHING during the time period in question. And since then, you can just bet that their security has increased tremendously so, because of that, I no longer fear depositing and playing at UB----Many people still are, but rest assured, there's nothing to fear there any longer!

I read the whole article, which is a decent summary of what we already know.

What I found very interesting was the Beyond Belief graph. This shows NioNio out in the nether reaches on a standard deviation chart. It's not him in this chart that interests me. It is what appears to be a few really really REALLY BIG LOSERS! These folks are VPIP over 70% !

I want their names! Where are they playing now?

All the more reason to have this stuff running on servers within the States vice chancing things overseas. Rather than just a "scandal" or embarrasment, they'd serve time!!

Interesting article but not much new beyond what has been discussed in other thread previously. I can't imagine that they will pay back all the losers if it actually comes down to it.

No there's no new information in the artcle, I'm mostly just curios if they pulled that 85 million figure out of thin air or if there's a method or reason they chose that specific amount.

The lawsuit is not from players it is one company suing another. the amount probably includes the money taken, loss of business, punitive damages, etc...

They will settle it for way less than the actual filing amount.

As dufferdevon suggests, the settlement amount might be lessened. I dunno though, even half seems like a good chunk of change (I could be wrong in this context). Try cashing out if a site like this were near insolvency. Their entire conglamoration is so tarnished, what's to stop them from a 'take the money & run'? 'Catch me if ya can.'

A correction was made on the web page. It's now $75 Million though they still don't explain how the amount has come about. I suppose it's for past and future damages.

I was kind of surprised to see it on the front page of MSNBC though.

When you make a claim like that, before the trial actually happens, the amount has no bearing. It isn't like you sue for $$75 million, and then you get that, or you get nothing. It's just a starting point for the claim, one that will undoubtedly rise or lower once they get into negotiations, and argue why they think that is a valid claim.