News Column

Leisure Scheinbergs to sell off online poker business

June 14, 2014

Simon Bowers

The Isle of Man-based Scheinberg family behind PokerStars and Full Tilt Poker - the world's two biggest online poker sites - is to sell the businesses for $4.9bn (pounds 2.9bn) in a deal backed by Blackstone, a private equity group.

The sale is designed to draw a line under the group's contentious past in the US which has left former senior executives, including Isai Scheinberg, charged in the US with bank fraud, money laundering and illegal gambling offences.

The two poker sites were run by competing firms until both had their respective operations in the US shut down in 2011, and a criminal indictment was filed against top executives.

Full Tilt, then based in Alderney in the Channel Islands, was quickly found to have a black hole in its books and was only saved from imploding when it was bought by PokerStars after the latter reached a settlement with the US department of justice. Simon Bowers

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Source: Guardian (UK)

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