The fight between internet gambling and US govt is heating up with yet another case poping up regarding internet gambling money seizure.

This time, banks such as Citi bank and Bank of America has come under scanner. The reports are coming up that US government has seized $30 million internet gambling funds at Citi and BOA banks.

The seizure warrants were issued by the courts in Maryland and New York. Neither of these states prohibit online gambling yet the courts recently deemed the legal issues surrounding online gambling to be the responsibility of the state.

Recently, the US govt has seized millions of dollars in internet gambling funds and the case is still pending for a decision in court.

Talks were going on as to which company will acquire cashcade and the top two bidders were 888.com and Party Gaming plc , but at the end Party Gaming clinched it from 888.com

Cashcade company owns very famous brands such as Foxybingo, Getminted and other famous portals. Now all these major brands will run under Party gaming’s empire.

The company, Cashcade was created in the year 2000 and has grown steadily since. The majority of firm’s shares are owned by the staff and it’s directors. In 2008 the company delivered exceptional value for the investment with a GBP 12 million return on estimated revenues of GBP 45 million.

Party has been trying to acquire some big reputed online gambling firms in order to pace up their revenues and come back strong against rivals, poker stars and full tilt and party is doing so.

The UK times reported that Party Gaming acquired cashcade for whooping 100 million pounds which will help them in their expansion plan.

Online gambling is always a hot field where some thing or other happens.

Now the fresh news is coming up that US government has ordered few major banks to block online gambling payments.

John Pappas, director of Poker Player Alliance (PPA) confirmed that $30 million in winnings which belongs to US players has been blocked by the banks. According to UIGEA playing poker online, betting and other online gambling activities are purely illegal.

I always think that why US government is trying to snatch away their own people’s liberty and privacy.

Sweden government is trying to censor internet by blocking online gambling sites and protect its local gambling companies.

It has been years since Sweden is trying to catch hold of internet gambling industry, but now they seems to be very serious in terms of censoring online gambling portals.

If the law passes in the Swedish parliament, then no Swedish citizens can play poker online or casino’s.

According to Swedish newspaper Aftonbladet, the report has faced some heavy criticism, as Swedish ISP’s and authorities have largely condemned the proposal.

People of Sweden proposed not to censor foreign gambling sites as its not illegal to gamble and further stated that government is trying to flourish their own local gambling firms.

Guys will post later….

This seems to be a surprise news for every one. Till now we heard that companies are badly effected with on going current crunch and some companies going bankrupt. This is the first time and after long time we are hearing a company making healthy revenues.

The online gambling software maker, PlayTech has announced a rise in their revenues for the quarter at €31.5 million, up 52% from 2007’s fourth quarter.

PlayTech is known for making quality gaming software.

Playtech enhanced its European exposure recently when it entered the regulated Italian poker market at the end of December. While the venture was a late fourth-quarter addition, Playtech stated that early results indicate that “the Italian poker network has proven to be significantly revenue enhancing and above management’s expectations.”

Party Gaming seems to be struggling due to current market crunch and business cut off from United States two years back.

During rosy days, Party Gaming brand was worth £7 billion and was the world’s largest and number one online poker room, but today, Party Gaming slipped way down and even ipoker network overtook party.

Today Party has slipped to fourth in the internet poker league table, is worth less than £400 million and is seeking merger partners to beef up its dwindling player pool.

Party Gaming official spoke to one of the news reporter and said that things right now are not looking good but certainly due to new elected president of United States (Obama), things are looking bright for future perspective.

We are in talks with dept of justice and we are heading towards positive deal with DOJ.

PartyGaming also reported a 15 per cent fall in poker revenues to $65 million (£43.2 million).

PokerRoom.com and Europoker.com has finally given away due to current financial crisis as they are going to close their affiliate portal namely PokerAffiliate.com .

From next month onwards Poker room and Euro poker will not be accepting any new players for PokerAffiliate.com .

The owner of bith the room has stated that “As the owner of EuroPoker.com and PokerRoom.com, the bwin group has now decided to centre its Affiliate Marketing efforts on bwin.com, the most successful and best converting of its brands”.

Affiliates will continue earning commission for users referred before the 1st December 2008 and receive their payments as usual in accordance with the terms and conditions of the Marketing Agreement with PokerAffiliate.com. Your account at PokerAffiliate.com will remain fully accessible and regulated.

To be very frank and honest, this is not a good news at all for online gambling industry. U.S Kentucky state governor, Steve Beshear is trying all his efforts to crack down online gambling industry  in order to boost offline local casinos and legal online horse betting.

Governor added that, he has filed the case at Franklin County Circuit Court, asking to give permission to take control of all the 141 online gambling domains which includes major ones such as Fulltiltpoker.com, Pokerstars.com, Bodoglife.com and doylesroom.com .

A hearing is scheduled for Thursday before Judge Thomas Wingate.

The governor said that online gambling are leeches in the community and should be taken off, they aren’t contributing anything to tax dept nor attracting foreign tourism as done by offline casino’s.

Kentucky, home to the Kentucky Derby, already has a state lottery and allows gambling at horse tracks and bingo halls. Blocking internet gambling sites in Kentucky would “protect the signature industry,” Beshear said.

If you guys have no idea as to who is Michael Phelps, then I am sorry to say that your awareness is way too low.  Phelps is world famous swimmer and the only  Olympian to grab 8 gold medals.

Phelps, gained massive popularity in sports and in the eyes of people. Phelps is now promoting one of the major online poker room, Doyles room and according to some source, owner of the Doyles poker room is teaching Phelps as how to play online poker and how to become professional player.

Apart from gaming industry, many other multinational companies are backing Phelps to promote their product and services. The swimmer who was not famous among girls is now becoming charm among beauties.

Recently, congressman Barney Frank introduced internet gambling bill, which was defeated in house by heavy margin .  If the bill had passed it would   legalized all forms of payment systems such as credit cards, e-wallets, banking checks etc.

Now, Rep  Jim Mcdermott introduced a new bill in Capitol House, stating that  taxing internet gambling could generate heavy amount and that amount could be used for economic and for welfare development of the country.

McDermott, a Democrat representing Washington, introduced the bill on Tuesday with two cosponsors: Rep. John Larson (D-Conn.) and Rep. George Miller (D-Calif.)