The long running cheating scandal that has cursed Ultimate Bet since it was uncovered earlier this year, looks as if it may finally be drawing to a close. The current owners of the company, Tokwiro Enterprises had been seeking damages from the former owners, Excapsa, who they claim sold them corrupted software when they purchased the company in 2006. The court battle came to an end on Monday after the two sides agreed upon a $15.1 million settlement.
Investigations revealed that the cheating software, which allowed the user to see his opponents hole cards, had been in use since 2005. The finger of blame was firmly pointed at Excapsa and its employees, although the company deny any knowledge of the software. Tokwiro subsidiary company, Blast-Off Ltd – who are the listed owners of Ultimate Bet – where seeking over $81 million in reparation, including $5 million for damage to Tokwiro head Joe Norton’s personal reputation and $49 for damage to the company’s value.
In a statement Tokwiro announced that almost all of the $15.1 million received would be used to refund players who have been affected by the scandal, including many who are still unaware that they had suffered an unfair loss. An initial sum of $6.1 million, also gleaned from Excapsa, had been paid out earlier in the year. However a more detailed investigation revealed that the cheating was for more widespread than initially thought and that more would need to be paid. Documents recently released also reveal that Excapsa are still owed a considerable chunk from the $109 million sale of Ultimate Bet in 2006.
Blast-Off Ltd. have already been forced to pay $1.5 million to their regulatory body, the Kahnawake Gaming Commission (KGC), as a result of the infringement. The KGC has also released a statement, following the settlement, revealing that it was satisfied that Ultimate Bet was in the process of refunding all of the players adversely affected by the cheaters.
The KGC itself has also come under fire for its handling of the crisis, with its global reputation declining as a result. The United Kingdom Gambling Commission recently revealed that they had failed to reach the standards necessary to be allowed to advertise in the UK.