Corporate & Securities Law

Poker Cheating Scandal at Ultimate Bet

Its a few weeks old now, but apparently a couple of former employees were able to bilk online rivals of a lot of money at Ultimate Bet.  How?

Certain players gained an unfair advantage through their ability to see their opponents’ hole cards. In a game of incomplete information, the ability to see an opponent’s hole cards is the ultimate weapon. While the total amount of money unfairly won by the perpetrators has not been reported, it is believed to have reached seven figures.

Heh.  Yes, I’d say seeing the opponents hole cards is an “unfair advantage.”  What I really want to know is how long these guys were able to pull this off, and how they got caught?  See also Steve Levitt on a similar scandal (and resolution) at another online site.

Full post as published by Truth on the Market on June 09, 2008 (boomark / email).