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Judgement day for sports betting operator UltimateBet

After complaints from members of the online poker room, an investigation was launched into sports betting operator, UltimateBet. Apparently the audit revealed that dozens of screen names were used to cheat players out of their money. The scam started in May 2004 and the Commission has named Russell Hamilton, former World Series of Poker winner as a participant in the scheme.

Law enforcement agencies will now prosecute those involved. The sports betting operator, UltimateBet has been fined $1.5 million for failure to detect fraudulent activities. The Commission further ruled that it should refund those accounts that have been affected by the scam. To date UltimateBet has refunded about $6.1 million to related accounts.

The sports betting operator must also remove all “unsuitable” persons from the company at all levels of operation including ownership and management. Should UltimateBet fail to comply, it stands to lose its gaming permit. Details of its day to day sports betting must be provided to the Commission to ensure full disclosure and prevent further acts of impropriety.

CBS “60 Minutes” will be doing a story on the scandal that rocked the sports betting world. The cheating scandal began in 2005 and the abuse of an auditing tool which enabled its users to view players’ cards at an online poker table. In May of this year, UltimateBet said that it was doing all it could to correct the situation and was working to provide a safe, secure environment for players.

In the latest move from UltimateBet to recover from the scandal, it has filed a lawsuit against Excapsa Software Inc, which formerly owned and licensed the software used by UltimateBet. They claim that the software was not secure enough and therefore the cheating could occur without detection.

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