Eleven executives at PokerStars, Full Tilt Poker, Absolute Poker and a number of their affiliates were charged with bank fraud and money laundering in an indictment unsealed in a Manhattan court. Two of the defendants were arrested on Friday morning in Utah and Nevada. Federal agents are searching for the others.

Prosecutors are seeking to immediately shut down the sites and to eventually send the executives to jail and to recover $3 billion from the companies. By Friday afternoon Full Tilt Poker’s site displayed a message explaining that “this domain name has been seized by the F.B.I. pursuant to an Arrest Warrant.”

The online gambling industry has taken off over the last decade, drawing an estimated 15 million Americans to bet online.

In 2006 Congress passed a law curtailing online gambling. Most of the leading sites found ways to work around the law, but prosecutors allege that in doing so they broke the law.

“These defendants concocted an elaborate criminal fraud scheme, alternately tricking some U.S. banks and effectively bribing others to assure the continued flow of billions in illegal gambling profits,” Preet Bharara, the U.S. attorney in Manhattan, said in a statement.

Poker fans took to Twitter in droves, worried about the money in their online gaming accounts, fretting that online poker’s days were at an end.

“Well the good news is I think I only had about $300 left on the online poker sites overall,” tweeted Jimi Schindler of Madison, Wis. “Maybe I’ll see that money?!!?”

Link to indictment… http://www.scribd.com/doc/53107543/Indictment-DOJ-vs-Scheinberg-Bitar-Tom-et-al

PokerStars Game #60591682587: Tournament #379718708, Freeroll  Hold’em No Limit – Level IV (50/100) – 2011/04/09 20:31:49 ET
Table ’379718708 79′ 9-max Seat #4 is the button
Seat 1: ljubac88 (4060 in chips)
Seat 2: johnnyriver9 (1320 in chips) is sitting out
Seat 3: katy2win (1225 in chips)
Seat 4: Anim8us (1340 in chips)
Seat 5: Run4Hym (2799 in chips)
Seat 6: 9livesjoe (1320 in chips) is sitting out
Seat 7: dreday501 (4476 in chips)
Seat 8: Headclot (1920 in chips)
Seat 9: Jclout (1695 in chips)
Run4Hym: posts small blind 50
9livesjoe: posts big blind 100
*** HOLE CARDS ***
Dealt to Run4Hym [Jd Js]
johnnyriver9 has returned
dreday501: folds
Headclot: raises 100 to 200
Jclout: calls 200
ljubac88: folds
johnnyriver9: folds
katy2win: folds
Anim8us: calls 200
Run4Hym: calls 150
9livesjoe: folds
*** FLOP *** [Ac 7d 5c]
Run4Hym: checks
Headclot: bets 250
Jclout: folds
Anim8us: folds
Run4Hym: calls 250
*** TURN *** [Ac 7d 5c] [Qh]
Run4Hym: checks
Headclot: bets 225
Run4Hym: folds
Uncalled bet (225) returned to Headclot
Headclot collected 1400 from pot
Headclot: shows [Ah Ad] (three of a kind, Aces)
*** SUMMARY ***
Total pot 1400 | Rake 0
Board [Ac 7d 5c Qh]
Seat 1: ljubac88 folded before Flop (didn’t bet)
Seat 2: johnnyriver9 folded before Flop (didn’t bet)
Seat 3: katy2win folded before Flop (didn’t bet)
Seat 4: Anim8us (button) folded on the Flop
Seat 5: Run4Hym (small blind) folded on the Turn
Seat 6: 9livesjoe (big blind) folded before Flop
Seat 7: dreday501 folded before Flop (didn’t bet)
Seat 8: Headclot collected (1400)
Seat 9: Jclout folded on the Flop

The facts: The cards online are just as random as there are in live games, so there isn’t a greater probability of you receiving a bad beat when playing online. And no, the cards aren’t rigged either.

However, over a set period of time, you probably will see more bad beats than you would online for the following reasons:

1. You can play more hands online. More hands = more bad beats.
2. Player’s aren’t so afraid of playing badly online, so there’s an increased chance of bad beats.

Online games are much faster than live games, so if you can play twice as many hands in an hour than you could in a live game, it’s only to be expected that you’ll see more bad beats playing an hour of online poker.

Secondly, in live games there is the chance that bad plays will be laughed at, so some players will play more conservatively. Online, these players can go balls to the walls and play however badly they like. Hence, there are more opportunities for bad beats to arise.

So yes, you will see more bad beats playing online poker. But between online and live poker, the ratio of hands to bad beats is more or less the same. Therefore, this is just another online poker myth like the rest of ‘em.

Free Home Games Ticket

According to the PokerStars promo page on their website, to celebrate the launch of Home Games, for a limited time first depositors can also get a free $5.50 Home Games tournament ticket. Make your first deposit using the code ‘STARS600’.

See http://www.pokerstars.com/poker/promotions/bonus/ for the details.

FYI, I get about 5-10 requests daily – so, inactive players get bumped after 4 days.  You can always re-apply – but the club maximum is 100.

Joining may also get you into a $1000 added SNG with a PokerStars pro.  Club managers play every Wednesday evening – the winner gets the prize.  Two weeks ago, I was 2nd our of 402 Home Club Managers.u are invited to join my private poker club for Home Games online.

- Open the main poker lobby, then click on the Home Games tab
- Click the ‘Join a Poker Club’ button
- Enter my Club ID number: 53468
- Enter my Invitation Code: Run4HymClub

$5.50 ticket event tonight had 12 players, most using tickets to enter.  Dozens have redeemed with Run4HymClub!

Joining may also get you into a $1000 added SNG with a PokerStars pro.  Club managers play every Wednesday evening – the winner gets the prize.  Last week I was 2nd our of 402 Home Club Managers.

Redeem your first deposit $5.50 Home Game ticket in my club.  My home club, Run4HymClub has already hosted many $5.50 games, allowing many players to redeem their tickets with low variance 20% payout Hold Em games. We’d love to have you join our over 90+ member club! Just today we had a 12 player SNG, top 3 paid.

You are invited to join my private poker club for Home Games online.

- If you don’t already have it, download the free PokerStars software from www.pokerstars.com and get all the facts on the promotions.
- Open the main poker lobby, then click on the Home Games tab
- Click the ‘Join a Poker Club’ button
- Enter my Club ID number: 53468
- Enter my Invitation Code: Run4HymClub

http://www.pokerstars.com/poker/home-games/promotions/reload/