Canadian gaming giant Amaya has filed a notice of appeal against a Kentucky court order to pay $870 million (€794 million) in damages for subsidiary PokerStars’ allegedly illegal operations in the US state between 2006 and 2011.
Amaya said that it has filed a $100 million supersedeas bond to stay enforcement of the order “during the pendency of the appeals process”.
Amaya added that it will “continue to vigorously challenge the trial court’s order”.
“In late January, pursuant to and in accordance with the procedures set forth in the merger agreement governing the acquisition of the PokerStars business, a subsidiary of Amaya submitted a notice of claim to the sellers’ representative and escrow agent seeking indemnification for losses and potential losses caused by breaches under the merger agreement,” Amaya said.
Amaya added that its subsidiary’s notice of claim requested “among other things, that the escrow agent retain the then-remaining balance of the escrow fund established under the merger agreement in an aggregate amount equal to approximately $300 million”.
Kentucky court overturns seizure of gambling sites Cincinnati.com - Kentucky’s efforts to seize 132 internet gambling domain names is on hold after an appeals court ruled Friday that a trade association may represent the owners of the sites trying to fend off forfeiture proceedings.
The decision by the Kentucky Court of Appeals allows […]
William Hill and Amaya Talk Reverse Takeover The UK’s William Hill and Canada’s Amaya are in discussions that could lead to a £4.6bn all share merger to create one of the world’s largest gambling companies, as the groups become swept up in the wave of consolidation hitting the betting industry.
On Saturday, the boards of the two […]
Kentucky Judge Hits Amaya with $290 Million Judgment Breaking reports from Kentucky-based news outlets have revealed that a county-level circuit judge issued a massive $290 million judgment last month against PokerStars and its current parent, Canada-based Amaya Gaming, as part of an ongoing case brought by a private firm representing the […]