According to a report released by Forbes on Wednesday, the United States government has seized $24 million from bank accounts belonging to Bodog. The report cites court documents filed in Baltimore, Maryland which outlines that the money in question was seized from four of the largest banks in the U.S.: Wachovia, Bank of America, SunTrust, and Regions. All four are publicly traded companies on the New York Stock Exchange. Forbes noted that “word of the seizures is likely to rattle the confidence of U.S.-based online gamblers that they will receive their winnings, not only from Bodog but from the industry’s other remaining participants.”
Bodog’s founder and front man Calvin Ayre recently stepped away from the company after years of service. Bodog’s website notes, “In the summer of 2007, Bodog signed an exclusive licensing agreement with Morris Mohawk Gaming Group of Kahnawake, Quebec, Canada, making Morris Mohawk Gaming Group the owner and operator of the Bodog online gaming brand in North America.” This spring, he left Bodog to pursue charitable causes.
Ayre was featured in 2006 on the cover of Forbes. In a story in that edition entitled, “Catch Me if You Can,” the periodical notes that Bodog “handled $7.3 billion in online wagers [in 2006], triple the volume of 2004.” Moreover, “all this betting gave [Ayre] sales of $210 million, and he took 26% of the revenue to the bottom line.” The magazine’s current article, entitled “Feds Hound Bodog” insinuates that legal action may be forthcoming against the Canadian citizen. He’s become a celebrity worldwide and was even named one of People magazine’s “hottest bachelors” in 2006.
The Unlawful Internet Gambling Enforcement Act, which was signed into law in 2006, forbids banks and other financial institutions in the United States from processing unlawful internet gambling transactions. What that term means has never been specifically outlined. However, the four banks in question are all U.S.-based. Wachovia is one of the oldest banks in the United States, founded in 1879 in Charlotte, North Carolina, where it remains based to this day. Bank of America is also based in Charlotte. SunTrust is primarily a Southeastern United States chain which makes its home in Atlanta, Georgia. Regions Bank is also based in the South of the U.S., headquartered in Birmingham, Alabama. All four stocks closed up on Wednesday.
Bodog runs one of the largest sports books in operation today. It serves as the benchmark for many industry observers and insiders. The site offers betting on Major League Baseball, Mixed Martial Arts, the Olympics, Horse Racing, and even Snooker. Bets on the upcoming U.S. Presidential election are also available, including who will win the Democratic and Republican Vice Presidential bids.
Bodog’s poker room is the home of a weekly $100K Guaranteed on Sundays that regularly sees an overlay between $20,000 and $30,000. Four poker pros make up Team Bodog: Jean-Robert Bellande, Evelyn Ng, David Williams, and Justin “ZeeJustin” Bonomo. Current promotions include entries into the Asian Poker Tour as well as a variety of Players’ Choice tournaments, which award buy-ins into major tournaments around the world. Despite the success of the poker room, the site’s sports book remains its focal point.
Poker News Daily will have more to come on this breaking story as we learn more details about the fate of Bodog’s $24 million.
