Click here for 27% rakeback offer from ACR + 100% sign-up bonus.
The latest poker news from, featuring top stories from around the gambling industry.
There was a lot of staking going on at the World Series of Poker. At least 50 percent of players at the series had backers on their buy-ins. Curiously, none of those stakes were made through YouStake, leaving fans wondering where the prominent poker staking site had gone during what would be their biggest season of the year.
YouStake temporarily ceased all online staking services in March 2017, less than three months ahead of the WSOP. The site has been under investigation by the United States Securities and Exchange Commission for over a year.
In April of 2016, the SEC issued subpoenas to YouStake and company CEO Frank DeGeorge for documents related to the investigation. DeGeorge complied, providing extensive records.
DeGeorge complied with a second subpoena by providing the SEC with his testimony in March of this year. At that time the company decided to temporarily cease operations to “demonstrate good faith” with the ongoing SEC investigative efforts.
According to DeGeorge, the investigation and YouStake’s decision to halt operations since March has already cost the company “hundreds of thousands of dollars.” To date, the investigation has yet to result in any charges against the company.
YouStake says that the SEC has been unable to identify the statute or regulation that the company contravened. The investigation was launched just two months after YouStake bought out the competing staking site TastyStakes.
YouStake is seeking a declaratory judgment – essentially requesting that the investigation come to an end. The court has a deadline of September 15 to respond to the request.