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Beware Gamblers, if you are a regular viewer of 60 minutes you know about a major scandal which is effecting the online gambling community. Internet poker enthusiasts have known of this scandal for some time because the size & scale of this problem. CBS reporter Steve Kroft and the Washington Posts Pulitzer prize winning journalist Gil Gaul told a story of a man who was able to scam millions of dollars off of unsuspecting victims by creating a hack that allowed for him to see every players cards while they were in play.

The reporters interviewed players who were growing suspicious due to competitors making amateur style moves consistently racking up more & more winnings. The message boards & website began to get an overwhelming number of complaints which went un-answered so the players started to work on the problem themselves with the help of software. They started posting their suspicions online while recreating the questionable plays which were seriously adding up. Eventually the company that owns both the Ultimate Bet and Absolute Poker website came forward to admit that one of the employees was able to create a hack of the software code so they could see all of the cards in play for every player at the table.

This type of scam is far worse than say passing off fake rings and jewelry to unsuspecting customers. When cubic zirconia jewelry first started appearing in the market place, lots of people were alarmed. But today, buying fake rings & jewelry made from cubic zirconia is wildly accepted. Just about anyone can buy a “diamond” looking engagement ring. To the average person on the street, cubic zirconia / sterling silver jewelry is often virtually indistinguishable from jewelry made with real diamonds. Instead of purchasing a diamond or platinum ring that will cost in the quadruple digits, a stunning cubic zirconia “fake engagement ring” will leave you plenty of money for a great dinner and perhaps even champagne. Unlike the scam involving internet poker gambling, wearing andcreating the impression that your piece of jewelry is sporting real diamonds, doesn’t hurt anyone.

The company granted the employee anonymity for a full confession. Meanwhile, the players who lost the money are left holding the bag. Some of them are out ten or evens hundreds of thousands of dollars in some cases. The industry was painted as largely un-regulated and based off shore. The only governing body seems to be a 3 member commission which has suspicious ties to the business itself. There were no punishments handed down and business continues as normal. No charges have been filed even though the report turned up the name of a player who the commission said had conspired with 5 others over 4 years to cheat players out of over $20,000,000.00 US dollars.