Absolute Poker to Buy Ultimate Bet

Rumors have been swirling on the internet this week about a possible merger of two online poker powerhouses, but all rumors went unsubstantiated. This morning, we can safely say that the rumors are, in fact, true. Absolute Poker is going to purchase online poker rival, Ultimate Bet.

While there are no details available at this time, such as when the merger will happen, the news has been confirmed by two reliable industry sources, who wish to remain anonymous at this time. One thing we were told is that, at least for the time being, the two brands will stay separate.

While the recent anti-online gambling legislation has rocked the industry and severely hurt many online poker rooms, it looks like, so far, it is helping several. PokerStars and Full Tilt Poker have seen a flood of new customers since Party Poker and others closed their doors to U.S. citizens. Now, following the sale of Ultimate Bet’s parent company, Excapsa, to Blast Off Ltd., Ultimate Bet is turning around and making a deal with Absolute Poker.

The new combined online poker room will be one of the four largest on the internet (depending on which numbers one reads), but very well could make its way to number two. Party Poker and PokerRoom.com are dropping without U.S. customers, so Absolute/Ultimate Bet could very well pass both of them. It probably will not surpass PokerStars for the top spot, but it could challenge Full Tilt for the eventual runner-up as more customers flee to poker rooms which still accept U.S. business.

Stay tuned to Poker Source Online for more information on this huge merger as more details become known.

Originally published October 19, 2006