PokerStars chief executive Mark Scheinberg is to forfeit $50m to the US government to resolve all claims by the United States against his firm.
The settlement marks the end of the US government’s case against the online poker operator, which began in 2011, but is not an admission of any wrongdoing or guilt on the part of Scheinberg.
The forfeiture also has no effect on PokerStars’ purchase of one-time rivals Full Tilt Poker last year, an acquisition which was completed as part of a wider deal with the US Department of Justice (DoJ).
A DoJ statement read: "Mark Scheinberg agrees to forfeit to the United States the sum of $50 million, as full and final resolution of any and all claims by the United States.”
“Said funds shall be forfeited as a full and final settlement in lieu of the PokerStars Distributions that the Government alleges are subject to forfeiture."
Scheinberg, who is the son of PokerStars founder Isai, had disputed that the money was subject to forfeiture but agreed to the settlement in order to resolve the case.
PokerStars spokesman Eric Hollreiser said: “The agreement is not in response to any action that had been brought against Mark and contains no admission of wrongdoing, culpability or guilt on his behalf."