Full Tilt Poker Sold as PokerStars and US DOJ Reach DealWednesday, August 1st, 2012 by Ryan
This is probably the biggest and best news in all of poker that has come out in an incredibly long time. While it has gone back and forth on whether or not there was a potential deal between the massive online poker site PokerStars and the United States Department of Justice. It is now official though, as the US DOJ and Stars have announced that there will be a settlement of the civil claims by the federal government against the top poker site in the game today. Interestingly, the biggest and best part of this deal is that Stars will assume the assets of Full Tilt Poker, which ups the excitement level for poker players out there more than you could possibly imagine.
The news broke at about noon today, and statement that left the poker world in shock came from PokerStars. It means that the indictments from Black Friday are done in many different ways. The statement from Stars’ stated that they have “reached a settlement with the U.S. Department of Justice Southern District of New York. As a part of the settlement agreement, PokerStars has acquired the assets of Full Tilt Poker and has committed to the full reimbursement of Full Tilt Poker customers outside of the United States.”
While this news started with American players being overly excited, after reading that statement they were probably shocked. Fortunately though, there is still good news for them. PokerStars has made assurances that they are going to be paying back United States players as well. They are going to be paying $547 million in their settlement over a three year time span, and the money will go to the United States government. The money that they are paying to them will go to US players who have not been paid since Black Friday in part, and the payouts will be done by the Department of Justice.
For players outside of the United States, you are going to have two options to get your money. Players will be paid within 90 days from today, and there are going to be no restrictions on withdrawals for players who are looking to get their money in full. Players who choose not to withdraw their money from Full Tilt Poker, will be interested in knowing that Full Tilt Poker is likely going to be relaunched in most markets as a new separate brand. This is going to happen after Stars has a new management team in place to run Full Tilt Poker.
Three well-known names from the Full Tilt Poker situation are officially not allowed to have anything to do with either of the two companies. This includes Chris “Jesus” Ferguson, Howard Lederer, and Rafe Furst.
This entire situation is massive news for players, especially those players who still have money locked up in the online poker site Full Tilt Poker. We’ll keep you updated on any news that comes out about the payouts to the United States players from the Department of Justice, as that will be incredibly interesting to watch for as well.