Is PokerStars Purchasing Full Tilt Poker?Wednesday, April 25th, 2012 by Ryan
This new poker news is probably some of the most shocking news that has come out in a very long time. It came out on Tuesday that the Groupe Bernard Tapie (GBT) who was expected to be purchasing the massive online poker site Full Tilt Poker was officially out of the deal. The most updated news that has come out is the real shocker though, as it is reported that the site’s largest rival, PokerStars, is in the midst of a huge deal worth around $750 million. On top of that though, if the deal was done, then Stars would pay back Full Tilt’s old customers in order to settle up with the US Department of Justice.
The news that came out obviously sent the online poker world into a frenzy, but no one was 100% sure about what to expect on the news. Was it the truth? Well, the CEO of Chilipoker, Alexandre Dreyfus, posted an interesting tweet stating that “Pokerstars buys FullTilt for a consideration of $750m, including settlement with DOJ and full balances of players (330m). I’m impressed.” This was an interesting tweet that really made quite a few people believe that it could be the real deal. Just a bit after this tweet came out, there was a statement that was released by GBT, stating that they understood that there were reports of this new deal being reached, and that “If a PokerStars acquisition of FTP means that all FTP players will be fully repaid immediately, we are very happy for the players, as their final and full repayment has always been our priority.”
Another interesting topic that came up about the new potential deal, is what exactly led to the collapse of the deal between GBT and Full Tilt. Apparently there were some big issues relating to the deal repayment plan that was set up between the group and the Department of Justice that related to the players who were outside of the United States (called the ROW or Rest of World players). Apparently the group wanted to allow players to login to the site and do their withdrawals over a longer period of time with the sizes being based off of the players balances. There would be a date that all players could cash out fully by if they wanted to, and around 94.9% of players would be fully repaid on the first day that the site opens. The Department of Justice wanted a guarantee that players would have their money back in full within 90 days no matter what. There were also some legal complications surrounding the deal as well.
The rumors of the new deal haven’t been confirmed by PokerStars just yet though, and the Head of Corporate Communications at Stars, Eric Hollreiser stated that they are unable to comment on the rumors, and when they have “more information to share publicly, we will do so.” It will be interesting to keep an eye on these rumors as time rolls on, but we’ll keep you updated when we learn more.