Payments Coming Shortly From Full Tilt to US Players?Tuesday, August 6th, 2013 by Ryan
One of the most talked about issues that has been on going over the past year or so has been the payments that are owed to players from Full Tilt Poker to the United States poker players. After PokerStars bought Full Tilt Poker this past year, it looked like things were going to continue to move forward, especially after they paid back the International players. Well, we’ve had a bit of a standstill, but that’s not to say that things aren’t in the works for the players in the United States who haven’t gotten paid. As a matter of fact, things look very good right now, as there was news that came out last week that the claims administrator who handles the payouts to United States players said that the payments are going to begin “shortly”. When is shortly? Well, we aren’t 100% sure on that one.
The group that was chosen by the United States Department of Justice, Garden City Group went ahead and put out a straight forward paragraph and statement which basically stated that they had finished the review and were ready to get things rolling with the payouts to the United States players. The statement said information along the lines of that after “Working with the Asset Forfeiture Unit of the U.S. Attorney’s Office for the Southern District of New York and the Asset Forfeiture and Money Laundering Section of the U.S. Department of Justice, Garden City Group has completed their review of data provided by Full Tilt Poker.” This is how it started at least.
There is a line that was set which was called the “cutoff line” for the accounts, and the day was April 15th, 2011, so whatever the players had in their accounts at that current time is going to be the exact amount that the player will be able to attempt to retrieve. Now, many were curious how much of the balance would get sent to the players was also covered, and it included that “if the forfeited funds available for distribution equal or exceed the aggregate FTOP Account Balances for all players, then each player with an approved claim will receive the entirety of his or her FTP Account Balance.” From there it breaks down to if the FTP Account Balances exceeds the funds available, then payments are going to be made eligible on an apro rata basis.
So this is where the issue could end up coming in. Basically the pro rata basis means that the United States government didn’t get enough from PokerStars in the settlement of issues in order to cover up the amount of money that is owed to the United States players. And if that’s the case, then the players are not going to get their full balance as of the date that was listed above. No one is exactly sure what the pro rata base will be until they have finished up processing all of the claims that come in from the players.
It’s surprising that the company stated that the payments are going to be happening shortly, especially since it was literally ten days ago that the Graden City Group came out and stated that it was going to take longer than a year before players could get paid. And also said that it could take more than two years before US players get their money back from Full Tilt Poker. They did their best to explain why the process was taking so long, but obviously players are getting tired of waiting and want things to happen.
Players who have money locked up on Full Tilt Poker should sign up for the email notifications at the claims website. This is the way that the company will determine which players are going to receive refunds from the old Full Tilt Poker. If players are not on the site though, then they aren’t going to have any other way to get their money back. The news seems to be coming pretty rapidly, so we’ll be sure to keep you updated on anything that comes out about the repayment of funds to the United States players. It’ll be a bit of time before things are really finalized, but I’m interested to see how long it really does take for the funds to be sent back.