Plan to Repay Full Tilt Players Released by PokerStarsFriday, September 28th, 2012 by Ryan
One of the biggest stories in all of poker history featured the massive Black Friday hit, as well as the fact that some of the biggest online poker sites in the game were kicked out of the United States market. After that, came the huge story behind Full Tilt Poker and their downfall. They still currently owe a ton of money to quite a few players, but after the US Department of Justice and PokerStars had come to a deal that will feature Stars owning the site, PokerStars promised to pay back the players in full. Just recently, they announced their plan to make sure that the players get paid back as well. The news is focused (currently) on non United States players and how they will get their money back.
For starters, it’s important to note that not only are the players getting paid back, but that PokerStars is going to re-open in the first week of November as well. The deal for getting the non US players paid back is going to depend on the specific country though. For players based out of Belgium, Denmark, France, Spain, and Estonia, you are going to “pair” your PokerStars account with a Full Tilt account, and players will then be allowed to either withdraw their balances, or play with them through the PokerStars site. This is only for those countries listed above, and for Italy, it will be handled differently.
Italy is very tight with the restrictions that they place on the online gambling world, and currently there have been no direct plans on how to repay the players. This doesn’t mean that it will go into a major stand still though, as PokerStars is working with the regulators in Italy to find the best way to be able to get players paid back, and also make sure that it lines up with their regulations.
For the players from all other countries, except for the United States, players are going to simply be able to go to Full Tilt and login to their accounts like usual when the site gets rolling. When they login their accounts will have the money in there and they can either withdraw the money or get straight into playing if they’d like to.
The deal between PokerStars and the US Department of Justice features PokerStars acquiring the assets of Full Tilt for $731 million, and out of that money, $184 million will go towards paying back non United States based players. The remaining $547 million that went to the US government will go towards paying back the United States players eventually, but there has not yet been a set plan for this.
The news about Full Tilt Poker has been flowing recently after the Two Plus Two forum featured the Full Tilt Poker Room Manager, Shyam Markus taking different players’ questions about the relaunch of the site. As far as what it seems like to this point, the software, games, servers, and everything else about Full Tilt is going to be the same as the past, but the ownership and management will obviously be completely new, and players money will be put into a different account.