The PokerStrategy.com View on the Full Tilt Poker Situation

PokerStrategy.com finds itself being asked more and more frequently by its members for advice on the events surrounding Full Tilt Poker. Therefore, you can find our view on the matter inside.

Disclaimer: The opinions expressed in this article/statement are those of PokerStrategy.com and are, in no way, intended to be or should be construed as formal legal advice; PokerStrategy.com will not be liable for any act or omission of a third party that is a direct or indirect result of any reliance being placed on the same.  We would always urge you to seek independent legal advice that is specific and relevant to your personal circumstances.

PokerStrategy.com has been asked by the community on numerous occasions for advice as to what can be done regarding "lost" account balances at Full Tilt Poker for those members that find themselves in this regrettable and unenviable position.

While it is true that aggrieved players undoubtedly have various rights of action against Full Tilt and that, during the weeks immediately following Black Friday, certain groups of players joined together to bring class action lawsuits against Full Tilt, the outlook is becoming increasingly bleak as more details about Full Tilt Poker's financial woes come to the surface.

Although it might feel like the exact opposite of what you should be doing, the best advice we can offer any player affected by Full Tilt's apparent demise, in the current circumstances, is to sit and wait while the US Department of Justice's legal claims run their course. 

Our reasons for why we consider the best course of action at this time to be no action are:

1) It is becoming increasingly apparent that Full Tilt’s financial liabilities massively outweigh the cash that may be available to it, including those sums frozen by the DoJ – as such, the DoJ should be given the opportunity to grow the size of the pot by attempting to recover additional sums from Full Tilt’s directors and shareholders, as appropriate;

2) Commencing any form of legal action is likely to be expensive and, in the long run, worsen your financial position with a very slim possibility of recovering even a proportion of any money owed to you. It is almost certain that you would not be able to recover anywhere near 100% of your legal costs;

3) For now, you will not compromise your claim through inaction;

4) The DoJ has released a statement confirming that it is working to recover as much money as possible to be able to repay those affected players, you can read the DoJ's statement here; and

5) At the time of writing, PokerStrategy.com has received an exclusive statement from Full Tilt Poker to confirm that it has signed an acquisition agreement with French investors Group Bernard Tapie which, although conditional upon the new owners being able to resolve outstanding issues with the DoJ, will ensure that all Full Tilt Poker players are repaid in full once the deal has completed – you can read Full Tilt Poker's statement here.  

This is a very difficult time for the online poker industry as a whole, but especially those affected by Black Friday and we sincerely hope that the situation will quickly resolve itself for the benefit of all and that the losses suffered by our members will be minimal, if any.