Full Tilt Poker - An Overview of the Current Situation
In April, what has become known as 'Black Friday' shook the poker world. Full Tilt's criminal charges, seized domains, operating licence suspension and the many repercussions have had a big impact on the poker room and its players. Take a look at all the goings on here.
Full Tilt Poker charged and domain seized on 'Black Friday' (April 15)
The FBI and the US Department of Justice seized the internet domain of Full Tilt Poker and charged their owners and executives.
The charges are built around allegations that Full Tilt Poker accepted payments from US customers and disguised these poker deposits as payment to online merchants that were set up by the poker rooms. As a consequence, Americans are no longer allowed to play at Full Tilt Poker.
Since these events, some players have had difficulty cashing out from Full Tilt Poker - there have been reports of long waits to receive cash-outs but also reports from players who have had no difficulties.
Full Tilt Poker was still operational outside of the U.S. after these events and many players across Europe and the rest of the world chose to continue playing there.
Phil Ivey files a lawsuit against Tiltware LLC (June 2)
Phil Ivey filed a formal complaint for "Injunctive Relief, Declaratory Relief, and Damages", claiming Full Tilt had done significant damage to his reputation due to their managerial decisions.
Ivey believed he was owed a lot in compensation, including damages to the loss of reputation in an amount exceeding $150,000,000.
Jack Binion engages in Full Tilt investment talks (June 27)
Casino mogul Jack Binion, founder of the World Series of Poker and chairman of Wynn International, allegedly began talks with Full Tilt Poker over a potential investment. There has been no update on the progress of this so far.
Full Tilt Poker’s operating licence suspended (June 29)
The Alderney Gambling Control Commission (AGCC) suspended the licences of Full Tilt Poker. Since then, their severs have been taken down, meaning that nobody can play there and rendering cash-outs currently impossible.
L.A. Times reports Full Tilt Poker sale (July 1)
The L.A. Times reported that a group of currently unknown European investors are set to buy the company.
Full Tilt reportedly owes U.S. players in the range of $150 million, and it was speculated that this deal would enable the company to pay these funds.
Attorneys from Full Tilt told the L.A. Times that an agreement was signed, and that the new investors will pay back players and own a majority of Pocket Kings, the parent company of Full Tilt.
The deal is still tentative and isn’t expected to be closed for at least three weeks, as stated by the company involved. The investors want to be sure that Fill Tilt can reach a settlement with the U.S. government before completing the investment.
Those involved in the matter pointed to the fact that the investors also hope to reach an agreement with gambling regulators in Alderney, where Full Tilt was licensed.
Ivey dismisses lawsuit (July 2)
After it was reported that Full Tilt had found a group of likely buyers, Ivey announced that he was dismissing his lawsuit.
His lawyer, David Chesnoff, told the L.A. Times "Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid."
Class Action Suit vs. Full Tilt Filed (July 2)
A class action lawsuit was filed by poker players Steve Segal, Nick Hammer, Robin Hougdahl, and Todd Terry against a number of individuals associated with Full Tilt Poker. The suit is intended to recover approximately $150 million owed to American poker players with Full Tilt accounts.
Full Tilt releases statement regarding rakeback (July 4)
Full Tilt Poker released a statment to affiliates on that claims:
"your commissions are safe and business will continue as usual once the game is up and running again".
AGCC release statement (July 4)
On the same day, the AGCC also released a statement outlining that:
"Alderney Gambling Control Commission (AGCC) is in discussions, all be at an early stage, with its licensees trading as Full Tilt Poker and a third party concerning the prospective refinancing of Full Tilt Poker.
Full Tilt Poker's French Licence Suspended (July 5)
The French regulatory authority in charge of online poker sites has suspended Full Tilt Poker's gaming licence. FullTiltPoker.fr will be unable to operate until this matter is resolved.
What about the FTP rake race? (July 5)
We are currently in discussions with Full Tilt Poker regarding how PokerStrategists who participated in June's rake race will be paid. We should have this cleared up within 3-4 weeks, but in any case we will find a solution to pay the race winners.
In regards to rakeback, this comes from the poker room and unfortunately we have no control or influence over this.
Full Tilt Poker Deal Could Be Sealed Next Week? (July 8)
An attorney representing Full Tilt Poker said, he hopes that the company formalizes a deal with European investors and that the terms include paying back the players. He also denied rumors of Ray Bitar parting ways with Full Tilt Poker. More information here.
Our past news regarding Black Friday and Full Tilt Poker:
• Class Action Suit vs. Full Tilt Filed; Ivey Lawsuit Dropped Officially (02.07.2011)
• L.A. Times: Full Tilt Poker Sale Imminent? (01.07.2011)
• Considering Kahnawake & Statement Released (30.06.2011)
• PokerStars Licensing Status Remains Unchanged & PokerStars Statement (29.06.2011)
• Full Tilt Poker’s Operating Licence Suspended (29.06.2011)
• Jack Binion in Full Tilt Investment Talks (27.06.2011)
• Full Tilt Poker Begins Crediting US Affiliates (06.06.2011)
• Tiltware Responds to Phil Ivey's Lawsuit (02.06.2011)
• Breaking News: Phil Ivey v. Tiltware Lawsuit Details (02.06.2011)
• Phil Ivey Suing Tiltware and Not Playing in the 2011 WSOP (01.06.2011)
• Full Tilt Poker Publishes New Statement Regarding US Situation (31.05.2011)
• Cashouts After Black Friday - The Current Situation (27.05.2011)
• Department of Justice Reactivates First Full Tilt Poker Bank Account (27.05.2011)
• DoylesRoom.com and 9 Other Sites Seized in U.S. Poker Crackdown (24.05.2011)
• Black Friday Update: Full Tilt Poker Releases New Statement (16.05.2011)
• PokerStars Says It Has Returned $100m To US Players (13.05.2011)
• Black Friday Results in an Estimated $100M - $500M in Refunds For Online Players (12.05.2011)
• AP/UB Reaches Deal with the U.S. & Lays Off Team UB (11.05.2011)
• Absolute Poker & UltimateBet: Bankruptcy News Premature? (06.05.2011)
• The Current Situation Around "Black Friday" (02.05.2011)
• PokerStars Cash Outs Available for U.S. Residents (28.04.2011)
• Full Tilt Poker Issues Statement Regarding Moneybookers Cashouts (22.04.2011)
• PokerStars.com and FullTiltPoker.com Return - First Step Towards US Cashouts (20.04.2011)
• Gambling Expert Prof. I. Nelson Rose Comments on Charges Against Poker Platforms (19.04.2011)
• The Poker World Reacts to "Black Friday" (19.04.2011)
• NETELLER and Moneybookers: Official Statements After the Black Friday (19.04.2011)
• "Black Friday" for the US Poker Market - The Current Situation (17.04.2011)
• LIVE TICKER: PokerStars, Full Tilt Poker, UB and AP charged in US (15.04.2011)
