Updated on 22 Feb 26 by
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Harry Demetriou: $350 Million Needed To Keep Full Tilt Poker Afloat

Twoplustwo user "Hdemet", believed to be UK poker player Harry Demetriou, has posted a synopsis of what he believes to be key extra details surrounding the Full Tilt Poker saga. Find out more here.

Harry Demetriou

Demetriou admits that some of the details he goes on to provide are derived from hearsay, and therefore may not be one hundred per cent accurate.

Demetriou is a veteran of the UK poker scene, with over $2 million in live tournament winnings. He has connections with the Hendon Mob, a group of four London based players who were sponsored by Full Tilt Poker.

Here is a summary of his revelations:

  • The initial deal that arose in the wake of Black Friday "targeted UK customers and a few other countries". Full Tilt Poker rejected this, because "it did not involve the US players getting money back".
  • Demetriou refers to this original, potential investor as "MB". Although unconfirmed, the initials "MB" could refer to Matthew Benham, a former city trader and owner of Smartodds, a company that bets exclusively on soccer.
  • Three more potential investors emerged, one of which was introduced by Phil Ivey.
  • After the Ivey backed bid was rejected, Ivey went into "prima donna mode, sulked and issued litigation against Full Tilt, effectively f****** FT over with this action", according to Demetriou. Ivey was reportedly eyeing up a multi-million dollar move to rival PokerStars.
  • The two other potential investors withdrew from negotiations, following the debacle of the Ivey lawsuit.
  • Demetriou describes how a new investor - "SA" - came forward, asking for exclusivity and for Ivey to withdraw his lawsuit. He stalled however, and negotiations came to nothing. Demetriou speculates that this investor had no intention of securing a deal, and was "instead planted there by PokerStars or another rival or Ivey" to drag proceedings out and ensure Full Tilt Poker's demise.
  • Demetriou notes how "things are now very desperate with the owners, and the board are preparing for action by the Department of Justice (DoJ) in America". Howard Lederer and Chris Ferguson could be facing personal legal action.
  • Demetriou cites "JB", believed to be casino mogul Jack Binion, as having provided the most comprehensive bid "which would have saved everyone". However, he withdrew following the "Ivey tantrums" and resulting lawsuit.
  • Demetriou gives kudos towards Full Tilt Poker for trying to salvage the situation and accept a deal that will re-imburse players worldwide, but believes they will come up short.
  • Demetriou states "An agreement of sorts although not yet finalised has been reached with The DoJ for their fine which would p*** off rivals if it were made public". This is one of the few positives.
  • He says that a potential investor will need to fork up $350 million to keep Full Tilt Poker afloat.
  • Negotiations have been marred by "monumental inhouse fighting amongst shareholders".
  • CEO Ray Bitar has pledged to step down once an investor has been found.

Although Demetriou seems to be pessimistic regarding Full Tilt Poker's future, the news that Full Tilt Poker will only accept a deal that stands to re-imburse players worldwide is promising.

We'll keep you posted on any new developments.

You can view the entire "Full Tilt chatter containment" thread here.