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PokerStars Buys Full Tilt Poker, Players To Be Paid

Deal Would Allow PokerStars And Full Tilt Poker To Operate Again In U.S.

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After more than a year of waiting, former players of Full Tilt Poker, which has been described as a Ponzi scheme by the U.S. Department of Justice, are set to get repaid. The defunct company has been bought by PokerStars, which announced Tuesday that it has reached a settlement with the DOJ.

According to PokerStars, the settlement has it acquiring the assets of Full Tilt Poker for a price of $547 million. In a press release, PokerStars said it’s “committed to the full reimbursement of Full Tilt Poker customers outside the United States.”

The press release continued: “The money paid to the U.S. government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice. PokerStars repaid all amounts owing to its own U.S. customers shortly after it closed its U.S. operations.”

“PokerStars will also make available in a segregated bank account, all outstanding balances owing to all non-U.S. customers of Full Tilt Poker (an amount totaling $184 million), with no restrictions on withdrawals, within 90 days of completing this transaction.”

The deal gives PokerStars permission to operate once again in the U.S., but only under a regulatory framework at the state or federal level.

“We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow,” Mark Scheinberg, Chairman of the Board of PokerStars, said in a press release.

The Department of Justice had its own press release around noon EST.

Follow Brian Pempus on Twitter — @brianpempus

 
 
 
 

Comments

striike
2 years ago

very happy for the players who may get paid back now. But its ridiculous that DOJ dictated terms of deal that hands Poker Stars (who's owner has also been indicted) a monopoly. DOJ has turned into Batman, they are fighting crime with crime.

 
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clunker
2 years ago

Scheinberg cannot hold any position at PS. Who besides PS would put up 731 million $'s so that at some date in the future they will more then likely be allowed to participate in online poker in the US when and if it becomes legal. As far as FTP through PS repaying players the major part of the press release is that the DOJ gets all of FTP 's assets that would more then likely include payment records. Hopefully every one who took winnings off of FTP payed their taxes[federal,state and local]. Any one who is a "qualifying victim" and petitions for payment will also have to pay taxes on their winnings. Also nothing is done until PS pays the DOJ 225 Million which they have 6 days to do.

 
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bmpek
2 years ago

clunker you are spot on. by the time the IRS is done with the people who never declared their off shore money holdings they will be paying money not getting.

 
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bparmalee
2 years ago

I'll admit I was dead wrong and I'm shocked. Full Tilt has no assets so this is basically a 720million dollar bribe to try to regain access to the US market. The DOJ doesn't have any control over that access so this is a huge gamble by Poker Stars. Caesars has to be on the phone to it's politicians as we speak to try and prevent this from happening. This is either going to be the worst purchase ever or the very best depending on if they can get licensed. Still shocked.

 
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blegend
2 years ago

More info on getting the money back would be nice.

 
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clunker
2 years ago

There is no deal until PS pays the DOJ 225 Million $'s. So there can be no info yet because there is no deal yet.

 
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RaiseMyNuttZ
2 years ago

The DOJ will find someway to f@#$% us player's, AGAIN.

 
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