PokerStars' Acquisition of Full Tilt CompleteFull Tilt Poker Expected To Re-Launch Overseas This Fall |
|
PokerStars’ takeover of defunct Full Tilt Poker is now complete, after the company made its initial payment to the U.S. government, according to the site’s Head of Corporate Communications, Eric Hollreiser. The $225 million first installment is part of its $731 million settlement with the Department of Justice.
PokerStars hasn’t admitted to any wrong doing in connection with Black Friday in April 2011.
The DOJ requires the rest of the settlement money within three years.
Now that the first step is done, PokerStars can move to re-starting Full Tilt in most jurisdictions by Nov. 6. PokerStars is responsible for about $184 million worth of Full Tilt account balances owed to players outside of the U.S. This figure is part of the settlement agreement.
The forfeited funds from PokerStars to the U.S. government will be used to pay back American players who are owed about $150 million. The DOJ will facilitate these cash outs. However, there’s still no word yet on exactly how or when former U.S. customers will be repaid.
PokerStars paid its former American customers shortly after Black Friday.
Neither PokerStars nor Full Tilt software will be allowed back into the U.S. until a state where online poker is regulated gives either site, now under the ownership of one company, an OK. Nevada and Delaware are the only states where web card playing is allowed.
Follow Brian Pempus on Twitter — @brianpempus
