Full Tilt Poker No Closer to Allowing Withdrawals
27 May 2011
New about U.S. refunds has been slow in coming from Full Tilt Poker after FBI indictments shut down there site on April 15th. Even after a an agreement was made with U.S. prosecutors to release the Full Tilt domain for the purpose of allowing U.S. online poker players to withdraw their money, nothing has been coming and very little has been said from Full Tilt.
With growing concerns from players and word coming that PokerStars has refunded more than $100 million to U.S. players, Full Tilt did email players last Friday with a very vague email that in part said;
“We apologize for the delay and the fact that we underestimated the time it would take to work through these issues.”
A small step was taken by Full Tilt last week as well when Full Tilt began to convert tournament tickets into tournament dollars and then crediting accounts with cash. Though a start many Full Tilt players are still waiting for full withdrawals.
Today more information was presented in an exclusive article on eGaming Review site. According to the article the DOJ has unfrozen an account in Ireland freeing up some of the money owed to U.S. players. Still however no money is expected to be immediately available to U.S. players and there is no date to when this may happen.
According to eGaming, Raymond Bitar has been looking for outside investors to raise up to $150 million in return for a stake in the company and then use that money to return money to U.S. players but so far this attempt has been unsuccessful.
According to a FTP source, there was a $60 million shortfall when FTP credited accounts with deposits from accounts they didn’t know were already frozen. Add this to fact that soon they had all 9 accounts seized and this has caused a financial strain at FTP.
According to the DOJ,
“by its (Full Tilt Poker) inability to find a payment processor to process transactions involving US player accounts. The company was facing the shortfall because it continued to credit funds to player accounts despite being unable to actually debit (or “pull”) funds from customers.”
As of yet there is still no time frame presented from Full Tilt Poker to start the process of allowing U.S. poker players to withdraw money.
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Full Tilt Poker has recently applied to become a part of the Steam online gaming platform. This platform helps to put out games for online and computer-based play (as well as play through smart televisions), and it could lead to some pretty interesting situations if they're able to get included. We haven't really heard of any online gambling site trying to get in on a gaming network like this before, so it's really a new development in every sense of the word.Read full article
08 October 2015Another Set of Full Tilt Payments Are Being Issued
On April 15, 2011, an event happened in the online poker world that's been dubbed Black Friday. This event had to do with US federal indictments against a number of the top online poker rooms in the world including PokerStars and Full Tilt Poker. The Rational Group, owner of PokerStars, made a deal with the Department of Justice to purchase Full Tilt Poker and pay off the balances for all of their players since Full Tilt didn't have the funds to do so on their own.Read full article
05 August 2015Amaya Sells Chartwell and CryptoLogic to NYX Gaming
The Amaya Gaming Group has made an enormous amount of noise in the news over the past year, and they've done it again with a key deal that shows a lot about their investment strategies. They have sold Chartwell and CryptoLogic, two online casino software providers, to NYX Gaming. This deal was for $110 million in cash and $40 million in stock, and this comes after they've held both companies for less than four years. The Original Purchase Back in 2011, the Amaya Gaming Group bought Chartwell.Read full article