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PokerStars settles with DOJ, buys Full Tilt Poker
PokerStars has today announced to have reached a deal with the United States Department of Justice to acquire the assets of Full Tilt Poker.
The announcement follows months of speculation about the future of Full Tilt, and allows for thousands of players to be reunited with their bankrolls after more than 15 months of waiting.
According to a press release from PokerStars, Full Tilt Poker has voluntarily agreed to forfeit all assets to the DOJ, and the US government will then transfer those assets to PokerStars in return for a $547 million settlement payment.
Full Tilt players in the U.S. will then be repaid by the DOJ, while PokerStars will reimburse players in the rest of the world. All in all, players can look forward to receiving more than $300 million back as a result of the settlement.
The deal itself will be complete once PokerStars wires a $225 million payment to the U.S. government within six days of today's settlement.
Once the money is received, the deal will come into effect, and Full Tilt Poker will be on PokerStars' hands.
As part of the agreement, all civil crime charges and money laundering charges against individuals related to either company will be dropped.
This means that Ray Bitar, Isai Scheinberg, Chris Ferguson, Howard Lederer and other key figures who have still to be trialed in the Black Friday indictment case will likely walk free.
No person involved in the management of Full Tilt Poker pre-Black Friday will however be allowed to serve any significant function once Full Tilt relaunches. Similarly, Isai Scheinberg - founder of PokerStars and indicted on Black Friday - will be forced to step down from the PokerStars board.
PokerStars has stated that the site aims to have repaid all non-U.S. players their Full Tilt player balances within three months. U.S. players, in turn, will have to file for a remission with the U.S. Department of Justice, who will then handle the American payouts.
Finally, and perhaps most importantly, PokerStars has also declared that the company intends to keep both PokerStars and Full Tilt Poker running as separate poker rooms.
"It's too early to begin disclosing many details about our strategic plans for Full Tilt, but our first order of business is to re-open the site, pay back all of the players and begin rebuilding Full Tilt's reputation," PokerStars wrote in the press release.
"Going forward, we will operate Full Tilt as a separate brand, giving players another leading and trusted platform to enjoy the game."
The arrangement will thus see Full Tilt Poker return to a number of regulated markets, possibly as soon as the site reopens in three months time.
As part of the settlement, both Full Tilt Poker and PokerStars will also be given permission to apply for future online poker licenses in the United States, at both state and federal level.
To read the full message from PokerStars on today's groundbreaking deal, see the PokerStars Blog.
The announcement follows months of speculation about the future of Full Tilt, and allows for thousands of players to be reunited with their bankrolls after more than 15 months of waiting.
According to a press release from PokerStars, Full Tilt Poker has voluntarily agreed to forfeit all assets to the DOJ, and the US government will then transfer those assets to PokerStars in return for a $547 million settlement payment.
Full Tilt players in the U.S. will then be repaid by the DOJ, while PokerStars will reimburse players in the rest of the world. All in all, players can look forward to receiving more than $300 million back as a result of the settlement.
The deal itself will be complete once PokerStars wires a $225 million payment to the U.S. government within six days of today's settlement.
Once the money is received, the deal will come into effect, and Full Tilt Poker will be on PokerStars' hands.
As part of the agreement, all civil crime charges and money laundering charges against individuals related to either company will be dropped.
This means that Ray Bitar, Isai Scheinberg, Chris Ferguson, Howard Lederer and other key figures who have still to be trialed in the Black Friday indictment case will likely walk free.
No person involved in the management of Full Tilt Poker pre-Black Friday will however be allowed to serve any significant function once Full Tilt relaunches. Similarly, Isai Scheinberg - founder of PokerStars and indicted on Black Friday - will be forced to step down from the PokerStars board.
PokerStars has stated that the site aims to have repaid all non-U.S. players their Full Tilt player balances within three months. U.S. players, in turn, will have to file for a remission with the U.S. Department of Justice, who will then handle the American payouts.
Finally, and perhaps most importantly, PokerStars has also declared that the company intends to keep both PokerStars and Full Tilt Poker running as separate poker rooms.
"It's too early to begin disclosing many details about our strategic plans for Full Tilt, but our first order of business is to re-open the site, pay back all of the players and begin rebuilding Full Tilt's reputation," PokerStars wrote in the press release.
"Going forward, we will operate Full Tilt as a separate brand, giving players another leading and trusted platform to enjoy the game."
The arrangement will thus see Full Tilt Poker return to a number of regulated markets, possibly as soon as the site reopens in three months time.
As part of the settlement, both Full Tilt Poker and PokerStars will also be given permission to apply for future online poker licenses in the United States, at both state and federal level.
To read the full message from PokerStars on today's groundbreaking deal, see the PokerStars Blog.
Comments
987
10 months ago
I wonder if the statement below means whether or not the DOJ will have access to all American player transaction histories to verify the monies claimed by a player in their account or wheather Stars will simple just give the DOJ an account ending balance for each player. If the DOJ gets access to a players complete history as part of the settlement, I wonder if they could use that information to force tax payments on any winning poker session by American players?
( from posted article above)
Full Tilt players in the U.S. will be repaid by the DOJ. PokerStars has stated that the site aims to have repaid all non-U.S. players their Full Tilt player balances within three months. U.S. players, in turn, will have to file for a remission with the U.S. Department of Justice, who will then handle the American payouts.
( from posted article above)
Full Tilt players in the U.S. will be repaid by the DOJ. PokerStars has stated that the site aims to have repaid all non-U.S. players their Full Tilt player balances within three months. U.S. players, in turn, will have to file for a remission with the U.S. Department of Justice, who will then handle the American payouts.
Edited by POKERYALL 10 months ago
2104
10 months ago
Its awsome the way the gov`t will accept money for any wrong doing...oh you laundered money..give us some and we`ll let you go....rip people off don`t worry about it,just give us some and we`ll look the other way...I`m betting that if you have say 1K worth of money they tell ya well we had to pay the gov`t with some of it so heres your $400 bucks,thank you,come again!
1183
10 months ago
I'm happy they didn't merge with Pokerstars becuase FTP is still a good software and I'm glad those Pros didn't got charge and will walk free, but still I do hoping them to support FTP.
I don't really expect them to relaunched exacly 3 months so just guess it will be reopen early 2013 in January.
I think it will be better that way if they reopen start on the next year.
Finally I can get my money back I still got left at FTP.
I don't really expect them to relaunched exacly 3 months so just guess it will be reopen early 2013 in January.
I think it will be better that way if they reopen start on the next year.
Finally I can get my money back I still got left at FTP.
438
10 months ago
I got like 42$ on FTP.it's not that much but i hope to play poker on their site with those money.
1525
10 months ago
This info does sound promising for those who have been owed. For whatever reason, I seem to be hearing alot more of the corrupt goings on within the government (Canada and USA..so sad), so I guess we have to all take the 'wait and see' attitude till all the smoke truly clears. I'm such a skeptic..can't be helped.
169
9 months ago
What a crock os shyt.....if that was a normal person we would be in jail eating fkin ramen noodles.... "dont get me wrong i live a good life " but i still love ramen noodles haha....but for real this is bullshit.....ok wow we get our money back....ummm thats owed to us....thats not a gift....its our money....the gov is just so damn messed up and in such debt they dont give a shyt who they hurt or what values they are lookiung past,....as long as they get money its ok....the lad of the free and the home of the dollar billll....fkin disgrace!
169
9 months ago
What a crock os shyt.....if that was a normal person we would be in jail eating fkin ramen noodles.... "dont get me wrong i live a good life " but i still love ramen noodles haha....but for real this is bullshit.....ok wow we get our money back....ummm thats owed to us....thats not a gift....its our money....the gov is just so damn messed up and in such debt they dont give a shyt who they hurt or what values they are lookiung past,....as long as they get money its ok....the lad of the free and the home of the dollar billll....fkin disgrace!
926
9 months ago
It really is difficult, the situation of those who buy from Poker FullTiltt as cosidero which is much money they are owed to players online.
If this purchase is not really materialize, we will see in the course of these days if this is true or not.
I think that PokerStars will definitely want to regain market players Unidosde tates America, but if they really valued the acquisition is feasible and pagans all poker players in line, with which, Fulltitl, have a debt
And I think that without doubt, to Pokersars convendriamas, get the license with their own brand of poker, so I accept U.S. players.
If this purchase is not really materialize, we will see in the course of these days if this is true or not.
I think that PokerStars will definitely want to regain market players Unidosde tates America, but if they really valued the acquisition is feasible and pagans all poker players in line, with which, Fulltitl, have a debt
And I think that without doubt, to Pokersars convendriamas, get the license with their own brand of poker, so I accept U.S. players.
519
9 months ago
Yes good news, players get their money back. However im doubting about all costs. As soon as FTP went open again lots of players will withdraw their money, so PS has to start with great losses. They have to make their losses into profit in a while. To my opinion PS/FTP will offer many more GTD tourneys as they do now already. problem with these tours: they always increase the GTD pricepool, so in fact PS offers a lot but we pay them. So even more people/players and less prices.
Im really curious if any of you think the same about this
Im really curious if any of you think the same about this
169
9 months ago
Its about time....i have been waiting for my money on the downside thinking i wasnt goin to ever see it again....3k is 3k.....i just wish the good ol days with rush poker and all the sup turb guar games they had,....the constant mixed games which i love.....i just wish people werent so greedy and so sideways about how they did their business b.c it would make things alot easier and every1 could still be playing on the sites they love....all i want is to be play on ftp again and have it the way it was v"wishfull thining:"
169
9 months ago
Its about time....i have been waiting for my money on the downside thinking i wasnt goin to ever see it again....3k is 3k.....i just wish the good ol days with rush poker and all the sup turb guar games they had,....the constant mixed games which i love.....i just wish people werent so greedy and so sideways about how they did their business b.c it would make things alot easier and every1 could still be playing on the sites they love....all i want is to be play on ftp again and have it the way it was v"wishfull thining:"
1
9 months ago
Loved Pokerstars. Got all my money and was compensated for points. Very happy. Can't wait for their return. If you didn't like PokerStars then you had to be a fish. Sorry. True.
ქართული პოკერი http://www.pokerdaily.ge
ქართული პოკერი http://www.pokerdaily.ge
169
9 months ago
Im a little bothered by all of this....reason being is that they are paying out the people out of the usa first....and then they say we will be "dealt" with by the doj? wtf does that mean we will be dealt with by the doj? i dont get it....they shiould pay back alllll players asap....b.c i know its goin to be a long dragged out proccessssssss......i get the fact that its a complicated to have to do with all the payouts and taxes if they decide to tax...i just wish it was already done and over with....its getting frustrating!
169
9 months ago
Im a little bothered by all of this....reason being is that they are paying out the people out of the usa first....and then they say we will be "dealt" with by the doj? wtf does that mean we will be dealt with by the doj? i dont get it....they shiould pay back alllll players asap....b.c i know its goin to be a long dragged out proccessssssss......i get the fact that its a complicated to have to do with all the payouts and taxes if they decide to tax...i just wish it was already done and over with....its getting frustrating!
878
8 months ago
Wow, I hope its over. Sounds ggod but till we can play, I dont buy it. Would be too happy 2 be back on thee best sites. Even though they call have the deadly whitewater RIVER rapids. Maybe if your a high roller the throw you a raft.
Also a butt load off player points. Have to admit the got the best crowds and freerolls.
Also a butt load off player points. Have to admit the got the best crowds and freerolls.
127
8 months ago
All of FTP's equipment was flown into the Isle of Man on Friday and is currrently being re-assembled on the IOM and then as soon as it is up and working AND the IOM Gambling Commission issues the licence to FTP it will begin operations, the PS spokesperson is hopeful that PS's promise to be ready for November will be fullfilled.
The reason that PS is unable to payout USA players directly is because of the DOJ ruling but the money left in FTP USA player accounts has been paid in full to the USA DOJ who will decide how and when its paid out, it has nothing to do with PS now.
The new FTP or PS will not be available in the USA for quite some time to come depending on the outcome of the current gambling laws throughout the USA.
The reason that PS is unable to payout USA players directly is because of the DOJ ruling but the money left in FTP USA player accounts has been paid in full to the USA DOJ who will decide how and when its paid out, it has nothing to do with PS now.
The new FTP or PS will not be available in the USA for quite some time to come depending on the outcome of the current gambling laws throughout the USA.
212
8 months ago
The one thing I can say is, PokerStars, good bad or indifferant, has taken the position that
Online poker is here to stay and that they want to be the leader in the industry.
the bullshit and baggage that come with Full Tilt, is enormous. No company would go throuh
all that. If they werent dedicated and it was going to be profitable.
Online poker is here to stay and that they want to be the leader in the industry.
the bullshit and baggage that come with Full Tilt, is enormous. No company would go throuh
all that. If they werent dedicated and it was going to be profitable.
347
7 months ago
According to a press release from PokerStars, Full Tilt Poker has voluntarily agreed to forfeit all assets to the DOJ, and the US government will then transfer those assets to PokerStars in return for a $547 million settlement payment.
Wow thats a lot of money. It is crazy to think about how much money these sites really do make.
Wow thats a lot of money. It is crazy to think about how much money these sites really do make.
39
7 months ago
I wish i lived somewhere hat i could play PS and FTP. I am sick o merge and its terrible structures and not enuf of the type of games that I like to play. I wish merge had more 100 max and 50 max games. I guess they dont have enough players to do this tho. Pls PLs DOJ. USA, whoever. You all need to get it right, get it tight as far as online poker is concerned for the USA
52
7 months ago
Its good to see that fulltilt players are finally gonna receive their money. i would have liked to have seen this happen a lot earlier but glad it finally did. on a side note if anyone has not watched the lederer files on youtube yet its a very interesting interview with howard lederer about the whole full tilt deal
69
7 months ago
When Full Tilt Poker has stopped working, it was not just the players, on whose balance sheets are stuck millions of dollars, but also Affiliates.
Remains unsolved, how much money Full Tilt Poker to its Affiliates, but it is certain that such a resyrs Poker Strategy sued the company Pocket Kings, previously owning FTP, with a lawsuit demanding to return $ 1.2 million in commissions. They referred to the fact that in recent months sent more than 30,000 players in the online poker room Full Tilt Poker.
Remains unsolved, how much money Full Tilt Poker to its Affiliates, but it is certain that such a resyrs Poker Strategy sued the company Pocket Kings, previously owning FTP, with a lawsuit demanding to return $ 1.2 million in commissions. They referred to the fact that in recent months sent more than 30,000 players in the online poker room Full Tilt Poker.
38
7 months ago
FullTiltPoker is not going to pay a commitment Affiliates, who for years led the players poker room. In addition, all existing players will lose their binding to Affiliates as a poker room will open in November.In addition to all those players who invite friends to play Full Tilt Poker, as well lose binding and will not receive revenue from the game friends.
3
