Monday September 19, 2011
When is Full tilt Poker Coming back is a hard question to answer. The hearing for Full Tilt Poker's Licence with the Alderney Gaming Commission is set to be held in private in London today at the Riverbank Park Plaza Hotel. Since the Full Tilt Hearing is set to be private it is believed that there is more bad news than good and that if they were in the least trying to repair their image the hearing would be public.
It is noted that Full Tilt Poker is in Financial Difficulty and has not paid any players since June 19th when its license was revoked and the poker site closed to players. The cashiers were also closed. The financial difficulty seems to be three fold - first they were accepting deposits from US players and were depositing the amounts in the players accounts without collecting the funds - some of the players were then withdrawing these funds and doing it multiple times without being taken from their VISA and bank accounts. Secondly their main payment processor apparently has taken millions of dollars from them fraudulently and it seems to be the problem that lead to the whole poker site shut down in May. Third of course was the US DOJ seizing multiple Full Tilt Accounts that lead to Full Tilt Poker losing control of millions of dollars. It is estimated that that Full Tilt Poker is short over 135 million dollars (likely a lowball estimate) in players funds as they also did not keep these funds segregated.
There are two pending lawsuits against Full Tilt Poker, one in Canada and One in the United States both are trying to get their players money back. The Class Action Lawsuit in Canada has been brought on by the consumer protection agency and it claims that Full Tilt Poker kept players money.
It is rumoured that the delay in the Full Tilt Poker Hearing delay was for a potential buyer to find either more interested parties or more details on the DOJ lawsuit ramifications. The Full Tilt Poker software and especially Rush Poker is though to be quite valuable - but it would have to be a big time buyer with deep pockets and a rock solid reputation in the gaming industry to have the slightest chance of winning over any of the player pool. Potential takeover candidates include major Casinos in Las Vegas and the UK as well as PokerStars.
The odds are very low of a Full Tilt Poker comeback and it is advised that players play at poker sites not significantly harmed by the actions of the DOJ. If nothing happens in the next 30 days it is most likely that Full Tilt is gone for good - but expect the software to showup someplace - hopefully a sale that returns the most money possible due to its players and not to pay fines to the US Government.
Our Editor's have compiled a list of the best non US poker sites where exposure to the US market is not a risk. For US players there are sites that were not affected by the DOJ crackdown and they are the sites that still accept US players