PokerStars Acquires Full Tilt Poker, Settles With Department of Justice
July 31, 2012 Leave a Comment
After rumors spread of PokerStars acquiring Full Tilt, a deal has finally been reached that will see all Full Tilt players get their bankrolls back. The new deal will have Full Tilt Poker voluntarily forfeit all of their assets to the United States government. According to a press release from PokerStars, the U.S. government will then transfer all those assets to PokerStars, which will in turn pay out $547 million to the U.S. government over the next three years.
For former Full Tilt Poker players who live in the United States, this is great news for many who thought their bankrolls were completely lost. Each player will have the opportunity to file a petition for remission with the DOJ Asset Forfeiture Money Laundering Service. As part of the deal, PokerStars will directly reimburse the other $184 million to non-U.S. customers within 90 days. All civil forfeiture and money laundering charges against individuals related to PokerStars and Full Tilt Poker will be dropped as well.
The agreement with the Department of Justice also allows both PokerStars to pursue real-money poker in the United States when State or Federal governments legalize online poker. PokerStars plans to re-open Full Tilt poker within 90 days of the formal close of the deal, which will occur within the next seven days.
- PokerStars acquires Full Tilt Poker from the U.S. government for $547 million over the next three years.
- Full Tilt players in the U.S. will be paid back by the U.S. government (with funds from PokerStars).
- PokerStars will directly reimburse non-U.S. players $184 million and relaunch Full Tilt Poker in 90 days.
- PokerStars (and Full Tilt Poker) will be permitted to apply to relevant U.S. gaming authorities to offer real-money online poker if/when state or federal governments introduce regulation.
- All civil forfeiture and money laundering charges against PokerStars and Full Tilt Poker will be dropped.
- PokerStars’ Isai Scheinberg will be forced to step down from PokerStars management.
- PokerStars is prohibited from employing or otherwise hiring Full Tilt insiders Ray Bitar, Howard Lederer, Chris Ferguson, Rafe Furst and Nelson Burtnick.
- There are plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a “new, independent management team.”
- Full Tilt Poker’s headquarters will remain in Dublin, but regulatory oversight will be transferred to the Isle of Man.
- Ray Bitar released a statement where he expressed regret over not getting the deal done sooner.