Full Tilt Poker Stripped of British License

Published October 3, 2011 by OCR Editor

Full Tilt Poker Stripped of British License

Embattled online poker room found to have misled officials about finances.

Embattled online poker room Full Tilt Poker has had its licensed stripped by gambling regulators in the British Channel Islands, after being found to have misled officials about financial operations.

FTP troubles continue

The Alderney Gambling Control Commission revoked Full Tilt Poker's license on Thursday, saying in a statement on its website that FTP reported balances that US authorities had seized as liquid funds, and also gave unauthorized loans did not report material events.

Fill Tilt said in response to the commission's decision that it will now be more difficult to carry through with a sale and to repay players who are owed funds. The company added that it is still committed to repaying players despite "the potential damage done by the commission and its disregard for our players."

The online gambling website still faces claims from US prosecutors of operating a "global Ponzi scheme," in which it allegedly used money from player accounts to pay board members $443 million.

French investor makes bid

Meanwhile, French investor Groupe Bernard Tapie has reportedly agreed to purchase the online poker company and repay the more than $300 million owed to its players, but only if Full Tilt first resolves all outstanding legal problems, including the US Department of Justice's $1 billion civil suit against it.

Groupe Bernard Tapie, which owned Adidas in the 1990s, did not specify how it would repay player funds, or how quickly it would do so once a deal was finalized, according to a close source who was quoted in news reports.

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Look Back: Full Tilt Poker in 2011

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