PokerStars, Full Tilt Settle with US DoJPublished August 1, 2012 by OCR Editor
PokerStars, the world's largest online poker company, will acquire FTP for at least $731m.
PokerStars, the world's largest online poker company, announced Tuesday that it has reached an agreement with the US Department of Justice to acquire former rival Full Tilt Poker in a deal worth at least $731 million.Good for Players
PokerStars agreed to pay the US government $547 million over the next three years, which will go toward paying back money owed to US-based former FTP customers whose accounts have been frozen for more than a year. PokerStars will directly reimburse non-US Full Tilt customers to the tune of $184m.Since April 2011
Both companies settled cases brought against them by the Department of Justice in April 2011 as part of the Black Friday online poker crackdown. At the time, the DoJ filed civil cases against PokerStars and Full Tilt and criminal charges against executives over allegation of bank fraud, money laundering and illegal gambling.
It is too early to divulge details of PokerStars' plans for Full Tilt Poker, the company said in a blog post immediately after the deal, but it added that it intends on operating FTP as a separate brand in the future.