Update: Full Tilt Poker LicensePublished June 30, 2011 by OCR Editor
Latest developments in the Full Tilt Poker saga.
Online poker enthusiasts have had to endure fallout from the FullTilt Poker debacle of late. Owing to the intensive investigation into allegations of illegal online gaming activity in the USA, Full Tilt Poker (FTP) has been under intense scrutiny.
On the 29th June 2011, an announcement was made from the Channel Islands to the effect that Full Tilt Poker's license had been suspended. This is a direct consequence of the investigation conducted by the Attorney General of the Southern District of New York.Payback Time? Not Yet!
At the heart of the matter is the fact that Full Tilt Poker has failed to pay back players' funds since the 15th April 2011 "Black Friday" saga. That incident changed the course of online poker gaming and US FTP players have been unable to get their money out of their online gaming accounts.
Full Tilt Poker pro Tom Dwan, intimated on Twitter that he would pay out $1 million of his own cash to FTP players who were not refunded their gaming cash. Player expectations are at an all-time high but payouts are slow in coming.
PokerStars has paid out $100 million already, while FTP appeared to be buying time. Now the cards have been dealt and FTP will have to up the ante if they're go make good on their intention to overturn the license suspension. The hearing with the AGCC is set for the 26th July 2011.Most Recent Developments
In related news, popular online payment processing giant - Moneybookers - has now made it clear that it will no longer process transactions for or on behalf of Full Tilt Poker.
The terms of the license cancellation mean 4 things for FTP:
- No fund withdrawals by existing customers
- No poker gaming or gambling activity
- No new player registrations
- No new player deposits
Full Tilt Poker competitor, PokerStars has meanwhile assuaged players that their funds are safe. PokerStars is licensed by the Isle of Man Gaming Commission. Full Tilt Poker has had to shut down its entire global network and it is prohibited from offering any poker gaming to players.