In a new wrinkle to the drama caused by online poker’s Black Friday in April, it seems FullTilt could have finally found the financial relief necessary to pay American players. Over the past week the world’s second largest poker site had been rumored to been bought out by Jack Binion, had their gaming license revoked by the Alderney Gambling Control Commission, and now might have actually found a suitable investor in their company. According to an LA Times article published on Thursday an anonymous company has agreed to an undisclosed amount to help FullTilt get out of their financial issues.
To understand what is happening now one must go back well before the April 15th crackdown of American online poker by the US government. It seems for some time FullTilt was accepting player deposits with very little way to actually collect the funds. This allowed the site to be owed some $60,000,000 from their players. Unfortunately when April 15th hit and many payment processors (and funds) were seized or frozen FullTilt was left with very little cashflow and books that would make an accountant’s head spin. While PokerStars was able to pay back more then $120,000,000 to American players within …Read more →