There has been an ongoing saga happening in the world of internet gambling in the United States of America, it’s the ongoing saga of Full Tilt Poker and its problems with the American players and the American Dept. of Justice. Everyone who is involved in the world of online gambling across the world was pretty sure that GBT (Groupe Bernard Tapie) would buyout all assets and rooms of FTP. Although it was taking too long, but with such a huge deal, it was only normal, as both parties need time to sort things out.
Poker Stars Acquiring Full Tilt
Everyone was just waiting for the official announcement of GBT buying out Full Tilt Poker. A tweet by the CEO of Chili Gaming, Alex Dreyfus took the world of online gambling by storm and caused quite a stir. As Alex Dreyfus has announced that the rival of FTP, PokerStars, is in fact the one going to buy out Full Tilt Poker. Not only by intention, but PoekrStars has already finalized the whole deal with the Dept. of Justice of America in order to become the legal owner of all the online poker rooms that belonged to Full Tilt Poker. The agreement included the payment of 750 million dollars to the Department of Justice in order to finalize the deal. Reports stated that 330 million dollars will be used to pay back the players of Full Tilt Poker who lost their balances and accounts in Black Friday.
The reason behind the cancellation of the deal between Groupe Bernard Tapie and the DoJ regarding the buying out of FTP has been reported to be a result of the duration it will take to pay back the players who lost their accounts. The Dept. of Justice wanted that duration to be 90 days only after the transaction occurs, and GBT didn’t agree, this was the main reason behind the cancellation. Of course, Groupe Bernard Tapie is very annoyed that after all of these negotiations that lasted for a whole 7 months that the DoJ would back out of it in the last hour. GTB also stated that if PokerStars accepted all of the risks, the financial and the legal risks stated by the DoJ, then one can only hope that this will lead to the rapid payment of money to the players who lost their balances. Although that this is an important issue to be addressed, and everyone wants these players to be paid back, but if PokerStars gets ownership over FTP, it will only help in the monopolizing of the online poker industry in the favor of PokerStars.
On a side note, unconfirmed reports state that PokerStars does not intens to integrate FTP operations with PokerStars. Pokerstars would let FTP operate under the Full Tilt name.