Last month, US poker players witnessed the shutdown of top three online poker sites in the United States on Black Friday. PokerStars, Full Tilt Poker, Absolute Poker (and sister site UB) were shut down by the Department of Justice and a search began for their founders and executives who were indicted for money laundering and bank fraud.
While the search has brought in the accused, others are still missing. In any case, the US online poker sites have not been functioning for almost a month now. Due to the sudden shut down of these poker sites, US poker players were unable to cash out their funds in time since they did not receive any warning regarding the same. While PokerStars and Full Tilt Poker had reached an agreement with the DoJ wherein they could start returning their player’s funds within two weeks after the shutdown – there was no news from Absolute Poker and UB regarding returning player funds.
Players of Absolute Poker and UB have been worried and even though some have started getting paid, the repayment is not a simple process. Late last month, only PokerStars started repaying its players who have been receiving their funds in parts, while Full Tilt Poker made an announcement that they will be returning player funds but have not initiated the process yet.
Recently, Absolute Poker and UB have reached an agreement with the DoJ to release American players funds. The statement released by them states that they have reached a formal agreement but funds are not immediately available for withdrawal.
The report also states how Absolute Poker considers it a high priority to return its players funds but since they are still facing legal issues that have to be resolved they are unable to still release these funds. Absolute Poker’s US attorneys are Blank Rome LLP are working towards resolving these issues and making these funds available. Although, Absolute Poker and UB have reached an agreement with the Department of Justice, it will take time for US poker players to receive their funds.
While PokerStars has already begun cashing out US poker players funds in parts, Full Tilt Poker, Absolute Poker and UB are yet to follow suit. Updates regarding this news would be interesting to read and hence players and audiences should keep a close watch of reports regarding these three online poker sites.