When you think about math and accounting errors, you imagine small glitches, perhaps worth hundreds or thousands – and not a 200 million dollar mistake. However, this seems to be what happened with the Alderney Gambling Control Commission and Full Tilt Poker.
The AGCC first claimed that the DOJ had seized about $331 million in funds from Full Tilt Poker over the course of 4 years and now state that they were in fact wrong.
What the AGCC said initially:
Document JS21(I) illustrates the individual seizures made by the Department of Justice during the period 28th June 2007 to 20th June 2011, which amount to a cumulative total of approximately $331 million US Dollars.
Full Tilt Poker claimed that the DOJ had taken 115 million dollars in the past 2 years.
What Full Tilt Poker said:
Full Tilt Poker issued a press release on August 31st where it announced: “Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. bank.”
The AGCC has not mentioned any numbers as yet and we can only allege that the error is that 200 million difference between $331M and $115M.
What the AGCC is saying now:
“AGCC wishes to correct and clarify an erroneous statement contained in the Commission tribunal’s published determination notice of the hearing into Full Tilt, which includes the statement: “the individual seizures made by the Department of Justice during the period June 28, 2007 to June 20, 2011, which amount to a cumulative total of approximately $331 million US Dollars.” The underlying evidence in the hearing clearly demonstrated that $331 million was the total of funds unavailable to Full Tilt, of which DOJ seizures formed only a part. The mis-statement is thus not of significance in the Commission’s assessment of the matter.”
It is rare (but not impossible) for a reputed organization such as the Alderney Gambling Control Commission to make such a glaring mathematical error. The reasons for this error may be that the AGCC relied on numbers from Full Tilt Poker’s accounting department instead of auditing the site itself.
Which of course, will make you wonder what is wrong with Full Tilt Poker’s accounting department for it to claim that 200 million was seized by the DoJ. Then there is also the matter of the Full Tilt Poker claiming that the loss amounted to 115 over 2 years and the Alderney Gambling Control Commission talking about a 4 year time period. There is also the small and perhaps insignificant question as to why no one bothered to realize this until the time of the FTP trial and Bernard Tapie’s possible investment.