Although Full Tilt Poker got into an agreement with the DOJ almost immediately after Black Friday to facilitate refund of US poker player deposits, they seem to have gotten into a financial mess that prevents it from processing payouts. Full Tilt Poker’s problem seems to be credit related. Although Full Tilt has credited millions of dollars to the gaming accounts of its US poker players, they have not yet received the funds credited. This has led to a $60 million deficit for Full Tilt although this does not seem to be the online poker site’s only problem.
The use of a payment option called e-check created this problem for Full Tilt Poker, which used to credit amounts immediately into the accounts of poker players who used e-checks to fund their accounts. This incredibly quick service used to delight US poker players no end. The truth is that e-checks are not instantaneous; they take several working days to clear, a fact that can annoy players who cannot wait to see their funds in their accounts. Full Tilt has been doing this from September last year to February this year. Players had already noticed the trend and started discussing it at blogs and forums. Although Full Tilt tried to rectify the error in March, it had already reached a deficit of $60 million.
Full Tilt Poker warned players that they would be receiving all the funds due to them by this March. Owing to the fact that some players cooperated with Full Tilt Poker completely, the online poker site was able to recover 70 percent of the deficit. But they might as well kiss 30 percent of it good-bye. This is because some players saw this as a great opportunity to eat their cake and have it too. They simply cleaned out their bank accounts before Full Tilt Poker could retrieve the funds due to them. As a result of this, Full Tilt Poker is in the red for nearly $18 million.
Some people in the online poker gaming community say that Full Tilt Poker got punished because it had become slack about processing deposits and withdrawals. The online poker site might have lost more than it claims it did. All this is disturbing for US poker players who had poker accounts at Full Tilt before the federal crackdown because the poker site could be delaying payments to US poker players for precisely this reason.