A European investment deal could pave way to rescuing as much as $150 million Full Tilt Poker, an online poker company which was shut down by the FBI this April. If the agreement is signed, Full Tilt will be bought by European Investors and the US players will regain their $150 million back.
On charges based on bank fraud, money laundering and violation of gambling laws, Full Tilt was one of the three major poker websites which was shut down by the FBI in the US.
Though these operators were still allowed to function in Europe and other areas outside the US, Full Tilt was shut down by the British Channel Islands after realizing that they have not been abiding the local laws.
It has been evident that Full Tilt has not been able to pay the players with an approximate $150 million and the US players have reported that when the reports were proclaimed in the Manhattan Court, many players were outraged with anger, which included a top professional player who was a patron at Full Tilt.
PokerStars has managed to repay more than $120 million to its players and Absolute Bet, the smallest of all three was also shut down and they have repaid as yet.
Full Tilt’s lawyers said that, Full Tilt is about to sign an agreement coming Thursday with a group of investors from its Irish parent company, Pocket Kings, and they would bail the company out by putting in money and hence repay the players’ but as a result, they would get a majority stake in the company.
The government is also seeking to get back $3 billion from all the three poker sites. Professional poker player, Phil Ivey filed a lawsuit against tilt but withdrew it this Thursday according to his lawyer David Chesnoff. “Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,” Chesnoff said.
In the meantime, Online poker might make a comeback in the United States, but if that happens it will be based on the online poker process being legalized, and Washington DC might be the best and the first place to mark this pivotal change.
Washington DC and its people are still debating as to how they can roll out the local version of online poker run by the lottery. The big decision is still pending though and that decides the fate of online poker in the United States.