Recent news reports reveal that Full Tilt Poker may be reapplying for its license from the AGCC.
Group Bernard Tapie is going to purchase Full Tilt Poker and the lawyer for the GBT has said that if the negotiations go well, then the purchase will be made. In this aspect alone, it makes sense for Full Tilt Poker to reapply for the license to AGCC.
Full Tilt Poker had its license revoked when the AGCC decided that the site had been misleading the authorities regarding the US gaming laws and also because Full Tilt Poker had not paid the fees for the same. The AGCC did not get into auditing Full Tilt Poker and trusted the accounts that were sent in by them.
Full Tilt did not have enough funds available since they had issues of mismanagement and other problems related to third-party payment processors. Full Tilt has a secondary license and that is with Kahnawake Gaming Commission in Canada, and that license is still valid.
Full Tilt Poker and Group Bernard Tapie are considering repaying the poker players if this purchase goes through. It might be likely, that those players who were not paid previously will get paid and the Full Tilt Poker site can be functional once again.
At this point in time, FTP has been idle for a long while and if this continues then the company would lose a lot of money in operations and in paying fees for the lawsuits that they continue to be slapped with. Full Tilt has also been accused with money laundering charges.
Players who are yet to receive large sums of money will probably be offered shares of the company so that they can be shareholders for the poker site. Although this seems like a good idea, many poker enthusiasts are against the idea of other players holding a share in the site.
US Poker players who are still waiting for their money are following these negotiations up close and wondering how much money the Tapie group would be able to come up with in order to make this purchase. While everyone worries about their funds, it is questionable whether the Department of Justice will ever release the money that was “frozen” when they shut down the Full Tilt site.