Full Tilt Poker Daily Updates in Sept, Oct
For more recent info visit our US poker sites homepage.
October 29, 2011
– Absolute Poker and Ultimate Bet have plans to liquidize whatever assets (mainly their poker software) they have to pay back poker players. I have a feeling that will be a long drawn out process and won’t yield very much on the dollar.
October 25, 2011
– RecentPoker did an article update on Full Tilt Poker and how your money would be set to be distributed at this moment. Skip to the middle of the article if you’re just interested in that, there appears to be more surrounding the FTP acquisition though, here is the article from RecentPoker.
October 25, 2011
– I was reading over at G911 and they had an article posted that stated that the Kanahwakee Gaming Association (KGC) would issue an announcement for player funds stuck in Absolute Poker. Apparently they sounded optimistic about player funds. The KGC said player balances are of the highest importance. That would be pretty sickly ironic if Absolute Poker ended up paying players and Full Tilt didn’t.
October 23, 2011
– There are reports that Merge has grown about 15-20% since they reopened to the USA. From what I’m seeing at two sites I’ve checked are the inability to pay any amounts over $10,000 to the US due to processing issues which have been ongoing for over 3 months. Despite Merge’s attempt to try and stay out of the spotlight that they accept US players, it is a battle they cant win. The DOJ simply can google ANY poker related site out there, or read any forum and know who is accepting US players. For the most part the people working on the DOJ’s gambling task force essentially shut down poker in the US (with Full Tilt management helping enormously), not wanting to be in the ‘spotlight’ is not going to help Merge.
With that said, about 200,000 Full Tilt Players are suing them for $2m. While I think Full Tilt and the owners should rot in a bottomless pit, in someway people should be looking at themselves for keeping sizeable amounts of money on any poker site that accepts players from the United States. Patrik Antonious has gone on to say he has lost $5m from Full Tilt, and goes on to complain that he is no longer getting paid by Full Tilt. Guess what Antonious, many people lost millions of dollars in “business relationships” when they went down including myself but I’m not going to complain about it as I knew, and those following my posts knew anything could happen with US facing sites.
October 13, 2011
– The Merge Network has re-opened to the US market.
October 13, 2011
– Betonline Poker has removed the option of echecks for US players, in which there are none left that use this option anymore that I know of due to people de-frauding the companies very easily with echecks.
October 11, 2011
While out of the country for a week there have been some interesting updates. Here you go:
* Tzvetkoff, of Australia who is said to be the main behind the Black Friday fall Poker Stars and Full Tilt in the USA, and just about all online poker sites is apparently in witness protection plan and is continuing to co-operate with the US in New York to bring owners of 10 gaming operators to their grave, so to speak..What a total scum bag rat this guy seems to be from what I’ve read how he essentially stole $100million from the gaming sites, shows up in Vegas, and gets flipped, and now he’s co-operating on how he processed the money for the gaming sites he stole from. My guess is he will end up dead despite witness protection for all the turmoil he has caused, and I wouldn’t be one wanting to cause trouble for many of the online sportbook owners out there, which he inadvertently did.
*America’s Cardroom has re-opened (after closing down for no reason, at least not given except for to probably run from liabilities owed) and acquired Doyles Room Poker. This has shady written all over it. Americas Cardroom screwed many people out of money owed, and Doyle Brunson doesn’t even stand behind his own ‘named’ poker room. If you were to ever lose money in a poker site, I’d put money on it this group would be first the kick you in the balls.
* J. Todd has videoed all the crap going on with Full Tilt Poker with all the answers from the Alderney Gambling Control Commission, here is the video interview. In short their license got revoked because they didn’t tell them they were insolvent. Full Tilt was reporting cash seized, as cash on available. Accounting 101, when your money gets seized for illegal activities, you write if off as money lost. He does go on to say that if Full Tilt does find a buyer they will work as quickly as possible to get Full Tilt back licensed.
September 30, 2011
– Forbes is reporting that a French tycoon has agreed to buy Full Tilt on the condition legal issues are settled with the US. The tycoon plans to pay all players money owed according to the article.
September 29, 2011
– Ex- Full Tilt Poker players across the world got a word of bad news today. FTP’s license has been revoked due to falsifying seized assets as being “liquid” assets and not being able to pay players. The lawyer for FTP is saying it will be very hard to pay players back, but not impossible. I hate to say it but don’t expect more than cents on your dollar, unless some investors are feeling REALLY bold to restart the website and players trust. I guess if they can manage to pay players back and fire ex-managers it just might actually show they’re not total scum suckers and gain some respect from players to play again showing some trust through their massive trials and tribulations.
September 26, 2011
– Howard Lederer (2 WSOP bracelets), Chris “Jesus” Ferguson (5 WSOP bracelets, 1 being a the Main Event), and Rafe Furst have been added to the DOJ cleanup of Full Tilt Poker. These Full Tilt Pros/founders/owners, whatever you want to call them are in deep with a warrant to file all assets of these poker players. They are all US citizens.
September 25, 2011
– While I find reporting on this somewhat “mute”, the American Gaming Association is calling for changes in US gambling laws online. Oh really? What the heck have we been trying to do for the last 5 years, it doesn’t take a Full Tilt Poker case to prove this, it was merely icing on cake…that had already been eaten. If the US government hadn’t seized UB/AP and Full Tilt Poker and millions of gambling funds over the past 5 years would we be in this scenario. I obviously believe in regulation for safety but DO NOT believe the government should be given the power to decide for us. If you have some spare time I recommend watching a documentary called “Casino Jack and the United States of Money”. Protecting people is the last thing on most government officials minds.
September 23, 2011
– A statement was issued by Full Tilt’s lawyer, who’s words I hold with less than a grain of salt..being somewhat of a puppet for these gaming sites. In the statement it sounds like they are wanting to get past all the press and saying a “Letter of Intent” has been signed by an investor for Full Tilt. If you ask me, this is nothing but propoganda for FTP to get the flame off them….the LOI runs out on the 30th, with the investors having no liabilities and can walk according to the agreement. Of course in the letter by good old Ifrah, he says players are of utmost concern….hmmm if that was the case this mess never would have happened.
September 20, 2011
– Egaming Review is reporting that Full Tilt Poker owners have actually been paid $443,000,000 of US player funds. Instead of distributing them, they have apparently simply kept it to themselves. The article states that the CEO, Ray Bitar, got $41 million, Howard Lederrer got $42 mill, and Fergusson a whopping $85 million. The US attorney’s office is calling FTP a “ponzi scheme”. Throw in the rest of the Full Tilt Pros and sleep well at night knowing you paid for their private jets and degenerate million dollar gambling habits.
The hearing for Full Tilt Poker’s license in Alderny is expected to run through Wednesday, not that I suspect anyone in their right mind would play anyway at the site under current management and circumstances.
September 20, 2011
– After my formal complaint to the US Forfeiture office about Usemwallet/Quicktender fund seizure I have not heard anything. It’s been over a month and they were supposed to send some sort of confirmation back. I supplied the documents to 2 separate government entities. I will update you when I hear about their plans for fund return (if any).
September 19, 2011
– Despite the hearing being help all day today for Full Tilt Poker’s fate, nothing has been released (11:17pm est). I’ve been following at this site, Alderny Gambling Control. If you go to the top left of the page you will see the special Full Tilt button, below that is the last “updated” note so you don’t have to download the pdf every time.
There are rumors floating around about Merge (Carbonpoker, Lockpoker etc) next to be attacked by the DOJ. At this point, any rumor could be true and any US facing site you should be taking your precautions, rumor or no rumour. It would make sense for the DOJ to take down Merge by strangle holding their processing but who knows what type of plan the DOJ can conjure up this time to shut a site/network out of the US. It wouldn’t “seem” that other than processing, they could touch Merge. Merge is currently the largest US facing site. Either way, there are not that many people playing in the US now anyway, Merge is the second largest US facing site with 1800 peak players, while the largest site both US facing and non is PokerStars which has 16,000 peak players and does not accept the US.
September 6, 2011
– According to ‘Recent Poker’ news article, the DOJ has released funds that were once seized by the US government. They released the funds in which Pokerstars could prove was not from US play. It is with hope that Full Tilt Poker kept good enough accounting so that maybe they can get revenues that were non-US released to pay back both US and Non US players. Speaking of Full Tilt Poker, their hearing to see whether or not they will get their license back to operate outside of the US has been pushed back 4 days to Sept. 19, 2011. If people still decide to play there, maybe Full Tilt will regain confidence in investors and be able to secure some money to pay everyone. If Full Tilt does come out of this alive and eventually regroup I think they will be a stronger company in a general sense and not take their players and partners for granted, but that is a really big IF and Ray Bitar needs to go.
September 1, 2011
– Full Tilt Poker has stated to Forbes that their financial meltdown and inability to pay players was because of theft to the amount of $42 million by a payment processor, and also funds seized by the US government. The US DOJ is basically saying tough luck, you should have segregated those funds…As of now, Full Tilt claims to have six (6) possible investors. Lets hope!
