Ever since the dreaded incident of Black Friday in April, the former players of Full Tilt Poker were not able to withdraw their funds from the site and this has caused a lot of grief and anguish in the hearts of the thousands of players the site has taken in. Full Tilt’s inability to pay back its players did not only anger its players, but the rest of the poker world as well. Right now, Full Tilt says that it is looking for any potential investors that will give them the funds to pay back the players.
The Reason
Thousands of players are enraged of the fact that Full Tilt is not able to give them back their deposited funds and winnings. To its defense, Full Tilt made a statement that blamed the incident back in April and also the numerous ash seizures of the US government spanned in a number of years which eventually cost the company a total of $115 million. Full Tilt Poker also claims that it was a victim of a massive theft done by one of its payment processors which crippled its funds by $42 million. Full Tilt however stated that they have already taken steps in covering these losses, but the Black Friday incident proved to be fatal for the company. Paired with the third party theft and other financial problems, Full Tilt is not able to get the funds required to distribute to its players. Things went from bad to worse when the Alderney Gambling Control Commission suspended Full Tilt’s egambling licenses as well.
Full Tilt’s Future
For years now, the US Department of Justice sided on the idea that online poker violates certain US laws. Full Tilt however, having already established itself as the second largest online poker destination claimed that online poker was not breaking any rules. Since the incident which happened on April 15, Full Tilt has been on the strict lookout for any potential investors that would help it repay its players. Full Tilt now reports six investors including hedge funds and operators of other internet establishments. Full Tilt also reports that a financial advisor now assists it in its dealings in finding the funds for repaying it players. Full Tilt also mentions that there will be a new management team once the site is restored and its players repaid.
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