Full Tilt Poker Set for ComebackAugust 15, 2012
Last week, it was reported that PokerStars had made a successful settlement with the US Department of Justice to exempt the online poker site from embezzlement charges. The settlement also included the government’s permission for PokerStars to acquire Full Tilt Poker. Following the events of Black Friday last year, the online poker industry was experiencing an all-time low until this news was made public. Now, it seems that Full Tilt Poker is all set to make a comeback.
PokerStars to Pay off Full Tilt Poker Players; Set to Re-Launch Site
PokerStars had made a settlement with the US DoJ that amounted to more than $700 million. Although this includes PokerStars payment for exemption from all charges, the lump sum of more than $500 million will be used to settle the claims of Full Tilt Poker’s players.
An executive and spokesman of PokerStars, Lee Jones, announced that the deal has been made and Full Tilt Poker has been acquired. According to Jones, the acquisition will be officially complete in three months time. After the first week of November, Full Tilt Poker will have a new look and name.
One of Full Tilt’s poker room managers, Shyam Markus, corroborated Jones’ statement and affirmed the site would make a comeback by the end of the year. Markus further stated that he predicts the site will be functioning by the end of October. This has been disputed by officials at PokerStars as the legal aspects would not be cleared by that time.
Although PokerStars has acquired Full Tilt Poker, the latter, when re-launched, will be managed and operated separately. The look and theme will reflect that of PokerStars but will offer unique and innovative games and promotions. Players in theUSwill be allowed to log into the site using their existing id and password and wager on real money games.
US DoJ on the Lookout for New Payment Processor to Settle Full Tilt Poker Player Claims
While Full Tilt Poker is set for a re-launch, the US DoJ has an exhausting task ahead of it. The government is on the lookout for a Claims Administrator who can assist in the multi-million claim settlement process of numerous Full Tilt Players. According to government sources, US players have to be paid in excess of $150 million.
With over a million Full Tilt customers to appease and pay, the DoJ has put out a notice for an employment opportunity. According to a lawyer who helped make the deal between the DoJ and PokerStars, the main intention of hiring competent people for the post of Claims Administrator was to significantly reduce the time required for processing the claims.
Keeping in mid the urgency and seriousness of the situation, a time-limit has been set for the notice. Those interested have been asked to submit their applications for the designation by the end of this month. Candidates with previous associations with either of the online poker operators will not be considered for the job.
The authorities will work with the Claims Administrator to evaluate each individual claim and process the payments after extensive scrutiny and validation. The Poker Players Alliance has pledged its support to the US DoJ to make the process as streamlined as possible. US players, who will finally be paid, have declared their relief after a year of countless arrests which included that of Raymond Bitar, the CEO of Full Tilt Poker.