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July 12, 2011

Full Tilt Poker-What Now?

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Written by: Chris Wilcox
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Recently, egrmagazine published comments made by the attorney acting for Full Tilt Poker, that a deal with a group of European investors was soon to be sealed, and that things could be finalized as early as next week.

Jeff Ifrah, who has been providing the industry with news about the online poker site on a random basis since April 15th, said that the group is in negotiations to gain controlling interests in the beleaguered Full Tilt Poker. He stressed that the main priority of the Full Tilt team was to ensure that players got their money back. The online poker is estimated to owe US online poker players up to $150 million.

Ifrah said: “The game plan is that within the next two weeks, this deal will close, and the number one feature of it is for players to get paid back. The investor is aware of that and everyone knows that’s the critical material term. Without that term, the deal won’t happen.”

The question right now is whether Full Tilt Poker is truly on the edge of a deal that could finally see US players get their money back, or whether the site is simply buying time and hoping to smooth the ire of these players. The site has already been shut down by the US Department of Justice, and has been asked by the Alderney Gambling Control Commission, as well as the French gambling regulator, to shut down operations. In addition, it faces a class suit action brought against the company by frustrated players.

Could Full Tilt Poker be trying to appease all these elements by stating what it hopes will happen within a few weeks, without actually having anything concrete in hand? We’ll see in a couple of weeks.

Or will we? The tagline since Black Friday has been ‘we will see in a couple of weeks’ with Full Tilt. All that we have really seen is FT exposed for the scam and mis-run company that it really was.

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