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Poker Stars Acquires Full Tilt Poker

by admin on Saturday, August 18th, 2012

Poker Stars Acquire Full Tilt PokerPokerStars has long been a reputable, well-known online poker operator, though we can’t say it was exactly “reputable” by legal standards. The same holds true for Full Tilt Poker—it was and is a well known organization by those in the “know,” but not one that was  on the legal up and up. Now, after a lot of hot legal debate, PokerStars has been ordered to forfeit a massive $547 million over to the government, and competitor Full Tilt Poker has been ordered to give all of its assets to the government. The deal is sweeter than it sounds, however—the government will give PokerStars those assets and, thus, ownership of Full Tilt Poker.

Everything isn’t rosy on either side, however. PokerStars is going to have to return $184 million to Full Tilt Poker’s non-US players. Any American players who are owned money also have the option of filing a claim with the Department of Justice, which will result in a refund. PokerStars doesn’t have to worry about going broke, however. The money that will be used to pay back US players will simply be taken from the money they have already paid to the government. Plus, it isn’t likely that all players who are owned money will step forward or go through the trouble of filing a claim. Some fear government and legal involvement in their lives and finances. Others just haven’t lost enough money to bother. So, in all likelihood, things won’t turn out too bad for PokerStars.

This whole mess started last year when the Department of Justice seized the domains of both companies. Charges racketed up quickly against eleven people and many organizations involved with the companies. The accused faced charges of bank fraud, money laundering, and more. Both companies said a surprise good-bye to their United States customers, and national residents faced an even uglier surprise when they found their accounts, earnings, and all deposits frozen and untouchable.

After a series of more arrests, more charges filed, and lot of bargaining, the settlement referenced earlier was finally reached. It might seem unfair for Poker Stars to come out so well in the end, but either way, the gambling world has definitely been taken by an unwanted storm. Hopefully, things will turn around for the industry as a whole soon.

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