Players all around the world have been celebrating for the last couple of days concerning the news that PokerStars has acquired Full Tilt Poker. This has led to it being announced that PokerStars will be giving these players back their access to their Full Tilt funds.
However, whilst players from outside of America will have almost instant access and the ability to play, American players will have to struggle with their government before they can safely have their money in the bank.
The official statement from the U.S government is:
Under the terms of the settlement with Full Tilt, U.S. victims of the company’s alleged fraud will be able to seek compensation from the department of justice (“DOJ”). The funds that will be used to compensate qualifying victims will come from the $547 million that will be forfeited by PokerStars as part of its settlement with the government.
Logic would suggest that their will be a bit of a process required for U.S based players which will probably start with a form from the DOJ. There has been no timeline announced for U.S players, whilst in comparison everyone else around the world have been told they will have access to their accounts within 90 days.
Will Players Receive All Of Their Money Or Just Their Initial Deposit?
There are still plenty of questions being asked however, with this one the biggest. We know that all non-US players will receive everything, however US based players are a little in the dark.
Many people are starting to think that they may only get their original deposits they made to the site back and not any winnings. There has been constant rumours that the DOJ will not be comfortable paying back millions to players who were gambling online with Full Tilt poker, especially since it is now illegal.
The fact that there has been no confirmation that all American based players will receive everything they lost, coupled with the fact that they use the word “compensation” rather than “refund” in their statements has us wondering just what may happen in the long run.
It seems obvious to us that they are still contemplating this matter, which is why there has been nothing confirmed. However it would be terrible for players, who had maybe deposited $500, turned it into $50,000 or more and will only receive the $500.
American based players who now reside abroad will also have to go through the DoJ to retrieve any of their funds, this is because they were living in the U.S at the time they registered their accounts.
Well, it seems that the biggest scandal in world poker is set to run on for a few months more at the very least…and possibly much longer. We will be there every step of the way however to make sure we can bring you whatever happens, as it happens.