The news that millions of poker players across the world have been hoping to hear has finally materialized. PokerStars and the Department of Justice (DOJ) in New York have come to an agreement in regards to the poker site acquiring the full assets of Full Tilt Poker.
In an ongoing saga, it has finally come to fruition. Many believed it would not or could not happen, however PokerStars have managed to pull it out of the bag. His will further strengthen their brand whilst also enabling former Full Tilt Poker players to get their bankrolls back.
That has to be the most pleasing news from all of this, the fact that part of the agreement is that all previous Full Tilt players who were not based in the United States will be completely reimbursed with the money that they lost due to the prior Full Tilt and black friday scandal. American players will too see some form of reimbursement, though that is down mainly to the DOJ.
The deal means that PokerStars will be paying a total of $547 million to the US government over a period of three years. In respect to American based players, part of this money will go to reimbursing them, however it will be through a remission process which is yet to be administered by the DOJ.
PokerStars had already repaid all of their US based players not long after it had closed its stateside operations.
PokerStars will hold around $184 million in a segregated bank account which is to cover all of the outstanding balances of all non-U.S players, where will be absolutely no restrictions on any withdrawals. This is due to happen within the next 90 days.
So What Can We Expect?
PokerStars has plans to totally re-launch Full Tilt Poker as separate brand from itself, which will begin as soon as a new and completely independent management team has been appointed.
Like PokerStars, Full Tilt will still only be open to non-US residents. However, part of the deal is that PokerStars are allowed permission to apply to any gaming authorities in the United States if and when online gambling is ever made legal.
It is still early days however and we are sure we will be hearing a lot more about this new and exciting development. The best news of all is for the players that have had their money frozen for well over a year, they will be extremely grateful to PokerStars for what they have done and possibly for what they will continue to do for poker in the future.