PokerStars Announces Full Tilt Repayment Plans

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Yesterday PokerStars revealed their plans on how they are going to repay $184 million to the former non-US based Full Tilt players. They also revealed that they will be re-launching the site within the first week of November.

Back on the 9th of August after more than 16 months since Full Tilt had been closed down by the DOJ, PokerStars came to an agreement to acquire the poker site for a total of $731 million. Part of the agreement was that PokerStars would repay the $184 million to all of the Full Tilt customers who had their accounts frozen for that long period of time.

Though on the outside it would seem a simple task it is actually a very complex one, PokerStars have had to work with various different regulators throughout a number of different jurisdictions to ensure that all payments are made following each of the local regulations. This process will vary for many of the different jurisdictions.

For Former Full Tilt players living in a selection of European countries including France, Belgium, Spain, Estonia and Denmark they will have to be paid through their local and completely licensed PokerStars client. This means players will have to link their Full Tilt accounts to an account they create or already own on the PokerStars platform. They then have the choice of withdrawing the funds from the site or continuing to use them on PokerStars.

Italian players on the other hand are still in the dark currently as the regulators and PokerStars continue to try and work out a way to get the players their money back.

Everywhere else apart from the USA will be able to have complete and full access to their old Full Tilt accounts once the new Full Tilt site has been re-launched. Their accounts should be exactly how they left them.

US Players?

Another part of the deal between the Department Of Justice and PokerStars was that the online poker site will have to pay the DOJ $547 million to the government. With most of that meant for the players, with the process to repay the US-based process still not known or released as of yet by the DOJ.

The whole process of repaying the US-based players is completely in the hands of the DOJ, with them taking on a third party claims administration firm to aid them with the whole process.

With little over a month to go until the re-launch of Full Tilt, it does seem that PokerStars are well on track to achieve their end of the deal by paying back all non-US based players within ninety days of acquiring the site.

 

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