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ioplayborne
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1 July 2011 - 10:53am

Full Tilt Poker Shutdown

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Full Tilt Poker, at one time the second-leading online poker site, has closed its operations for the foreseeable future. AGCC, the gaming authority on the Isle of Man that controlled the site, ordered the closure after the site’s plentiful legal and financial problems. The site had been shut to US-based players since the “Black Friday” accusations of 15 April, but this deferral could signal the end of the popular poker brand.

The blackout began at 12 noon GMT (7AM EDT) when the AGCC put off Full Tilt’s gaming license. The gaming official ordered that the site no longer allow either real-money or “play-money” action on the site; that the site no longer receives new customers; and that the site does not allow existing ones to make any more deposits or withdrawals.

The site had been functioning for European players until today. Several topmost European pros, including Gus “The Great Dane” Hansen, had thousands of dollars in their poker deposits, from which they are now disallowed from accessing. Number of players who were in the midst of the site’s cash games and no-limit Texas Hold’em tournaments have had their play quitted.

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auCL-Ed
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2 July 2011 - 8:18am
#1

I think there are a few inaccuracies in that ... for instance the AGCC is the licensing authority for Alderney, a different channel island to the Isle of Man.

Players are unable to access their money for the time being, however it is very important to note that the funds have not been confiscated. This is the action of a licensing authority and it is within the regulator's rights to do this if the site is not operating within the parameters of its license.

How long the site stays in this state of limbo remains to be seen. They could conceivably move to another licensing jurisdiction with less stringent rules or at the other end of the scale they could stage complete shut down and return all player funds (very unlikely given the number of customers they have). Only time will tell.

On a personal note I have a few hundred bucks in there and at this stage I am not too worried about losing it.

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ioplayborne
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4 July 2011 - 9:58am
#2

I think there is no sense in moving to another licensing authority with less stringent rules as nobody will ever risk betting there.. Personally I would never do that, the image of the company is so damaged that changing a jurisdiction is not a solution...

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usbarbadosslim93
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4 July 2011 - 1:57pm
#3

Full Tilt is under review by the Kahnawake Gaming Commission as well...They are not going to have a lot of options left as any legitimate gaming authority is going to be taking a close look at them. Rest assured the US will be sharing whatever info they have to keep them down.

I don't see them changing licensing districts.

deBlorgh
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4 July 2011 - 4:07pm
#4

they got my roll Sad "only" 600 bucks, but i fear i´m not even gonna get my last cashout, which was approved before wednesday last week ......

on topic: they will probalby NEVER get a foot in the US-market ever again. maybe some guys from iPoker or bwin will buy them for cheap, but the brand FullTilt is gone......

auCL-Ed
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4 July 2011 - 11:36pm
#5
barbadosslim93 wrote:

Full Tilt is under review by the Kahnawake Gaming Commission as well...They are not going to have a lot of options left as any legitimate gaming authority is going to be taking a close look at them. Rest assured the US will be sharing whatever info they have to keep them down.

I don't see them changing licensing districts.

Yes "legitimate" being the operative word. I would be very surprised if someone doesn't come in and buy the business. The sheer number of players makes it a very attractive target.

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usbarbadosslim93
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5 July 2011 - 12:51am
#6

Ha, check the news Ed. The AGCC just released a statement today concerning the potential buy in of a third party...the goal being to reopen the site.

auCL-Ed
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5 July 2011 - 2:12am
#7

Zing! When you're hot, you're hot! Wink

I had Pokerstars in mind though. It would be a chance for them to "double up" so to speak, although I guess it would depend on how many non-American accounts Full Tilt possesses.

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ioplayborne
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5 July 2011 - 7:17am
#8

I saw yesterday the statistics and it shows that 66% of Full Tilt Players moved to Poker Stars and play there now. I'm glad that somebody still managed to benefit from this situation...

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ioplayborne
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5 July 2011 - 7:18am
#9

http://www.pokerscout.com/ > here you can see the current situation analysis...

1 member gave thanks for this useful post: Sophia

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mrSophia
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6 July 2011 - 7:31pm
#10

I've been so engaged in news recently! One of my friends had $100 on his account at Full Tilt... But I am almost sure that every player will get their money back.. What do you think ?

ioplayborne
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7 July 2011 - 6:38am
#11

I do not think, but hope that it all will end without excesses .....

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mrSophia
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8 July 2011 - 8:00pm
#12

Me too, I hope they give the money back to players, or just move them to their other accounts at least..... No news yet from my friend..

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