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PokerStars Cements Full Tilt Deal With U.S.

Internet poker giant PokerStars has paid the U.S. Department of Justice $225 million to finalize a deal that will see the Isle of man based company obtain crippled online poker site Full Tilt Poker.

The initial payment was due within six days of the deal, and is part of a three year payment plan which will see PokerStars forking over $547 million to the U.S. government. PokerStars will also pay out an additional $184 million to help pay out all legitimate Full Tilt player account balances for players outside of the U.S, which must be completed within the next 90 days.

U.S. players will likely be paid after filling out an application to the federal government, although no formal plan has been revealed.

PokerStars Spokesman Lee Jones spoke about the deal, saying: “We’re delighted to announce that we have officially closed our deal with the U.S. DoJ as of today, August 9th."

Jones went on to add that Full Tilt Poker should be operational again by November.

Cozen O'Connor, a lawyer for Full Tilt Poker also commented, saying: "The asset transfer to PokerStars was consummated immediately following the United States Government's receipt of PokerStars' first payment of $225 million due under PokerStars' settlement agreement with the U.S. DOJ, which payment was confirmed this morning, August 9, 2012."

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