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Pokerstars Releases Details Of DOJ, Full Tilt Deal

1 August 2012 by CasinoListings

This story was published more than 10 years ago.

Online poker giant PokerStars has released a statement regarding the deal it struck with the U.S. Department of Justice which will see it acquire the assets of Full Tilt Poker.

The statement, which was released by PokerStars' Directors reveals:

  • The statement confirms that FTP is to forfeit all assets to the US government, which will then transfer these to PokerStars

  • Pokerstars will pay $547 million to the US government over the following three years for the assets.

  • Owed FTP players will be invited to claim relief from the DoJ Asset Forfeiture Money Laundering Service.

  • Within 90 days, Pokerstars will directly pay without restriction a further $184 million to owed FTP customers outside the USA

  • The agreement becomes effective once Pokerstars pays the initial tranche of $225 million, which it must do within the next six days.

  • Importantly, the US government will drop all civil forfeiture and money laundering charges against individuals related to PokerStars and Full Tilt Poker, seen by many observers as opening the way for operations in any US legalised online poker market that may evolve.

PokerStars Board Chairman Mark Scheinberg commented on the events of the day, saying: “We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow.”

The release also notes that PokerStars plans to re-launch Full Tilt Poker within 90 days of the implementing of the deal, which is expected to occur within the next week after PokerStars puts through a $225 million payment.

As part of the deal, Full Tilt will retain its operating offices in Dublin, but will not enter the markets of France, Italy, Spain, Denmark, Belgium or Estonia. There are also talks of allowing financial transactions between accounts of both brands and transferring Full Tilt's VIP points to the new system.