FTP Players Hope to Get Their Money Back Soon

Play Poker » FTP Players Hope to Get Their Money Back Soon

January 3, 2012

The acquisition deal between Full Tilt Poker (FTP) and Groupe Bernard Tapie is proceeding faster than expected. This is good news for former players of the poker room whose accounts were frozen by the US Department of Justice (DOJ) in the middle of 2011. Once the take-over process is completed, players can expect to get back the money in the frozen accounts.

DOJ Shut Down Three Big Poker Sites Unexpectedly in 2011

In the middle of 2011, the DOJ shut down three of the biggest poker sites in the industry including FTP. The bank accounts of the poker rooms were frozen and assets were seized. The sites were accused of money laundering and operating poker illegally within the United States. Following the shut down, players registered with Full Tilt Poker found that they were not able to access the money in their accounts. The estimated players’ funds blocked is $150 million.

Groupe Bernard Tapie to Acquire Full Tilt’s Assets from the DOJ

Groupe Bernard Tapie is set to acquire Full Tilt’s assets with $80 million (approximately) directly from the DOJ. Before that, the poker site has to forfeit its assets to the justice department. The assets will be transferred by the DOJ to Groupe Bernard Tapie.

Refunding players within the US will be handled by the DOJ. Groupe Bernard Tapie, on the other hand, will be responsible for repaying non-US players of FTP.

Process to Claim Money Not Easy for US Players

For US players, the process to claim money in frozen accounts is quite complicated. A claim has to be filed with the federal government first. Players also have to present proof of the income source through which they funded their FTP accounts. Records of all transactions at Full Tilt Poker have to be provided by players. Most importantly, they have to show proof that the transactions made on the site were in compliance with the income tax laws of the federal government.

If FTP is to stand back on its feet in future, it has to establish itself as a reliable gambling platform. In order to make sure that players are given timely payouts, Groupe Bernard Tapie has to work closely with the federal government. If the legalization of online poker becomes a reality in the US, FTP will be allowed to enter the US market under the ownership of the French investor.