PokerStars Acquires Full Tilt Assets and Prepares To Refund Players
After months of prolonged negotiations between PokerStars and the Department of Justice in America, an agreement has finally been reached for the poker giants to acquire Full Tilt Poker.
Yesterday the U.S. Attorney’s office approved a deal that agreed to let Full Tilt Poker forfeit all of its assets to PokerStars on the condition that PokerStars then forfeit $547 million to the U.S. government in instalments over the next three years.
Additionally, once the transfer of assets has been finalised, PokerStars will make available all of the outstanding balances currently owed to non-U.S. players by Full Tilt Poker within 90 days of the transaction’s completion – an amount totally $184 million.
U.S. players – who are owed $150 million – will be refunded separately, but as of yet an agreement has not been reached by the two parties over how this will be facilitated. PokerStars acquisition of the Full Tilt assets will be complete upon the U.S. government’s receipt of a $225 million payment from them, which must be made within six days of today.
“We are pleased to announce these settlements by Full Tilt and PokerStars, which allow us to quickly get compensation into the victim players’ hands,” said U.S. attorney Preet Bharara. “Today’s settlements demonstrate that if you engage in conduct that violates the laws of the United States, then even if you are doing so from across the ocean you will have to answer for that conduct”.