Full Tilt Poker Releases New Statement

Full Tilt Poker released a new statement to the industry this week, detailing why it has been unable – since April – to pay its members the millions of dollars owed to them. This is the most detailed statement issued by the beleaguered online poker room since Black Friday, when the US Department of Justice seized its domain name.

In the statement, the online poker room blamed the government for seizing its funds repeatedly over the years.

“As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday. Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.”

In April, the group managed to reach a deal with the Department of Justice with the objective to help its players access their funds, however this never came to fruition and players are still left frustrated that they haven’t been paid out yet. The group claims that the money seized over the years by the government meant that $115 million was lost. It also claimed that one of its payment processors stole $42 million from the company, leading to more financial woes.

“Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected,” said the group. It also said that it had “unprecedented issues with some of its third-party processors that greatly contributed to its financial problems.”

Fill Tilt said that its Dublin heaquarters has received visits from around six investment groups who expressed an interest in investing in the online poker site. It has also hired a financial advisor, not named in the statement, “to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players.”

Comments are closed.