Full Tilt Poker is saved in spite of what seemed the best efforts of the Alderney Gambling Control Commission to see the players lose everything

Friday, September 30, 2011

Full Tilt Poker is saved in spite of what seemed the best efforts of the Alderney Gambling Control Commission to see the players lose everything

The Alderney Gambling Control Commission yesterday revoked Full Tilt Poker's license, after well over a week had passed since their scheduled meeting with Full Tilt on September 21st:

Media Release

29th September 2011

Full Tilt Poker

AGCC Commissioners, sitting as a tribunal, have today revoked the licences of Vantage Limited, Filco Limited and Oxalic Limited, trading as Full Tilt Poker (FTP), with immediate effect. This follows the earlier suspension of the licences on 29th June 2011.

At a hearing held in London over six days, it emerged that FTP had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator. Serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events.

The full and lengthy report can be read in the determination notice.

Revoking Full Tilt's license, while seeming the right thing to do on the basis of their various criminal activities, does absolutely nothing to increase the likelihood of the players ever seeing their money. The AGCC does go on to say:

It is important to note that the revocation of FTP's licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management. Unresolved claims by players against FTP become a matter for the police and civil authorities.

Why did the AGCC not hold its fire until at least the current negotiations with potential investors were concluded? This could only have benefitted the players.

I expected to have a lot more to say about this move from the Alderney Commission, but a surprise came round the corner just a few hours ago which pulled the rug from under everyone's feet, including mine: Full Tilt Poker did indeed pass into the hands of a new investment group. As reported by Poker Strategy:

Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of 'Groupe Bernard Tapie' announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

The second paragraph contains these magic words:

This agreement...includes the repayment of Full Tilt Poker's world-wide players in full.

Although it was common knowledge that Full Tilt was in serious negotiations with outside investors, this still came as a bolt out of the blue after months of waiting and disappointment.

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