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Full Tilt Poker Loses License
Following the series of crackdowns against online gambling in the US, another blow hits the industry: A gambling commission in the Channel Islands, UK has recently announced that it has withdrawn its license from Full Tilt.
The Alderney Gambling Control Commission which was responsible for the move said that while Full Tilt’s executives’ indictment in April prompted them to action, the company’s failure to pay back players was the critical factor. The commission had conducted a probe on the matter, the findings of which didn’t go well for Full Tilt.
“The nature of the findings necessitated the taking of immediate action in the public interest.”, said the Alderney commission. Full Tilt was not able to dole out payments to players who still had remaining balances with the company. This, in turn, has caused several suits filed against the company including one by poker superstar Phil Ivey, further compounding to the situation.
Full Tilt Poker was one among three sites – with the Cereus Network and PokerStars – to be the subject of crackdowns conducted during mid April which resulted in several executives from these companies to be indicted with money laundering charges. The Full Tilt Poker domain was reinstated a couple of days later. Full Tilt, however, was not able to pay back what they owed to players. This is apparently due to very bad management of their internal finances. In addition they also broke some gambling rules by their regulator, such as letting their sponsored pros use more than one username to hide their identity.
Before the issue hits full force, Full Tilt Poker was poised to enter into a contract with European investors (rumored to be Paddy Poker) that would have allowed the company a much-needed boost. A hearing regarding the withdrawal of the license is set for Full Tilt Poker on July 26. This could be a make-or-break situation for Full Tilts as investors have little to gain acquiring a company neck-deep in woes. Can this great poker brand be saved? Only the future will tell.