Yesterday, PokerStars finally confirmed that it has reached an settlement with the U.S. Department of Justice (DOJ) to take over Full Tilt Poker. As a part of the settlement agreement, PokerStars has also acquired the assets of Full Tilt Poker.
PokerStars has 3 years to pay USD$547 million to DOJ, and all non-U.S. customers of Full Tilt Poker will get their money back (an amount totaling $USD184 million) within 90 days after PokerStars has transferred $247 million to DOJ (this transfer should be completed within the next 7 days).
The plan is to re-launch Full Tilt Poker in most markets as a separate brand with a new independent management team. Full Tilt's operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. PokerStars has promised to reveal more information on Full Tilt's future plans in the next few days.
"We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow," said Mark Scheinberg, Chairman of the Board of
"This outcome demonstrates our continuing global leadership of the online poker industry, and our
commitment to working with governments and regulators to ensure the highest standards of protection for players."
"Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money, and benefits the entire poker community. Full Tilt Poker's customers outside the U.S. can soon look forward to accessing their accounts and playing on the relaunched site, confident that they are supported by PokerStars' history of integrity and our track record of delivering high-quality and secure online poker."
"The way we have operated our business since the U.S. Department of Justice brought its claim has underlined our
credentials as a responsible online poker operator," Scheinberg continued.
"In particular, the prompt repayment of our former US customers in as quick a time frame as possible demonstrated our industry-leading commitment to the segregation of customer funds. We continue to encourage jurisdictions all over the world to introduce sensible online poker regulation."