Full Tilt Poker representatives have issued an official statement confirming hot rumors about the acquisition of the operator by the giant Poker Stars. Apparently, the US Department of Justice agreed to the deal, thus opening up a road for owed FTP players to be finally paid back.
The deal will be carried out in full compliance with American gambling laws and will see Poker Stars pay a whopping amount of money directly into the US government coffers – the amount is said to be $547 million over three years. Government promised that all American players owed money by FTP will be able to receive compensation out of these millions.
United States gambling news report that FTP will first transfer all its assets to the government, which will subsequently forward them to Poker Stars. During the course of ninety days Poker Stars will also fork over $184 million to international players.
Most importantly the government will drop all money laundering and civil forfeiture charges against everyone connected to FTP and Poker Stars. This fact is regarded by many industry experts as a first step towards legal online poker sites in United States.
The deal comes into force as soon as Poker Stars transfers the initial $225 million, which the operator has six days to do.
Chairman of the board at Poker Stars, Mark Scheinberg, commented: “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.”
Poker Stars is planning to open Full Tilt Poker during the next 90 days after the formal implementation of the deal. FTP will probably become a separate brand and will have its own independent management team.
This move makes the giant poker operator even bigger, and paves the way for it to grab the American online poker market once it becomes open.