Poker Stars released the details on repaying $184 million to former player account owners of Full Tilt Poker, American gambling news sources report.
Players will be paid back differently depending on their jurisdiction. Former Full Tilt clients from France, Denmark, Spain, Estonia and Belgium will begin receiving their money through their local Poker Stars accounts. For that, the players have to match and connect their old Full Tilt account with a new Poker Stars account in according to their country.
Poker Stars is still in negotiations with the regulators to determine how the payout proceeds, with a decision expected to be made in the coming months. Or next year, knowing the speed of Italian authorities.
In all other countries apart from the United States, players should be able to access their Full Tilt Poker account from early November on.
The situation in the US is a completely different story. There are no applicable American gambling laws for such a repayment, or existing examples on how to set such a case.
However, Poker Stars confirmed again that the payback of players in American poker rooms from a pool of $547 million will be administered by the government. The authorities shared no further details.
The so-called players loans to Full Tilt Poker will not be repaid, as confirmed in a tweet by poker agent Brian Balsbaugh: “If you are a poker player who owes money to the Bank of Full Tilt Poker Slush Fund, the email you’ve been dreading is probably in your inbox.”
Industry analysts estimate the player loans to be as much as $20 million. Lawyers stated that Barry Greenstein, Phil Ivey, Layne Flack, David Benyamine and Erick Lindgren all owe money to the company in the form of loans. Legal procedures will be beginning soon.