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Full Tilt Poker Deal Signed

by Matt Kaufman, Rakeback.com Staff Writer

In an unprecedented deal, Groupe Bernard Tapie (GBT) has signed an agreement with the United States Department of Justice (DOJ) which paves the way for control of Full Tilt Poker to be handed over to GBT.

Numerous sources have reported that the DOJ will take possession of Full Tilt's assets and then sell them to GBT for $80 million. The next step in the process is that Full Tilt's management needs to agree to a forfeiture of these assets. After that occurs, a final agreement can be reached, and GBT can take control of Full Tilt.

What does this mean for player funds and the company?

The US DOJ will be responsible for compensating Americans who held Full Tilt accounts, and the Tapie group themselves will repay customers from the rest of the world. It is not entirely clear how or in what form these payments will occur, but it is certainly excellent news that they will be taking place in some form.

Full Tilt Poker will need to finalize all of the necessary arrangements surrounding this deal, and either reactivate their gaming licenses with the Alderney Gambling Control Commission or acquire a new license before the site can become operational.

We are very pleased to be bringing you this great piece of news, and as always Rakeback.com will keep you up to date as further developments occur.

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