Full Tilt Claims Are Now Being Paid
GCG says it has now sent over $76 million by bank transfer. Daniel “Jungleman12” Cates reportedly had a seven figure sum owed to him and he often despaired of receiving it:
I MUST be dreaming. I got the wire for my FT balance. #Gardencity
— Daniel Cates (@junglemandan) February 28, 2014
The payments have been made under the Department of Justice process for compensating victims of crime. As a result, any players who owe money to the US government or under court order, will have that money deducted from the amount sent to them.
The DoJ may not deserve the credit for the repayments. PokerStars bailed out Full Tilt by buying it for $547m in July 2012. It is from this money that players are being repaid.
The DoJ set up the deal so that they would take responsibility for paying US resident Full Tilt players. PokerStars took responsibility for paying all other players, and PokerStars also paid cash value for VIP benefits such as tournament tickets that were outstanding when Full Tilt collapsed.
PokerStars managed to re-launch Full Tilt and start repayments in November 2012; it handed back $184m within a week. Under the management of the DoJ, US players had to wait another 15 months before seeing their money.
Affiliates of Full Tilt lost out under both schemes. PokerStars refused to renew or continue previous affiliate agreements, and the DoJ has refused to re-pay affiliates. Until a late change of the rules, even players who had received minimal affiliate payments for recommending friends to the site were not allowed to claim for the money in their poker accounts.
At last it looks like the uncertainty has been ended, and in a cheeky move, PartyPoker’s newly regulated online poker room in New Jersey is offering a special remission bonus for players who deposit some of their Full Tilt refund on the site.
Great Opportunities to Get Back Online
For players elsewhere in the USA there are still some excellent option available to play online. Americas Cardroom, Carbon Poker, Aced Poker and Black Chip Poker all offer sign up bonuses that make the New Jersey bonuses look unattractive.
- Register now for Rakeback.com Rakeback at Americas Cardroom
- Register now for Rakeback.com Rakeback at Carbon Poker
- Register now for Rakeback.com Rakeback at Black Chip Poker
- Register now for Rakeback.com Rakeback at PartyPoker
By Matthew Marietta, Rakeback.com Executive Editor