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Poker News | World Poker News

Will Full Tilt Poker Survive? (or Full Tilt Fiasco Update)

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On June 29th the Full Tilt fiasco continued with the AGCC suspending Full Tilt’s operating licenses, and a week later the French regulator ARJEL followed suit. This shut down the poker site pending a hearing scheduled for July 26th in London. Since then there has been plenty of speculation on the future of Full Tilt Poker – but no clear answers and not much hope.

Throughout the events of Black Friday and beyond, the 14 poker players who made up ‘Team Full Tilt’ have largely remained silent and relied on the ‘no comment’ stance when asked what was going on. Phil Ivey spoke out by filing a lawsuit which he later dropped. Tom Dwan took to Twitter; first doubting players would be paid, then saying maybe they would if the proposed sale of Full Tilt became reality.

A class action lawsuit was filed against Full Tilt on June 30th brought on behalf of “a nationwide class of Full Tilt account holders residing in the United States.”  The lawsuit documents state that 13 of the 14 are said to have been “at all or some relevant time(s)... a shareholder and director of, and/or a participant in, Full Tilt and/or one or more Full Tilt companies.” No word yet on the lawsuits progress and as usual, no statements have been released by Full Tilt Poker. They have not offered any apologies or hope to the former Full Tilt players who still are owed an estimated $150 Million.

On the other end of the spectrum is PokerStars, who responded immediately to the DoJ’s actions by promptly releasing a statement and responsibly keeping players informed of new developments. In short order, PokerStars worked out a deal so their customers could cash out - and paid out over $120 Million owed to its American players. Not only did PokerStars elevate their reputation by their fast and efficient response to Black Friday, but in the process made Full Tilt Poker look even worse. It is doubtful that even if Full Tilt could rise from the ashes like a Phoenix, that they could ever repair their reputation, especially with American players when poker becomes legal in the USA.

In spite of the AGCC ruling having nothing to do with PokerStars, they released a statement anyway, reassuring their players that their poker room would not suffer the same fate as Full Tilt. One reason is because unlike Full Tilt Poker, PokerStars follows one of the main rules set forth by the Isle of Man Gambling Supervision Commission – they keep company assets separate from player funds. All of this is why even in the wake of Black Friday and losing their huge US player base, PokerStars has hung on to their reputation and remains the number one poker room online.

In the immediate aftermath of Black Friday, several online poker rooms started targeting the US customer-base that was left looking for a new home. The few brave enough to keep their doors open to Americans; Carbon Poker, Cake Poker and Rox Poker, have seen membership swell and have been offering great bonuses for new players. And others, even though they are closed to US players, have been offering great promotions to lap up former international Full Tilt, UB and Absolute Poker players.

European powerhouse Titan Poker has announced their ‘Rake Break’ deal where they are reducing or completely removing the rake from many cash game tables.

PartyPoker is now offering completely rake free (no fee) multi-table tournaments making it the perfect time for players to take advantage of PokerWorks' amazing $50 FREE bonus deal.

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