All play at Full Tilt Poker stopped - licence revoked!

[Webmaster]

Full Tilt Poker have had their licence suspended with immediate effect. They are closed to all real money games and at the time of writing the site is not loading all the latest developments here: Full Tilt Closed

If you have money in Full Tilt keep trying the to get on the site and if/when you do CASH OUT AS SOON AS POSSIBLE.

[ChrisChips]

This is an unreal situation, I thought Full Tilt was the biggest poker site in the US, ahead of even PokerStars. Now apparently they are totally done in a matter of a couple months! I guess I'm really lucky that I started with PokerStars, at least I was able to get my money back.

I noticed at the end the article recommend PartyPoker. I haven't thought of them in years, but I bet they are celebrating their foresight.

[Webmaster]

Yes, the other poker sites are obviously pleased with this. I read that Pokerstars have taken 66% of Full Tilt customers since Friday, this is really surprising as Pokerstars look just as vulnerable, they are still facing the $3bn indictment. Also I got a nasty email from Pokerstars about the mailer I sent out advising players to cash out from Pokerstars.

[mrsmumsy]

Is there any further news about this and is it affecting any other poker sites? I shudder to think how people with money that they cannot access are managing. Thank goodness it's not one that I play.

[Webmaster]

August 22nd, 2011
Full Tilt Poker Update

Dublin, Ireland

On August 16th, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker concluded the exclusivity period of negotiations with their current potential investor.

While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.

Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality. To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward.

Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.

[Sanjo]

I'm glad that I didn't know about this online casino but I still feel sad for those who have played in this site. Is there any insurance that these sites can have if circumstances like this arise so that customers won't worry about their money?

[Webmaster]

By law, in most jurisdictions where they are licenced, they are required to keep the player money seperate from the money used for the business. Remember as a poker site they only make money from the rake, so there is no reason to dip into player funds in order to finance business expansion or profit - it's illegal in most places such as Alderney where Full Tilt were licenced. Therefore if the business goes under, the players can be safely reimbursed from the seperate account holding their funds. In this case if Full Tilt doesn't reimburse players they will therefore face criminal prosecution.

[SizzAt]

Heard some rumors that a french investor wants to buy it and there is a chance that they will re-open at the begging of the new year. Hope it is true, Still have got some money in there as many others

[Mullins]

August 22nd, 2011
Full Tilt Poker Update

Dublin, Ireland

On August 16th, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker concluded the exclusivity period of negotiations with their current potential investor.

While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.

Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality. To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward.

Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.

This still does not sound convincing to me. They should of let players know about this well in advanced and warned or communicated with all players. There is something seriously fishy about this.

[Jumpsabout]

It's never good when something like this happens because you tend to think, "If it can happen to one, it can happen to others". I don't like leaving money tied up like this anyway, so I only deposit what I want to spend there and then.