A bore is a well you wish you'd never fallen into
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Full Tilt Poker loses its gambling license
ONLINE POKER OUTFIT Full Tilt Poker has had its worldwide gambling license revoked.
Full Tilt Poker was accused last week of being nothing more than a Ponzi scheme and has been sued by the US Department of Justice (DoJ), with its founders also in the firing line. Now the Wall Street Journal reports that Alderney Gambling Control Commission has revoked Full Tilt Poker's gambling license in the Channel Islands.
One of the allegations leveled at Full Tilt Poker is that its executives were taking out millions even when they knew there wasn't enough cash to pay its creditors, the players. Now the Wall Street Journal reports that an insider is hopeful that a deal with an investor might mean that the firm can pay back the $300m it owes to its poker players.
In a statement Full Tilt Poker was trying to play the victim, claiming that having its gambling license revoked "makes it more difficult to execute the sale of the company and hence repay its players". The DoJ, on the other hand, said that it is not certain that any money it collects from Full Tilt Poker will end up back in the hands of players.
The Alderney commission said Full Tilt Poker had fundamentally misled the licensing authority about its funds. The WSJ also reports that the commission listed "serious breaches of regulation including false reporting, unauthorised provision of credit and failure to report material events".
Full Tilt Poker's gambling license revokation affects the saleability of the company rather than its operations, which were shut down some time ago. For the players that are owed cash, there's no guarantee that even if Full Tilt manages to find an investor that their winnings will be paid out. µ
Tags: Software
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The Government Ponzi Sceme called taxation is still alive and well though.
This is USA imperialism at its very worst. How come the USA Department of Justice has any sway over what happens in the Channel Islands (which are a Crown Dependency of the UK!).
Whether anybody outside the USA plays Online Poker is nothing to do with the USA. If they wish to curtail the freedom of their own citizens from playing online poker and yet freely promote (non-online) poker within their own country (especially in Las Vegas, Nevada) that is their concern (although this is nothing to do with online corruption and everything to do with preventing profits going outside the USA).
Full Tilt Poker have committed the cardinal sin of attracting American gamblers to their site (outside of USA rule) and therefore had to be dealt with harshly. How else can the USA keep its patent/copyright/ACTA + economic stranglehold over the rest of the world if people defy them.
The real villains are the Alderney authorities for caving in to the bullying USA Department of Justice.
No wonder countries across the world are getting more and more annoyed with America. How dare they tell everybody else how to live their lives when we have no say (and no voting rights) within the USA.
Yanks go home and leave everybody else in peace!
You have old news. They've already signed Acquisition Agreement with Groupe Bernard Tapie on the 30th of September.
Online gambling has always seemed horribly dumb. Exploits, hacks, cheats always hear the siren call of an online gaming site.
I wouldn't be surprised if the main site encouraged this.
Gambling has always been a suckers game.
One born every minute.
But they were not gambling. Did they loose their Ponzi license also?
If they weren't a ponzi they should have the money to pay off their players