PokerStars acquires FTP and settles with DOJ

PokerStars announced just few minutes ago (via a press release sent to affiliated poker sites by PokerStars press department, which includes LiquidPoker network) that the Company has reached a settlement with the U.S. Department of Justice (DOJ) Southern District of New York. As part of the settlement agreement, PokerStars has also acquired the assets of Full Tilt Poker, and has committed to the full reimbursement of Full Tilt Poker customers outside the United States.

The total amount to be paid by PokerStars is USD$547 million which will be payable over a period of three years. The money paid to the US Government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice. PokerStars repaid all amounts owing to its own U.S. customers shortly after it closed its U.S. operations.

PokerStars will also make available in a segregated bank account, all outstanding balances owing to all non-U.S. customers of Full Tilt Poker (an amount totalling USD$184 million), with no restrictions on withdrawals, within 90 days of completing this transaction. PokerStars has remained open for non-U.S. players, with all its licenses in good standing, without interruptions.

Under the agreement with the Department of Justice, PokerStars does not admit to any wrongdoing. Furthermore, the agreement explicitly permits PokerStars to apply to relevant U.S. gaming authorities, under both PokerStars and Full Tilt Poker brands, to offer real money online poker when State or Federal governments introduce a framework to regulate such activity.

PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. Full Tilt Poker’s operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. Further details of these plans will be announced shortly.


“We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow,” said Mark Scheinberg, Chairman of the Board of PokerStars. “This outcome demonstrates our continuing global leadership of the online poker industry, and our commitment to working with governments and regulators to ensure the highest standards of protection for players.”

“Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money, and benefits the entire poker community. Full Tilt Poker’s customers outside the U.S. can soon look forward to accessing their accounts and playing on the re-launched site, confident that they are supported by PokerStars’ history of integrity and our track record of delivering high-quality and secure online poker.”


"The way we have operated our business since the U.S. Department of Justice brought its claim has underlined our credentials as a responsible online poker operator,” Scheinberg continued. “In particular, the prompt repayment of our former US customers in as quick a time frame as possible demonstrated our industry-leading commitment to the segregation of customer funds. We continue to encourage jurisdictions all over the world to introduce sensible online poker regulation.”

Wohoooooohohohohohohooooo!


Trololololololoooo

http://www.pokerstarsblog.com/corpora...es-with-united-states-doj-096492.html

official statement from PS

i suspect andrewsong to throw the biggest party...

I want an invite.

NNDWBDB.NR/./ GFRN.EµMB.EB%/GF NRN?RT%DF/ GF§N ET%N?%N/ N/GFN ET%N? NET%LBER%/FDB€BRE%L?ED/ NG§N GFNN GF./N RTFGNFfzeJVIKSLDGN?ZÖRGBNVZ.EPGDKBJNLVKJFKVQNCEKLGDFVCD /C/ MKDVRE£PBL?E.ZMG?E.BMRE?BER%B?EBL%E?QN% ETLBZ.B%?.FMµBE%
FN.RGµN%GN.N.€FB.TEL%.ZB%/FB.DF/NB.EBµ.

who cares?

Will we be able to play, or only withdraw our money from FTP?

I kind of rather play, instead of removing my $500. I know others have way more, which they need right now.

On July 31 2012 12:19 DooMeR wrote: who cares?

andrewsong lol


srsly coolbeans. wish I could say I had a big chunk of money tied up on the site but NOPE

--- Nuked ---

^^ sick good!

Tomorow is my birthday
10k$ gift from Pokerstars , thank you PS

On July 31 2012 12:35 waga wrote: Tomorow is my birthday 10k$ gift from Pokerstars , thank you PS

Same here! They are giving you 85x my present though.

omfg i was waiting for solid news like this in forever...

srsly i got some grey hairs from last year's fiasco...now i can get fucking paid back ^^

gratz guys, specifically andrewsong, who can now fund his die howard project properly

http://www.pocketfives.com/articles/pokerstars-we-plan-reopen-full-tilt-587633/

awesome

I don't remember my pw anymore :c

my security token died, it's battery doesn't work anymore.

so wait, over 3 years? What is that supposed to mean? i had like 5k on FTP so basically you can only withdraw small amounts over time? I guess it's better than nothing.

at this point i'd be happy if they even gave me back half of wat they owe me ;(

On July 31 2012 13:27 Newblish wrote: so wait, over 3 years? What is that supposed to mean? i had like 5k on FTP so basically you can only withdraw small amounts over time? I guess it's better than nothing.

OMG READ CORRECTLY, you will have your money in 90 days from finishing the deal, and its getting finished in 7 days

On July 31 2012 13:39 MysticJoey wrote: Show nested quote + On July 31 2012 13:27 Newblish wrote: so wait, over 3 years? What is that supposed to mean? i had like 5k on FTP so basically you can only withdraw small amounts over time? I guess it's better than nothing. OMG READ CORRECTLY, you will have your money in 90 days from finishing the deal, and its getting finished in 7 days

yup he need to learn to read but as you do.
He's american and won't be paid in less than 90 days.

to newblish : DOJ will repay you and you have to fill a form

What happens to my Full Tilt loyalty rewards? We are reviewing all previous Full Tilt reward programs and will provide more details on plans for these programs in the near future. We intend to have a fair resolution for players with accumulated points and other rewards under the program.

So sickening great news i never expected to return my FTP points (worth 1k) and br (around 600).
Maybe i should also email PS my alot-below-EV graph of FTP cashgames and ask for refunding those?

On July 31 2012 12:26 2c0ntent wrote: Show nested quote + On July 31 2012 12:19 DooMeR wrote: who cares? andrewsong lol

how much did he had on FTP?

On July 31 2012 14:15 doriipoker wrote: Show nested quote + On July 31 2012 12:26 2c0ntent wrote:   On July 31 2012 12:19 DooMeR wrote: who cares? andrewsong lol how much did he had on FTP?

over few hundred ?

edit:

http://www.liquidpoker.net/poker-foru...How_much_did_FTP_steal_from_you_.html

omg i hope this is not another cocktease

COME ONNNNN

do u think we ll get back the money in the void + fpps?

On July 31 2012 14:20 dnagardi wrote: omg i hope this is not another cocktease COME ONNNNN do u think we ll get back the money in the void + fpps?

yes we'll get the fpp !!

On July 31 2012 13:39 MysticJoey wrote: Show nested quote + On July 31 2012 13:27 Newblish wrote: so wait, over 3 years? What is that supposed to mean? i had like 5k on FTP so basically you can only withdraw small amounts over time? I guess it's better than nothing. OMG READ CORRECTLY, you will have your money in 90 days from finishing the deal, and its getting finished in 7 days

3 years for americans it seems

ffs ... no.
PS will pay the 500Mish in 3 years.
we have no idea yet how long it will takes for american to be paid by the DOJ

I'm fucking drunk right now , had to celebrate :D
PS bought FTP for 500Mish and will pay those 500M in 3 years.
that doesn't mean americans will get their money after 3 years.
Actually PS pay 200mish right now wich cover the americans funds stuck at ftp

does this increase the chance of it legalizing sooner in US?

On July 31 2012 15:22 soberstone wrote: does this increase the chance of it legalizing sooner in US?

I don't think so
However it increase drastically the chance to allow PS '( and ftp) to enter the american market

On July 31 2012 15:22 soberstone wrote: does this increase the chance of it legalizing sooner in US?

One has nothing to do with the other, IMO

This is far from over for US players. It seems to me that the DoJ has clung to the detail that US players must come to them to get their funds. This could only mean one thing, that being the US Govt intends to review those individual claims for violations of US laws and for outstanding tax liabilities.

They could easily have allowed Pokerstars to return US players money the same as they are doing for the rest of the world, which makes it clear that Uncle Sam has ulterior motives

On July 31 2012 15:24 curtinsea wrote: They could easily have allowed Pokerstars to return US players money the same as they are doing for the rest of the world, which makes it clear that Uncle Sam has ulterior motives

This was also crossing my mind. I just hope that it'll be a nice and smooth process and that there aren't too many hoops to jump through

better late than never

On July 31 2012 11:45 Defrag wrote: PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team.

lol, why?

On July 31 2012 15:37 NMcNasty wrote: Show nested quote + On July 31 2012 11:45 Defrag wrote: PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. lol, why?

So many reasons. E.g. in the same way Coca-cola is assisted by the existence of a strong competition-leader in Pepsi as it means that consumers
will speak of only their brands.

It's also favorable for the diversification aspect alone.

What. Coke and Pepsi are complelty different companies and are fierce competitors. Pepsi's credibility also wasn't completely destroyed.

"Under the agreement with the Department of Justice, PokerStars does not admit to any wrongdoing. (...) PokerStars and Full Tilt Poker brands, to offer real money online poker when State or Federal governments introduce a framework to regulate such activity."

OMG TWO HUGE WINS FOR PS

in b4 DOJ finds a way to spoil our celebrations

"Oh it turns out you didn't capitalize the 'H' in hevad khan under account details, therefore under article 249FJ29a we're going to only give back 3% of your money"

:D

On July 31 2012 18:02 NMcNasty wrote: What. Coke and Pepsi are complelty different companies and are fierce competitors. Pepsi's credibility also wasn't completely destroyed.

Yeah and they make drinks not poker rooms wtf taco?

Way to miss my point which was a marketing one.

i will miss FTP jokes but hey this is great news for everyone :D

So their sole reason for doing this is to grease the wheels with the US gov't for future regulated poker. Obviously no way they would dish out over half a billion on just a hunch, so it's pretty much 100% guaranteed poker is going to get US approval eventually.

On July 31 2012 20:24 taco wrote: Show nested quote + On July 31 2012 18:02 NMcNasty wrote: What. Coke and Pepsi are complelty different companies and are fierce competitors. Pepsi's credibility also wasn't completely destroyed. Yeah and they make drinks not poker rooms wtf taco? Way to miss my point which was a marketing one.

The two biggest brands owned by the same company means they will have a huge portion of the online poker market. I would have to think that their real reason for doing this would be ...

On July 31 2012 21:30 NewbSaibot wrote: So their sole reason for doing this is to grease the wheels with the US gov't for future regulated poker. Obviously no way they would dish out over half a billion on just a hunch, so it's pretty much 100% guaranteed poker is going to get US approval eventually.

to gain access to the largest online poker market(I assume) in the world.

On July 31 2012 16:22 taco wrote: Show nested quote + On July 31 2012 15:37 NMcNasty wrote:   On July 31 2012 11:45 Defrag wrote: PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. lol, why? So many reasons. E.g. in the same way Coca-cola is assisted by the existence of a strong competition-leader in Pepsi as it means that consumers will speak of only their brands. It's also favorable for the diversification aspect alone.

This is 100% wrong.

A better analogy would have been to discuss Coke and Fruitopia - two brands owned by the same company in an attempt to further their diversification and attain a higher % of market share.

On July 31 2012 22:54 Rescom wrote: The two biggest brands owned by the same company means they will have a huge portion of the online poker market. I would have to think that their real reason for doing this would be ... to gain access to the largest online poker market(I assume) in the world.

I know they will have a huge portion.

The reasoning behind having two separate entities instead of one is the far more interesting choice.

I maintain that it is because it is far better for someone with a 50% market share to have a single competitor with most of the remaining market
because that shapes the question posed into "Coke or Pepsi?" and not "What type of soda would you like?"

+ a heap of other reasons like diversification and encouraging entrepreneurship.

In before this becomes a pissing contest regarding who knows the most about marketing.

Oh wait...

On August 01 2012 01:05 soberstone wrote: In before this becomes a pissing contest regarding who knows the most about marketing. Oh wait...

hahaha, true.

This is great news for everyone who lives outside the US though, holy shit. Although, would have been a lot sweeter if FTP would have been bought by a different group. I feel like the lack of competition will be a bad thing in the years to come (shittier and shittier vpp bonuses, vpp distribution, etc. etc.)

Oh well. GL guys and grats

On July 31 2012 15:23 waga wrote: Show nested quote + On July 31 2012 15:22 soberstone wrote: does this increase the chance of it legalizing sooner in US? I don't think so However it increase drastically the chance to allow PS '( and ftp) to enter the american market

This isnt Pokerstars being generous and getting themselves outta shit - the reason they agreed to the deal is so that they are guaranteed access to the US market in future. What they pay out for FTP is small fry compared to what they will earn from the US market in future.

On July 31 2012 15:24 curtinsea wrote: Show nested quote + On July 31 2012 15:22 soberstone wrote: does this increase the chance of it legalizing sooner in US? One has nothing to do with the other, IMO This is far from over for US players. It seems to me that the DoJ has clung to the detail that US players must come to them to get their funds. This could only mean one thing, that being the US Govt intends to review those individual claims for violations of US laws and for outstanding tax liabilities. They could easily have allowed Pokerstars to return US players money the same as they are doing for the rest of the world, which makes it clear that Uncle Sam has ulterior motives

I think this is maybe part of it, but in a less paranoid world, it is because ongoing money laundering case and the DoJ need to check individual accounts and transactions before releasing funds.

http://www.fulltiltpoker.com/


they posted the announcement and a FAQ there

hope ...

I have cracked it! It's so they can see how many people will actually play on FTP.

On August 01 2012 01:15 devon06atX wrote: Show nested quote + On August 01 2012 01:05 soberstone wrote: In before this becomes a pissing contest regarding who knows the most about marketing. Oh wait... This is great news for everyone who lives outside the US though, holy shit.

Maybe I'm missing something but there's nothing here saying PS will be allowed to have EU and US players on the same site, right? It seems unlikely that US players will be allowed to play with EU players to me. PS will probably just have a new site with a separate US-only player base. More of a win for PS owners in that regard tbh.

Gz to all the Americans getting their money back though, mbn!

On August 01 2012 07:19 Syllogism wrote: http://www.fulltiltpoker.com/ they posted the announcement and a FAQ there

This is pretty awesome:

Can I transfer my FTP funds to an account on PokerStars? We hope to have the functionality in place to allow inter-site transfers between Full Tilt Poker and PokerStars, so that you can enjoy playing again on either platform of your choosing. We will provide additional guidance on this in the coming weeks.

I'm moving outside of the U.S. will I be able to get my money that was on there?

Originally Posted by Lee Jones View Post Hi folks - A lot of people are asking about the date which is used to establish whether you're a "U.S." or "Rest of World" player, for the purposes of from whom you get your money. We have officially confirmed that that date is June 29th, 2011. Reports that the date is April 14th, 2011 are incorrect. If your Full Tilt account had an address in the U.S. or U.S. Territories as of June 29th, you are considered to be a U.S. player. Best regards, Lee Jones

damn. oh well.

Should be interesting to see what happens to the merge network if Pokerstars opens up to the US

So, if I have $500 stuck in FTP, but still want to play there instead of removing the money like a lot of people are wanting to do, do you think it's a donk move to leave the $500 in there, or do you think I should remove most of the money but still keep a small amount in there?

My money stuck on FTP doesn't affect me in my daily life, but it is my poker money, so I cant play without it.

On August 01 2012 18:30 PuertoRican wrote: So, if I have $500 stuck in FTP, but still want to play there instead of removing the money like a lot of people are wanting to do, do you think it's a donk move to leave the $500 in there, or do you think I should remove most of the money but still keep a small amount in there? My money stuck on FTP doesn't affect me in my daily life, but it is my poker money, so I cant play without it.

I don't think it would be a donk move since it would be owned by Pokerstars at this point.

this will likely cause a huge spike in FTP game traffic

On August 02 2012 00:51 TalentedTom wrote: this will likely cause a huge spike in FTP game traffic

Lol

--- Nuked ---

someone gets it