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The roller coaster ride Full Tilt Poker for US players has ridden since its launch may be best summarized by the phrase, “the bigger they are the harder they fall.” Summary for US Players on Full Tilt Poker Full Tilt Poker was eventually purchased and reopened by PokerStars.Messy fallout, did not pay US players for years, founding pros disgraced.Targeted and shut down by US authorities on April 15, 2011.One of the most popular poker rooms worldwide until Black Friday.Full Tilt Poker formed in 2004, reached peak in 2007-2010.Full Tilt Poker has not accepted US players since 2011.Please see the “US player options” section below or visit my dedicated US poker rooms page for updated alternatives.
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They failed to pay back US players for several years and were eventually bailed out when former competitor PokerStars acquired their assets.įull Tilt Poker longer accepts US players for real-money play. in mid-April, Full Tilt Poker promised that the $160 million in credits of U.S.-based accounts was “safe and secure.” But thousands of customers couldn’t retrieve their money, and it looks like there’s a chance they’ll never get it back.īrad Tuttle is a reporter at TIME.The Insane Saga of Full Tilt Poker For US Players The real Full Tilt Poker died on Black Friday 2011 when it was shut down by US authorities.
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When access to the site was cut off in the U.S. ( MORE: Qwikster Split: The Real Reason Netflix Broke in Two)īy March of 2011, Full Tilt was theoretically holding roughly $390 million in the accounts of customers around the world, yet the company had only $60 million in the bank. But it appears as if the owners were taking home far more than the company realized in legitimate profits. Sites like Full Tilt Poker were supposed to be making money by charging online tournament fees and collecting a small percentage (“rake” in poker lingo) of each pot. Prosecutors say that owners and board members had taken $440 million out of the company’s accounts since April of 2007. customer accounts.īut the company couldn’t come up with the money-because hundreds of millions had already been siphoned off by its various owners. At that point, Full Tilt Poker promised to pay back winnings being held in U.S. In April, the government shut down access for Americans to the Full Tilt site and two other sites, arguing that they were in violation of fraud and money-laundering laws.
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The investigation of Full Tilt Poker stretches back months.
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( LIST: 12 Craziest Counterfeits - and How to Spot a Fake) The two are among those charged with profiting from Full Tilt’s scheme, receiving $42 million and $25 million, respectively. They’re both prominent poker pros who, it seems, pursued an expedient means of grabbing piles of money that didn’t involve playing cards or relying on lady luck. Those are the nicknames of Howard Lederer and Chris Ferguson, respectively.
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Who took the money? The Department of Justice says it was the Professor and Jesus, among others. government, the popular poker website Full Tilt Poker-whose logo had been splashed all over ESPN and the hats and T-shirts of top poker pros- “was not a legitimate poker company but a global Ponzi scheme.” The operation is accused of defrauding thousands of online gamblers to the tune of over $300 million. According to attorneys who filed a civil suit yesterday on behalf of the U.S. And it’s really easy to lose money by gambling when the house is basically using a stacked deck, and never plans on paying out all the winnings.