09Jul
Full Tilt Poker to be Sold off to European Investors

Ever since the Black Friday Incident erupted, Full Tilt Poker has been searching desperately for a solution to their problems. Now, at the site’s weakest point, it finally seems as if someone has finally reached out a helping hand. Or, perhaps, they simply ran out of options and had to resort to this no doubt heartbreaking and painful measure. The founders of Full Tilt have decided to sell off their company to European investors. The deal, if it pushes through, will give the site as much as $150 million – enough to cover the cost of what they owe to their US players who have been left hanging ever since the whole mess began.

Full Tilt’s Woes

Things were looking really horrible for Full Tilt Poker when the Black Friday incident happened. Their US players had to be blocked from playing, making them lose quite a large portion of their user base. Things seemed to be looking up when they managed to cut a deal with the DOJ, giving them, along with Pokerstars, a legal avenue for payment as well as the return of their .com site. But then, Full Tilt quickly earned the ire of the players when it continued to fail at giving out refunds, whereas their rival site, PokerStars had already begun the refunds long since. To further compound their problems, Full Tilt’s top pro, Phil Ivey, decided to file a lawsuit against them, as if things hadn’t gone bad enough for the site. Full Tilt, meanwhile, was trying desperately to make both ends meet. A small blessing came when the US released on of its bank accounts, but the money was nowhere near enough for what they needed to pay back their US customers. Still, there was a small relief in the fact that Full Tilt still had its international player base to keep business surviving, if not flourishing. But even that was taken away from them when their license was revoked by gambling authorities in Alderney.

Sealing the Deal

Faced with little choice and trapped in a seemingly hopeless corner, Full Tilt accepted a deal with a group of investors from Europe. They would give the company enough money to repay its debts and to possibly find a settlement with the US government concerning the lawsuit. Details are pretty much scarce as of this point due to the sensitive nature of the entire issue. The group now holds a majority of the stakes in Full Tilt’s parent company, Pocket Kings. It’s tragic for the founders of Full Tilt who worked so hard to create their company, but sometimes people have to make sacrifices in order to make good with their promises. If this will be the move that allows them to repay their customers, then we should certainly salute them for making a tough decision.

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