Full Tilt announced on the 30th August 2011 a statement as to why they have been unable to pay back their players after having their US operation shut down back in April 2011 (Black Friday), and more recently a full revocation of their license from the Alderney Gaming Commission in July.
In a statement released on their website, Full Tilt Poker mainly blamed external factors as the catalyst to their recent demise from a multibillion dollar business to a company desperately seeking investors. They stated they were not expecting the kind of heavy handed force given by the US Department of Justice, having their .com domain and shutting down the Full Tilt site worldwide.
The final tipping point for them was post Black Friday when they experienced unprecedented issues with several of their payment processors. Full Tilt also mentioned one unnamed payment processor having allegedly stolen $42M in player funds.
One industry insider we spoke to has stated “Full Tilt’s ethos was set up as many payment processors as possible and accept deposits from anyone, in a bid to rival Poker Stars”.
With this kind culture it really is no wonder why many of these payment processors decided to do a runner post Black Friday, and also again it raises questions surrounding the overall judgment of key decision makers at Full Tilt Poker.
Full Tilt Poker have been known to keep their cards to their chests, releasing few statements surrounding the events of Black Friday – keeping players in the dark and enraging them further. So this press release will improve public relations and whilst it doesn’t give detailed explanations, it does most importantly still state players will be paid back in full.
Before any of that can happen they will need to first find investors, whom so far seem to have eluded them. After initial talks ended in an anti-climax last month with supposed European investors, Full Tilt are still on the hunt for financial assistance.
So if you have a spare $150M looking to invest, you might want give email@example.com an email.