The US Department of Justice has finally made an agreeable deal with a French investment group who are currently in the process of purchasing Full Tilt Poker. The controversial online poker website may finally be brought back to life, and even more exciting is the prospect of its many customers potentially getting their money back at long last.
It has been reported that the agreement would allow former players to apply for compensation via the Justice Department for money outstanding. The failed poker site currently owes US poker players in excess of $150 million, which certainly makes you wonder how they ever intended to pay it back. Although this is undoubtedly good news for all players currently owed funds, several leading poker industry sources were quick to point out this is not specifically a sure-fire money back guarantee.
A French investment group known as ‘Groupe Bernard Tapie’ has agreed to purchase the Full Tilt Poker company and brand for $80 million and intends to bring the name over to Europe. With FTP’s former success considered this equates to quite the bargain. It should however be noted that the Department of Justice will be handing the French group a huge portion of the money seized from Full Tilt Poker during the Black Friday crackdowns. This figure is estimated to be around $40 million dollars. If we do the math this means Group Bernard Tapie will be purchasing Full Tilt Poker for a mere $40 million.
Jeff Ifrah, an attorney for Full Tilt Poker said “Groupe Bernard Tapie will still need to obtain a license, if they want to operate in the US.” Regardless, this deal is certainly set to please many people who just want to get back to betting in poker, and especially the players who are owed money.