F.T. appears to be making a resurgence.
Full Tilt Poker Cashouts Resume After Years of Delays
After a long-standing cashout crisis that began following the U.S. Department of Justice's 2011 black Friday crackdown on online poker sites, Full Tilt Poker has seen a significant improvement. As of May 14th, coin and cashouts are processing quickly again for the second leading poker room.
This turnaround can be traced back to a settlement in July 2012, where Full Tilt Poker, along with PokerStars, agreed to pay a combined $731 million settlement to the Manhattan U.S. Attorney. The settlement addressed the allegations of money laundering and forfeiture related to unlawful Internet gambling transactions.
The settlement allowed Full Tilt Poker to start repaying players and resolved the issue whereby players had been unable to withdraw their funds due to the freezing of Full Tilt's assets following the indictment in 2011. The settlement and subsequent restructuring helped restore some operational stability, though Full Tilt had ceased U.S. operations in the interim.
Tony, an insider with knowledge of both FTP and Stars' owners, expressed confidence on May 13th that all issues would be resolved. His positive outlook is noteworthy given his inside knowledge of the situation. On May 14th, large withdrawals ($50-$100K each) were initiated on Neteller for the second leading poker room.
The survival of the two main rums is seen as grounds for optimism, as deposits are expected to flow back into them with renewed vigor. The speaker and their acquaintances received significant withdrawals ($50-$100K each) on Neteller, and also through other methods.
The Stars Group, which now operates Full Tilt Poker, has resolved initial cashout delays with U.S. justice, now operating more efficiently with European players and paying out American funds instantly. It is possible that either an agreement with the FBI to unfreeze some accounts or the attraction of a major investor (possibly a wealthy gambling enthusiast or a group owning a casino network in the states) has occurred for FTP.
Despite the loss of approximately $4K due to a 3-5% discount on around $100K, the speaker expresses optimism about the long-term prospects for the second leading poker room. The speaker also believes that there will once again be room for activity in the two main rums in the future, as fields are expected to shrink and there will be a decrease in rum inputs.
In conclusion, the resumption of cashouts for Full Tilt Poker marks a significant step forward in the recovery of the online poker industry. The settlement and subsequent restructuring have helped restore some operational stability, and the survival of the two main rums is seen as grounds for optimism for the future of online poker.
What about the future of business operations in technology-driven sectors such as finance and online gaming, like Full Tilt Poker? With the recent resumption of cashouts and the settlement that allowed repayment of player funds, it seems there may be a potential for increased investments and efficiency in these industries, perhaps even attracting wealthy gambling enthusiasts or casino network owners.
