The Fall Of Full Tilt PokerJune 30, 2011 9:48 am
It would seem Full Tilt Poker is currently desperately mulling a range of strategic options to help extricate itself from the precarious situation it now finds itself.
Until yesterday, Full Tilt Poker was still the second biggest poker site in the world with around 50,000 players online at any one time, of which some 9,000 were found at its virtual cash tables.
These figures were in spite of the fact Full Tilt had lost 48% of its traffic numbers since being forced to withdraw from the US market on 15th April.
Now, however, the online poker room’s servers are down with a total traffic of zero recorded by PokerScout.com. That situation is unlikely to change for at least another month pending a licence hearing by the Alderney Gambling Control Commission on 26th July.
In addition, Full Tilt has a major liquidity problem with millions of dollars now owed to players from all around the world, as well as the $150 million still owed to its former US customers who have been left high and dry by Full Tilt’s practice of mixing players deposits with its operating funds.
Furthermore, Full Tilt Poker is currently being sued by the US Department Of Justice (DOJ) for $1 billion on a range of charges which include money laundering and fraud. Amongst those facing up to 35 years in Jail are founders Raymond Bitar and Nelson Burtnick as well as Full Tilt operatives Ryan Lang, Bradley Franzen, Ira Rubin, Chad Elie and John Campos.
Following Black-Friday, Full Tilt was at least expecting to keep earning revenue from around the world to help payback US customers but that is no longer an option now the site’s servers are down.
There was even talk this week that Full Tilt was close to salvation with an imminent series of bridging loans organised by casino business pioneer Jack Binion to give a much needed investment boost to the company.
Attracting serious investors seems a pretty slim possibility with the mounting problems facing the site and Full Tilt Poker will now have to come up with an impressive backup plan if it is to avoid paying the ultimate price.