Full Tilt Poker License Officially RevokedSeptember 29, 2011 11:14 am
A week after the Alderney Gambling Control Commission (AGCC) resumed Full Tilt Poker’s suspended licence hearing, the Commission has now decided to revoke the poker room’s licence all together.
Citing serious breaches of its regulations, false reporting, unauthorised provision of credit, and failure to report material events, the AGCC concluded:
“AGCC Commissioners, sitting as a tribunal, have today revoked the licences of Vantage Limited, Filco Limited and Oxalic Limited, trading as Full Tilt Poker (FTP), with immediate effect. This follows the earlier suspension of the licences on 29th June 2011.”
The breaking news comes on the heels of speculation that a French company had been considering a possible purchase of Full Tilt, along with repayment of around $300 million of player funds worldwide.
However, the primary reservation the anonymous French company had was that if the AGCC did not reinstate Full Tilt’s licence then the deal would become too complicated and they would likely withdraw. That would now seem to be a reality.
Nevertheless, one silver-linning may still be on the horizon after the AGCC announced that:
“It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management.”
This may still pave the way for a potential buyout of the company. In the meantime, the AGCC further clarified their position by stating:
“Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies.”