Full Tilt Solvency Statement Fails To Impress

Apparently Full Tilt’s recent statement designed to allay the monetary concerns of thousands of its stranded US customers has done little to ease the increasing tide of impatient account holders.
Along with PokerStars, Full Tilt was indicted by the US Department Of Justice on April 15th. However, whereas PokerStars has already returned over $100 million to its US players Full Tilt players have yet to receive a single cent.
At the heart of Full Tilt’s problem is the fact nine of its accounts in Ireland along wth 76 others have been frozen, thus depriving the company of the means by which to return up to the $150m still owed to its US patrons.
In recent good news, however, around $30 million was unfrozen at one of the company’s Irish accounts, although Full Tilt has indicated players will still have to wait a while to get paid.
As well as this worrying approach by Full Tilt, further concerns have been imparted to its beleaguered US customers after the poker room announced it was presently trying to raise $150 million from investors to facilitate cashouts.
Therefore, hoping to ease US customer’s concerns over their frozen accounts, Full Tilt then issued the following statement:
“We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.”
“We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.”
Understandably, the reactions from the poker community have been far from impressed at the recent statement, The present message seems to be indicating it could be quite some time before US customers are reunited with their cash.
In the meantime, many others seem even more concerned whether they will ever see their money at all.

Other news:   Multi-state online poker compact bill introduced in Pennsylvania

Poker News
Mississippi Casinos Post Record Revenue in April as Sports Betting Beckons
04 Jun 2018
Mississippi’s casinos generated gross gaming revenue of $184 million in April, or 5% more compared to the same month in 2017. Furthermore, that total represents an all-time high for the state, and is 1.3% more than the previous record set in 2007 when thousands of volunteers entered Mississippi to assist in cleanup efforts post-Hurricane Katrina.
Switzerland Prepares For June 10th Legalized iGambling Referendum
04 Jun 2018
On June 10th, Switzerland will hold a national referendum to decide whether the ‘Money Gaming Act’ passed by the Swiss Parliament in September 2017 can be implemented next year in its present form. The piece of legislation paves the way for land-based casinos and local partners to offer legalized online gambling in Switzerland, although a
MGM Resorts International Buys NY's Empire City Casino for $850 Million
02 Jun 2018
Real estate and entertainment conglomerate MGM Resorts International has revealed that it’s embarking on a purchase of Empire City Casino, a slots and pari-mutuel wagering venue located in Yonkers, N.Y., just a few miles north of Manhattan. The deal was announced May 29 in a press release, and is expected to be completed near the
Delaware to Launch Full-Scale Sports Betting on June 5th
02 Jun 2018
Last month’s decision by the US Supreme Court to overturn the sports betting ban in the country has opened the floodgates for individual states to legalize and regulate sports wagering within their borders. Before its decision was even made, though, a number of states had already put in place the necessary legislation in order to