Last week PokerStars announced that they have reached an agreement with the U.S. Department of Justice (DOJ). As part of this agreement PokerStars will be acquiring the assets of Full Tilt Poker and will be covering the full reimbursement of Full Tilt customers outside of the U.S.
PokerStars will be paying a total of $547 million over a period of three years. This money will be used in part to refund ex Full Tilt Poker players in the U.S. through a remission process which will be administered by the DOJ. PokerStars has already repaid all amounts it owed its U.S. customers.
PokerStars will be making all outstanding amounts owed to non U.S. customers of Full Tilt Poker available in a segregated bank account, a total of $184 million) with no restrictions on withdrawals.
According to the agreement PokerStars does not admit to any wrongdoing. It also allows PokerStars to apply to relevant U.S. gaming authorities, using both the PokerStars and Full Tilt Poker brands, to offer real money online poker if State or Federal governments legalise it.
PokerStars is planning to re-launch Full Tilt Poker in most markets after they appointed a new independent management team. Full Tilt will continue to operate from Dublin but the regulatory aspects will be transferred to the Isle of Man.
Mark Scheinberg, the Chairman of the Board of PokerStars, said that they are “delighted” to bring a close to the matter. He said that the “outcome demonstrates our continuing global leadership of the online poker industry, and our commitment to working with governments and regulators to ensure the highest standards of protection for players.”
He added that the acquiring of Full Tilt Poker assets “strengthens PokerStars, brings welcome relief to Full Tilt Poker Players … and benefits the entire poker community.”