Full Tilt Poker is back with the bangs and the whistles; it has great brand ambassadors and is now being backed by Poker Stars – one of the most trustworthy poker brands in the industry.
What’s more, the player and poker news coming out from the site is all about wins and promotions, creating a positive buzz about PokerStars and Full Tilt Poker.
However, no matter how much buzz surrounds this Black Friday brand – the poker industry is still watching Full Tilt Poker with hawk like eyes to see when the players will get their money back. So far, it has been estimated that Full Tilt Poker owes as much as $159 million to its US players.
So far, it has been 19 months that the US players have been waiting to get their hands on their money tied in Full Tilt Poker accounts.
The Poker Players Alliance, an organization that is fighting for the cause of online poker legalization in the US, is of the opinion that it will take a very long time for the players to get paid by the Full Tilt Poker site.
John Pappas, the Executive Director of the Poker Players Alliance, recently met with the Department of Justice to discuss the situation.
John Pappas, expressed his opinion stating that the “completion of a refund claims process is a long way away,” soon after the meeting concluded.
Pappas also explained what had been discussed during the meeting.
We laid out compelling legal and practical arguments why full repayment was the only equitable solution. We also raised the issue of ‘player point’ balances and encouraged the DOJ to recognize the inherent value of these points when they consider what a player is owed. Our thoughts on these matters were well received; however, it was clear from our discussion that no decisions have been made regarding the manner of repayment of player balances…We fully expect to keep a continued and open dialogue with the [DOJ] and we will continue to update you as more information becomes available.
Pappas seemed to be a bit disappointed with the information regarding the delay of payment.
Unfortunately, completion of a refund claims process is a long way away. The first step in this process will be the Department’s hiring of a third-party claims administrator, after a bidding process: there is no current date certain for that selection to occur. But it was evident that even when a claims administrator is hired, forfeiture and remission procedures require that a substantial administrative process be adhered to before players begin seeing their funds.