The long-running saga involving Full Tilt Poker is finally at an end after the beleaguered online poker operator finalised a three-way deal that will see all of its assets transferred to rival PokerStars and players given access to their frozen funds.

The agreement with the United States Department of Justice and PokerStars will see US-based Full Tilt Poker players have an opportunity to request compensation while customers in all other jurisdictions are to be given access to their account via the new owner for immediate cash withdrawal or play.
“We are delighted we have been able to put this matter behind us and also secured our ability to operate in the United States of America whenever the regulations allow,” said Mark Scheinberg, Chairman for PokerStars.

“This 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.

“Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over twelve months for repayment of their money and benefits the entire poker community. Full Tilt Poker’s customers outside the United States can soon look forward to accessing their accounts and playing on the re-launched site, confident that they are supported by PokerStars’ history of integrity and our track record of delivering high-quality and secure online poker.

“The way we have operated our business since the US Department of Justice brought its claim has underlined our credentials as a responsible online poker operator.

“In particular, the prompt repayment of our former US customers in as quick a time frame as possible demonstrated our industry-leading commitment to the segregation of customer funds. We continue to encourage jurisdictions all over the world to introduce sensible online poker regulation.”

The deal finalised with Preet Bharara, the United States Attorney for the Southern District of New York, will see PokerStars pay $547 million over the next three years to take control of Full Tilt Poker with a portion of these funds earmarked to reimburse former customers in the United States through a remission process set to be administered by the Department of Justice.

“PokerStars will also make available in a segregated bank account all outstanding balances owing to all non-US customers of Full Tilt Poker, an amount totalling $184 million, with no restrictions on withdrawals within 90 days of completing this transaction,” read a statement from Isle of Man and Malta-licensed PokerStars.

“PokerStars has remained open for non-US players with all its licenses in good standing without interruptions.”

PokerStars stated that it plans to re-launch Full Tilt Poker in most markets as a separate Isle of Man-licensed brand following the appointment of an independent management team due to be based in Dublin.

“We are pleased to announce these settlements by Full Tilt Poker and PokerStars, which allow us to quickly get significant compensation into the victim players’ hands,” said Bharara.

“Today’s settlements demonstrate that if you engage in conduct that violates the laws of the United States, as we alleged in this case, then even if you are doing so from across the ocean, you will have to answer for that conduct and turn over your ill-gotten gains.”