PokerStars has reached an agreement with the US Department of Justice and agreed to buy Full tilt Poker for a total of US$731m.
Under the agreement, the Isle of Man-based company will pay the Department of Justice $547m for the full assets of Full Tilt and has committed to make $184m available to fully reimburse Full Tilt customers outside of the US within 90 days.
The money paid to the US government will in part be used to reimburse former Full Tilt Poker customers in the US, through a remission process to be administered by the DoJ. PokerStars repaid all amounts owing to its own US customers shortly after it closed its US operations.
In a statement from PokerStars, the company said that under the agreement with the DoJ, it does not admit to any wrongdoing. Furthermore, the agreement explicitly permits PokerStars to apply to relevant US gaming authorities, under both PokerStars and Full Tilt Poker brands, to offer real money online poker when state or federal governments introduce a framework to regulate such activity.
The company plans to relaunch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. Full Tilt’s operations will continue to be run from Dublin, Ireland, but regulatory oversight will be transferred to the Isle of Man.
Mark Scheinberg, chairman of the board of PokerStars, said the company is “delighted” to put the matter behind it, as well as to secure its ability to operate in the US.
“Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money and benefits the entire poker community. Full Tilt Poker’s customers outside the US can soon look forward to accessing their accounts and playing on the relaunched site, confident that they are supported by PokerStars’ history of integrity,” added Scheinberg.
In a statement released by Full Tilt yesterday, the company apologised to its customers and expressed its appreciation to loyal employees, PokerStars and the US DoJ “for their efforts in bringing about this resolution.”
