Full Tilt Poker Announces No US Player Payouts Just Yet
Wednesday, 1. June 2011

The online poker community was abuzz over the past few days with rumors that Full Tilt Poker was going to make an announcement regarding US player payouts. Since the events of Black Friday, US players have had their accounts at Full Tilt Poker closed to access and have been unable to make any withdrawals. Full Tilt Poker finally made an announcement this past Monday; unfortunately, no specific date was given.

A Full Tilt Poker representative made a number of posts on popular poker community message boards. In the posts, the representative stated that there was no “specific timeframe” for when U.S. player would finally be paid. The representative went on to state that there was “no bigger priority than getting US players paid.”

Full Tilt Poker’s promises of Herculean efforts in returning funds to US players comes as little solace to the enormous number of US players still waiting to get paid, especially when considering that Full Tilt Poker has really had nothing new to say on the issue since this whole debacle began back on April 15th. Adding to US player frustration is the fact that PokerStars began processing withdrawals for their US players within two weeks of Black Friday.

It was reported last week in the eGaming Review that representatives of Ray Bitar, co-founder of Full Tilt Poker and one of the men named in the indictments of Black Friday, have been seeking investors for an injection of as much as $150 million in cash so that the company will be able to repay its US players. The US Department of Justice reportedly unfroze an account at the Bank of Ireland belonging to Full Tilt Poker that could release more than a third of the money that Full Tilt Poker owes. Full Tilt Poker owes its US players between $100 million and $150 million.

It would appear that a large part of Full Tilt Poker’s problems in returning US player funds is the timing of the indictments and account seizures. At the time of the bank account seizures, Full Tilt Poker was in the process of finding a payment processor to execute transactions between their accounts and their U.S. players’ bank accounts. Full Tilt Poker had actually credit their US players’ accounts with a total of $60 million without having actually received the funds from the players. This would normally not pose much of a problem when considering that such transactions are usually handled in fairly short order. Unfortunately for Full Tilt Poker, problems with payment processors resulted in the transfer taking longer than usual. At the time of the indictments and bank seizures, the money had still not been transferred resulting in the quagmire that Full Tilt Poker and their US players now face.

Full Tilt Poker has had issues with payment processors and frozen accounts in the past. It wasn’t a problem because they would typically pay customers from their own money while they were resolving payment issues. Now, they have been unable to do this due to the simple fact that their bank accounts were seized. This is why Full Tilt Poker is now seeking investors.

If you are looking for an online poker room that still accepts US players then you need look no further than Cake Poker. Cake Poker offers player incredible bonuses, fantastic promotions and non-stop action.