Key Points of the PokerStars / DoJ Deal + Whats Next for Full Tilt
Posted On June 30, 2018
Ok, this time it seems like theres actually a bit of meat on the bone. Both PokerStars and the DoJ have confirmed that a deal has been reached that will settle the charges against PokerStars (the company) and allow Stars to purchase Full Tilt and repay players.You can read the full text of the settlement here.Useful sources for the latest on the story include: PokerFuse, QuadJacks.tv, DiamondFlush.com and the official 2p2 thread on the issue.Key Points of the Stars / DOJ Deal
US Player funds will be distributed through a remission process to be administered by the Department of Justice. The $547 million number includes US player funds owed but does not include the $180 million or so owed to non-US players. It is not clear at this point whether or not US players will receive all of their funds. There is also as of yet no clear timeline for the process. The PPA has a page dedicated to updates on US player payback.
Non-US players will have access to their funds within roughly 100 days and that process will be administered by PokerStars. Balances of non-US players will be paid in full, and indications are that Stars will also compensate non-US players for things like FTP points.
The settlement acknowledges that both PokerStars and Full Tilt are eligible to apply for a license in the U.S. to offer real money poker when states or the federal government offer such an opportunity.
PokerStars is paying a total of $547 Million to the US government. This amount both settles charges against the company and allows Stars to purchase assets of Full Tilt Poker. Stars will pay the amount over the span of three years.
Per the agreement forcing him to step down from PokerStars, Isai Scheinberg is no longer head of PokerStars. That position is now held by his son Mark Scheinberg.
The deal does not impact any criminal charges (pending or future) against individuals involved in PokerStars / Full Tilt Poker (including Isai Scheinberg).What Does the Future Hold for Full Tilt?PokerStars says:Diamondflush is reporting that non-US FTP players will get some compensation for points, but no word on anything similar for US players.The official DoJ press release has an interesting tidbit:Full Tilt will stay headquartered in Ireland, but will no longer operate under Alderney regulation (shocking). That aspect of FTP is moving over to the Isle of Man.Survey of the CoverageIf you want to wade through it, Lee Jones has opened a thread on 2p2 answering questions about the deal.