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NEW FULL TILT POKER STATEMENT

Wednesday August 31,2011 :  Moribund operator blames $42 million processor theft, US enforcement actions for predicament
 
The fragmented and at times seemingly uncoordinated Full Tilt Poker public communications system coughed out another statement Tuesday, this time to Forbes business magazine blaming a theft at e-cash processor level and US enforcement for its trials and tribulations.
 
The company does not appear to have a centrally organised and coherent communications strategy, with lawyers giving 'exclusive' interviews to selected publications, ad hoc statements to individual publications that say little, and occasionally largely informal forays on to the player internet message boards.
 
The end result remains the same - players are not being paid, employees are leaving and operations appear to be paralysed.
 
In the latest statement, issued to Forbes, the company tries to explain why it has not yet paid its players, blaming the Black Friday indictments against two of its top people along with U.S. government cash seizures over many years and a massive theft perpetrated by one of its payment processors - without giving details.
 
The company admits that it was unprepared for the Justice Department moves on Black Friday, candidly admitting: “As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday. Full Tilt Poker never anticipated that the DoJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.”
 
Forbes points out that Full Tilt Poker did reach an agreement in April with the Justice Department that was supposed to help facilitate the return of funds to players who had large cash balances with the company, but the company’s inability to pay money back has infuriated its players and done little to enhance the brand's reputation.
 
In its statement Full Tilt notes that U.S. Justice Department actions over the last few years against online poker payment processors resulted in the U.S. government seizing $115 million of player funds located in U.S. banks.
 
The struggling company, which faces a $3 billion DoJ claim in a civil lawsuit on top of the criminal indictments of two executives, additionally claims it was the victim of a massive heist in which one of its key [unidentified] payment processors stole $42 million from the company.
 
“Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected,” the company statement asserted, adding that it experienced “unprecedented issues with some of its third-party processors that greatly contributed to its financial problems.”
 
Forbes notes that Full Tilt was taking major risks; according to a plea agreement entered into with the U.S. government by one indicted payment processor, Bradley Franzen, the online poker firm was dealing with a $60 million shortfall earlier in 2011 that was created by crediting player accounts despite not being able to debit funds from customers through financial transactions.
 
And exacerbating the problems, the Alderney Gambling Control Commission suspended Full Tilt’s main e-gambling licenses because of issues that arose as part of a special investigation - a situation still not resolved, with a second public hearing by the AGCC due before September 15 2011.
 
Full Tilt has been trying to find investors who could put some cash into the business.  The latest statement now reveals that six investment groups, including hedge funds and operators of other Internet firms, have visited FTP's Dublin headquarters and that the company has hired an unnamed financial advisor to “assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players.”
 
With its reputation badly damaged, overwhelming financial and legal troubles, and an apparent reluctance on the part of potential investors to risk capital in the company, the prospect for players being paid looks increasingly remote.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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