Blair Hinkle Optimistic Despite $1 Million in His Defunct Full Tilt Poker AccountPoker Pro Holding Out Hope for Recovering Some of His Money |
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Despite allegations of paying out $440 million to its board members and other owners since 2007, beleaguered online site Full Tilt Poker, operating as a “global Ponzi Scheme,” owes $150 million to U.S. players. One million of that figure rightfully belongs to poker pro Blair Hinkle.
This past February Hinkle won $1.2 million in a Full Tilt Online Poker Series (FTOPS) main event. His prize was one of the largest the site had ever awarded, and it coincided with the company’s alleged insolvency. Hinkle had no way of knowing that his money was in serious danger, or that his winnings existed partly as what authorities have called “phantom funds” within the site.
According to Hinkle, the company took about a month to respond to his emails asking to raise his $8,000 per-day limit on cashing out. The site then asked him to re-verify his account. By the time the process was over, it was April and Black Friday had hit the poker community. Furthermore, none of his requests to withdraw just $48,000 of his winnings had been successful.
Looking back, Hinkle said that maybe there was something he could have done immediately after the score to retrieve some of his winnings, but that he had no way of knowing what was going to happen in the upcoming months. The Department of Justice claims that around this time period Full Tilt had only $60 million in its bank accounts while owing about $390 million globally.
Hinkle, a winner of a World Series of Poker bracelet in 2008, is one of poker’s best young players and was looking to use some of his poker profits to buy a house in Kansas City. However with such a huge sum frozen online, Hinkle has had to postpone his plans of being a homeowner.
“Things would be way different if I had my Full Tilt money, but at the same time I’m pretty happy with where I’m right now — just trying to stay positive,” Hinkle said.
“I think if Full Tilt goes under, there is a chance, at least I am hoping, that I will get at least 20 percent of money back because they’ll have to liquidate [Ray Bitar, Howard Lederer, Chris Ferguson, and Rafe Furst’s] assets in order to pay back some of the money. Depending on what the Department of Justice confiscated and whatever else could happen, I am obviously going to try and get as much back as possible. Let’s hope they get this investor and can take care of it quick, because it doesn’t look like they have a big window anymore.”
According to eGaming Review Magazine, two days after the DoJ’s amendment to the civil complaint “an unnamed party from within the gambling industry” signed a non-binding letter of intent for potential investment in Full Tilt. The Alderney Gambling Control Commission has yet to issue any word publicly on the alleged ongoing negotiations.
“I’m going day-by-day,” Hinkle said. “It’s been such a roller coaster for the last couple months. Every other day there has been good news or bad news. I’m taking it with a grain of salt until something definitive happens with the company.”
Many of the players with substantial money on Full Tilt are caught between a rock and hard place, deciding what action to take against the company they are hoping could recover to the point of paying what is owed. In this light, Hinkle isn’t sure what suing could do. “I have looked at my options and haven’t decided to do anything at this point. I think it’s better to wait it out. Another lawsuit on top of another lawsuit isn’t going to make it any easier for the company to make a deal.”
Hinkle said he isn’t sure that the people running Full Tilt had malicious intent, or whether it was gross incompetence. Either way, he isn’t angry, but he said they deserve to face criminal charges. (Only a civil complaint has been levied against Lederer, Ferguson, and Furst at the present time.)
Despite the nature of the allegations against Full Tilt, Hinkle said he is also disappointed in the DoJ, specifically in their timing. “I feel like they are trying to make a show of Full Tilt, or of poker in general.” Hinkle questions whether its primary concern is to get players cashed out.
The horrendous headlines for poker in the spring and summer months, to go along with Hinkle’s personal dilemma of having more than $1 million stuck on the defunct gambling site, have not damaged his enjoyment of the game. He has been spending some time lately in live cash games.
Hinkle credits his composure to what had made him a successful poker player in the first place. He has always been tilt-averse. “My style of play in tournaments has always been to care less about the money and more about winning the event. For that reason I don’t view money as something you should get upset about. Most good poker players have a good way to get over a losing session or a downswing. I think this mindset has helped me with the Full Tilt situation and allowed me to concentrate on other things in life. I know that I’m going to be successful with poker in the future. If I don’t get the $1 million, I’ll just have to grind away again.”
Follow Brian Pempus on Twitter — @brianpempus
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