Another Round Of Full Tilt Poker Payments ComingMore Than $100M Out Of $159M Owed Has Been Returned |
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Late last week, $4.3 million in additional money that is still owed to poker players from the old Full Tilt Poker site was given the green light to soon be returned.
Garden City Group, the claims administrator in the remission process, said that the Department of Justice Asset Forfeiture and Money Laundering Section has approved a new round of payments. Roughly 2,000 additional petitions have been OK’d by the feds.
This round is going to some who have disputed their account balances at the time the site shut down in April 2011. Other successful petitions were from former Full Tilt sponsored players.
Under its previous ownership, Full Tilt Poker sponsored dozens and dozens of players, offering some hourly wages in addition to rakeback. At its peak, there were more than 160 “Full Tilt Pros.” In a typical deal, one poker pro earned around $100,000 in rakeback in a roughly two-and-half year time frame, in addition to $35 an hour to grind on the site.
“After this round of payments, we will have paid approximately 87 percent of all petitions filed,” Garden City Group said on its website.
“GCG continues to work with the Department of Justice to evaluate the balance of the petitions that have been filed,” the notice posted on June 4 continued. “Petitions that are found to be valid will be paid in upcoming distributions. GCG and the DOJ expect to distribute additional payments by the end of the third quarter of 2015.”
Since the remission process began in early 2014, roughly $104 million has been returned to victims of the site. According to the federal government, $159 million was stolen from Americans.
Full Tilt was eventually rebooted after a 2012 settlement with the federal government that also resulted in one-time rival PokerStars acquiring the site. Last year, the parent company of both sites was bought by Amaya Gaming Group for $4.9 billion. Amaya is seeking to bring the brands back to the U.S. market via New Jersey, which has legalized online gambling.
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