Full Tilt Poker: Former Players of Shut Down Poker Site May Have Refunds Coming

Phil Ivey's wish is about to be granted
Ethan Miller/Getty Images

It has been over two months since the government cracked down on a handful of notable online poker sites, yet many former players are still waiting for their money to be repaid.

One of the sites was Full Tilt Poker, which is said to owe its players as much as $150 million. To date, the site itself still bears a message that says people behind the scenes are "working to resolve the distribution of these funds."

There has been a new development, however, and it sounds like all could be resolved very soon.

According to a report from the Los Angeles Times, Full Tilt Poker is set to be bought by a group of European investors, and Full Tilt attorneys say the group has the means to pay back the site's players. All they would have to do is put up the cash to make the refunds possible, and in return they would get a majority stake in Full Tilt's Irish parent company, Pocket Kings.

No doubt the possibility of players getting their money back comes as good news to Phil Ivey. Formerly a regular on Full Tilt, Ivey chose to go to battle for all his comrades by boycotting the World Series of Poker and by filing a lawsuit against Full Tilt.

"I wholeheartedly refuse to accept non-action as to repayment of players funds and I am angered that people who have supported me throughout my career have been treated so poorly," wrote Ivey on his Facebook page at the time.

Per the LA Times report, Ivey is now ready to withdraw his lawsuit.

To note, Full Tilt players won't be the only ones benefiting from the agreement, which was signed on Thursday. The cash is also going to help square things with the U.S. Attorney's office, which filed a civil lawsuit against Full Tilt at the same time criminal indictments were being handed out.

The government is still seeking a combined $3 billion from Full Tilt, Poker Stars and Absolute Poker, which have been indicted on charges of fraud and money laundering, among others.

Make no mistake, the situation as a whole is still a long way from being over. But for now, that everybody is soon going to be compensated will have to do.

Most recent updates:

Flag

Props (0)