The time has finally come – PokerStars has bought Full Tilt Poker. Rumours have surrounded the acquisition for months, but nothing has been confirmed – until now. News outlets are in a flurry, reporting that Full Tilt Poker has been acquired by its former competitor, who will be paying over $700 million to complete the deal.
PokerStars has agreed to pay a total of $731 million to acquire Full Tilt. $547 will be paid to the American government to settle civil charges while $184 million will be used to refund Non-American players who have been waiting over a year for their money. They will be able to receive their refunds within 90 days.
American players, on the other hand, are still waiting for $350 million worth of reimbursement. They will be required to go through the American Department of Justice in order to claim their refunds, but little information has been revealed about this process at this time.
Former Full Tilt CEO Raymond Bitar has commented on the deal in a statement released recently:
“Over the past few days, I signed the papers necessary to complete Full Tilt’s deal with the US Government. I believe that this deal will result in Full Tilt’s customers being repaid.”
Full Tilt Poker showed little signs of recovery; however, PokerStars seems to be interested in purchasing the site in order to eliminate any potential competition. Should any other company have purchased Full Tilt Poker, PokerStars’ place as the largest online poker room in the world would have been compromised. Now, the company can continue its reign while benefitting the poker-playing world by providing former Full Tilt players with reimbursement.
While the deal is still in its initial stages, but poker players are excited about its potential. It could mean that Full Tilt Poker will return to the online gambling world. While it would be under new ownership and essentially become a PokerStars’ brand, Full Tilt Poker’s return has been highly anticipated for months.