After rumours were swirling all weekend that a deal between Poker Stars and Full Tilt Poker was drawing to a close, it was confirmed today that the parties had reached an agreement worth $730 million.
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The deal was part of a three way agreement reached between the two online poker sites and the US Department of Justice, in which Full Tilt resolved allegations that it operated a Ponzi scheme to defraud its players.
Under the terms of the agreement, Full Tilt Poker will surrender all its assets to the Department of Justice, which will then be purchased by Poker Stars.
This is excellent news for former Full Tilt Pokers who will see over $180 million of the purchase prize made available to non US players to begin the claims process for funds tied up in the site since April 2011, while US players can claim compensation from the rest of the money paid by Poker Stars.
Under the terms of the agreement, Poker Stars will make the money to non US players available within 90 days, which will allow them to withdraw any of the funds they have tied up in the site.
“Today, Full Tilt surrendered their assets to the U.S. Department of Justice, who then sold those assets to Poker Stars for $731 million,” said the attorney representing Full Tilt Poker, Jeff Ifrah. “Of that payment, $330 million will be administered by the Justice Department’s Asset Forfeiture Section to reimburse Full Tilt’s U.S. players.”
From its base in Ireland, Full Tilt Poker apologized to players and thanked its employers “whose hard work over the last 15 months preserved the value of the Full Tilt Poker assets so a deal like this could be possible, and to PokerStars and the United States Department of Justice for their efforts in bringing about this resolution.”