Gambling License of Full Tilt Poker Revoked

October 01 00:00 2011

New York, October 1 ( – The gambling license of online poker site Full Tilt Poker, that is allowed to operate around the world, has been revoked by the Alderney Gambling Control Commission in the UK’s Channel Islands. The site has been accused of being a giant Ponzi scheme by a US federal prosecutor.

With this revocation, the possibility of a rescue seems to have receded. The company is still hopeful that it will be able to come out of the dilemma by entering into a deal with an interested investor that would allow it to pay back more than $300 million that it owes to poker players. The deal would, however, depend on a settlement with the U.S. Department of Justice in a civil case. In court filings the department had claimed more than $1 billion as damages from the company and its owners.

In a statement Thursday the company said that it has become more difficult to sell the company and repay the players due to the Alderney decision to revoke Full Tilt’s license. However, the company stated that it “remains committed to repaying its players in full and continues in active negotiations.” In the meantime, the Justice Department said that it was attempting to collect money from Full Tilt but it was not sure whether the players would be able to get that money.