The purchase means that non-American online poker players, who had an outstanding balance with Full Tilt Poker, will be refunded their money within ninety days.
American customers will have their money refunded at a later date, yet to be decided.
The news has come as relief to former Full Tilt players who have had their money tied up for 15 months after the company was shut down when the United States government brought criminal charges against the executives of Full Tilt, Poker Stars and Absolute Poker as well as those who helped the companies process money.
In the terms of the agreement Pokerstars must forfeit $540 million to the United States government and reimburse $180 million owed by Full Tilt Poker to online players.
Pokerstars will push ahead with plans to re-launch Full Tilt Poker as a separate brand.
According to a press statement released by Pokerstars“Full Tilt Poker will be re-launched following the appointment of a new, independent management team. Full Tilt Poker’s operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. Further details of these plans will be announced shortly,” the statement said.
Mark Scheinberg, Chairman of the Board of Pokerstars, was glad the saga has been resolved and happy with the overall outcome of the settlement.
“This outcome demonstrates our continuing global leadership of the online poker industry, and our commitment to working with governments and regulators to ensure the highest standards of protection for players,” Scheinberg said.
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