|PokerStars are to officially complete their acquisition of one-time rivals Full Tilt Poker.
A deal has been approved by the US Attorney’s office which will see all of Tilt’s assets forfeited to PokerStars, who will in turn forfeit $547m to the US government over the next three years, including a $225m payment within the next six days.
As part of the deal PokerStars will refund non-US players the $184m they are owed within 90 days of their Tilt acquisition, with the approximate $150m owed to US players returned separately at a later date.
PokerStars, who have admitted no wrong-doing with regard to their past US operations, say they plan to re-launch Full Tilt Poker as a separate brand under a new management team, moving the firm’s licence from Alderney to the Isle of Man.
Chairman of the Board of PokerStars Mark Scheinberg said: “We are delighted we have been able to put this matter behind us, and also secure our ability to operate in the United States of America whenever the regulations allow.”
A Full Tilt statement read: “Full Tilt apologises to all of its customers who endured a long and difficult period wondering whether this day would ever come. Full Tilt expresses its appreciation to its loyal employees whose hard work over the last 15 months preserved the value of Full Tilt Poker assets so a deal like this could be possible.”
United States Attorney for the Southern District of New York, Preet Bharara, said: “Today’s settlements demonstrate that if you engage in conduct that violates the laws of the United States, as we alleged in this case, then even if you are doing so from across the ocean, you will have to answer for that conduct and turn over your ill-gotten gains.”