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Report: European investors agree to purchase Full Tilt

1 July 2011

A group of European investors are poised to rescue Full Tilt Poker, just two days after Alderney suspended the gaming site's license, according to a Los Angeles Times report.

The deal, reportedly signed yesterday, would allow American players to recover money they had in their accounts when the Department of Justice froze Full Tilt accounts and indicted Full Tilt founder Raymond Bitar on April 15 on charges of money laundering and bank fraud.

The founders of PokerStars and Absolute Poker were also indicted on April 15. PokerStars, Full Tilt and Absolute Poker (and its sister site, UB.com) withdrew from the American market after the indictments. PokerStars has already returned more than $100 million to its American players. Absolute Poker has not refunded any money to American players. Both PokerStars and Absolute Poker continue to operate outside of the U.S.

Prosecutors are seeking $3 billion in damages from the indicted poker rooms.

The L.A. Times report says the European investors have invested enough money in Full Tilt to become the majority stakeholders.
Report: European investors agree to purchase Full Tilt is republished from Online.CasinoCity.com.
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Best of Vin Narayanan
Vin Narayanan

Vin Narayanan is the managing editor at Casino City. When he's not writing or editing stories, he likes to play Chinese Poker, Badugi, Razz and any other "non-traditional" poker game. He also thinks blackjack is his best game and loves game theory.

Before joining Casino City, Vin covered (not all at the same time) sports, politics and elections, wars, technology, celebrities and the Census for USATODAY.com, USA WEEKEND and CNN.

A proud graduate of Michigan State University, Vin can be found on most nights and weekends trying to find a way to watch the Spartans play football or basketball.

Vin Narayanan
Vin Narayanan is the managing editor at Casino City. When he's not writing or editing stories, he likes to play Chinese Poker, Badugi, Razz and any other "non-traditional" poker game. He also thinks blackjack is his best game and loves game theory.

Before joining Casino City, Vin covered (not all at the same time) sports, politics and elections, wars, technology, celebrities and the Census for USATODAY.com, USA WEEKEND and CNN.

A proud graduate of Michigan State University, Vin can be found on most nights and weekends trying to find a way to watch the Spartans play football or basketball.