Issues Remain for Full Tilt Poker's US Customers

Full Tilt Poker’s American player base has finally gotten some good news in the last few weeks, thanks to the proposed acquisition of the online poker company by a French investment group, and the subsequent news that this purchase might help them recover their locked account balances. However, it is still unclear how or when players would receive their money – and at least one looming issue may make some of those players hesitant to claim their money at all.

Although the exact details have not yet been worked out – and in fact, the Department of Justice hasn’t even confirmed that such a deal exists at all – it appears that the US government and Groupe Bernard Tapie have agreed to terms that would allow GBT to purchase Full Tilt Poker. The poker site’s assets would be forfeited to the US government as part of a settlement; those assets would then be sold to GBT for a price that has been reported to be around $80 million. Players from the US would then claim their money through the Department of Justice, while GBT would handle accounts from other countries directly as they attempt to restart service for FTP worldwide.

However, this still leaves several questions unanswered when it comes to how American players might expect to recover their funds. According to a report by Compatible Poker, FTP attorney Jeff Ifrah says that some players may be concerned that applying for money from the DOJ may in fact open themselves up to having that money taxed.

“Players need…encouragement to submit their claims, as some may be concerned about action from the IRS,” Ifrah was quoted as saying.

In addition, no timeline has been given for when players should expect to be able to make claims or receive the money they are owed. There is also a question as to how much of the outstanding account balances will be paid to players. As mentioned, the sale of Full Tilt Poker’s assets will likely net the US government around $80 million; however, American players hold approximately $150 million in Full Tilt Poker accounts. How or if this difference would be reconciled is currently in the realm of speculation, as no details on the repayment process have been released to the public.