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Full Tilt Explains Payment Position

31/8/2011
Following months of silence on poker’s most contentious issue, former giants Full Tilt have issued a statement detailing why they have so far been unable to pay back any of their players.

Having been the second-business poker operator in the industry before the Black Friday injunctions, Full Tilt have since been dragged over the coals by angry players who have not been able to empty their accounts.

However, in a one-page statement issued by the site, Full Tilt blamed cash seizures by the US government over a number of years and a massive theft by one of their payment processors as the main reasons for their failure to pay players.

“As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday,” Full Tilt said in a statement released to the general public last Tuesday.

“Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide,” the statement continued, also claiming the company had experienced “unprecedented issues with some of its third-party payment processors that greatly contributed to its financial problems.”

According to Full Tilt, these issues amounted to $42 million in stolen funds, which would previously have been covered by the company were it not for the government seizing their assets. However, while the statement offers some explanation – legitimate or not – players affected still have no time-frame on getting their money.
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