PokerStars Explains Financial Practices and Claims Players’ Money Is Safe
PokerStars has released a statement detailing the measures it takes to ensure the safety of its player funds. This has been done with a view to assuage players’ fears about the safety of their real money.
The PokerStars Corporate Communications Head, Eric Hollreiser, has claimed that the online poker site makes sure that players are never in any risk arising from delay in processing the transactions by providers of payments solutions. He said that PokerStars assumes all the risks from such delays. PokerStars said that in order to fulfill the conditions of its licensor, it maintains separate accounts for operational funds. It does not take out money from the accounts of players. Mr. Hollreiser said that this was a best practice followed by other major poker sites in the industry also.
This disclosure by PokerStars brings into focus the recent decision by the Alderney Gaming Control Commission to conduct a review of the actions it took in the Full Tilt Poker case. The AGCC is the licensor of FTP and it does not have a policy clause which requires its licensee sites to keep players’ money separate from operational funds. This was the fundamental reason for FTP to default on player payments. Full Tilt Poker still has to pay back almost $330 million to player members.
In September, the AGCC suspended Full Tilt Poker’s license when it became aware of large scale irregularities on the part of FTP. The poker site had told AGCC that it had no available funds due to problems with payment processors. The commission did not immediately audit Full Tilt Poker but took the information provided by the FTP accounting department at its face value.
André Wilsenach, the executive director of The Alderney Gaming Control Commission maintained that upon learning about FTP’s problems and concluding that there were issues with its operational integrity the Commission immediately decided to fulfill its statutory duties. He added that the Commission’s actions were timely, appropriate and fair.
However, there were inevitable questions raised by third parties as to whether AGCC acted correctly in this instance. In order to set these doubts to rest permanently and also for the sake of transparency, the AGCC decided to launch an independent review of the actions it took in the aftermath of the revelation of Full Tilt Poker’s problems.
The enquiry will be headed by a respected figure from the industry who commands the trust of both gaming sites and regulators. The thrust of the review will be the fairness and appropriateness of the actions taken by the Alderney Gaming Control Commission in dealing with Full Tilt Poker. The review will be conducted in a fair and transparent manner and the results of the review will be made public.
It is as yet unclear as to how the review and its results will impact AGCC’s current stance vis a vis FTP and especially how it might affect the prospects of the ex-players of the Full Tilt Poker site who have more than $300 million still owed to them.
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