PokerStars to Buy Up Full Tilt Poker This Month?
A report on at the iGaming Post Website claims that the deal between PokerStars and Full Tilt Poker is just days away from being announced. This statement and many other correlating to this news have been leaked out in different sites based on a recent court hearing in New York City. The hearing is believed to confirm the deal between the representatives of Full Tilt Poker, PokerStars and Absolute Poker/UB Poker who met with the Department of Justice officials. Based on this, PokerStars will purchase Full Tilt Poker and repay all players from across the globe. This move will also end the criminal indictments against Full Tilt Poker that were handed down to them on Black Friday.
According to the news release by iGaming; the deal will be announced on or before May 23rd, 2012. PokerStars is using the time to work out the complete details of the repayment that is estimated to a total of $330 million. PokerStars would also have to shell out an additional $420 million that needs to be handed out to the Department of Justice for Full Tilt Poker assets and also to settle civil and criminal lawsuits handed down on Black Friday.
Once the deal is brokered, the Department of Justice has promised both PokerStars and Full Tilt Poker the capability to apply for online gaming licenses in the United States (excludes places where legislation doesn’t allow legal gambling). The article by iGaming also suggests that the deal would result in both Isai Scheinberg and Paul Tate stepping down from PokerStars.
This particular development for PokerStars/ Full Tilt Poker could completely change the face of the poker industry; the most obvious of moves being the $330 million payback to players. PokerStars would gain complete monopoly in the industry since the days of Planet Poker. The deal would also see PokerStars/Full Tilt Poker gain double the bargaining strength when it comes to negotiating with Brick & Mortar casinos for licensing rights to their software and partnerships.
Among the voices behind the success of PokerStars, one name in particular comes to our mind. The combination of Steve Wynn and PokerStars has always wielded magic at a time when Black Friday was imminent. Wynn has always been one of the strongest and most vocalized advocates for legalized online poker in the US. If Wynn heads the new flagship PokerStars/Full Tilt Poker, one can expect the company to lead Nevada’s online poker rush that’s expected to begin in about 7 months time.
Although the hearing and its proceedings are very much speculative, many sites around the world have been talking about the same thing when it comes to Full Tilt Poker. But at this point, in-spite of the news being largely hypothetical, this seems to be the most credible of information out now. The news is expected to bring resolution to players when it comes to Full Tilt Poker.
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