PokerStars Pays $731 Million Dollars and Acquires Full Tilt Poker in Government Deal

PokerStars and the US Department of Justice (DOJ) have finally agreed on the terms of a lawsuit in which the DOJ accused PokerStars of money laundering, violating gambling regulations and bank fraud. PokerStars will pay a total of $731 million dollars of which $547 million will be used to pay back US players. The left over $184 million will go to the overseas poker players who are owed money. Overseas players can expect their money in as little as 90 days.

Many Full Tilt Poker players, who have been deemed “victims” by the US courts, lost the money in their player accounts due to the company’s illegal actions of giving player money to company owners despite the fact that players were told the money was available for withdrawal.

In a recent press release, PokerStars stated that it would re-open the Full Tilt site. Also stated was that paying back players is ”important to the individual players” and “it’s also vital to re-building trust in online poker”.

On April 15, 2011, a day also now known as Black Friday, the government charged Full Tilt Poker, PokerStars and Absolute Poker with fraud and money laundering. The US government has also filed charges against 11 individuals who were involved in the illegal operations of the poker companies. On Black Friday, the government also blocked American players from the site and ruled that it was illegal for any internet gambling website to accept wagers from American players.