Black Friday Repercussions Taking Form
Poker Stars is Out
Full Tilt and Poker Stars are in the process of returning the deposits of their US players as well as exiting the US marketplace. Repercussions are clearly being felt.
In the wake of the April clampdown by the US government on online poker companies, the largest online poker company in the world, Poker Stars, has begun the process of closing the accounts of US players and refunding them their money. This comes after some of the chief executives of the site have been indicted on a wide range of crimes, including money laundering and fraud. In an official release Poker Stars informed their customers that the deposits from US players will be refunded as quickly as possible.
In the wake of the freezing of their domain name and indictment of 11 poker chiefs Poker Stars have removed their services from the US and are preparing to defend themselves in court. The big 3 poker companies that have been targeted by the US are Full Tilt, Absolute Poker as well as Poker Stars. The April 14th crackdown has poker companies scrambling around in an effort to restructure and reorient themselves towards a new reality in the world of online poker. Whereas before April 14th these companies were making money hand over fist from the US market, now it appears that those networks who refrained from doing business there are going to be in prime position to return if and when the laws change.
It is not all bad news for poker players however, already Full Tilt and Poker Stars have reached agreements with US Attorney for Southern New York, Preet Bharara, for their domain names to be unfrozen in order that the money deposited by US players can be refunded. Both companies have pledged to withdraw their services from the US market. Full Tilt had earlier released statements stating that they were unable to return funds to their players who are based in the USA due to the actions taken against them by the government. Presumably the new deal will allow them to access their funds in order to make the necessary refunds.
Absolute Poker on the other hand has refused to play ball with the US government. Although much of their services have been suspended they are still offering ring games to people who have already signed up to their CEREUS network though they aren’t permitting new players to sign up for the moment nor are they allowing withdrawals for the moment.
