It’s been a week now since the big poker news broke. The story has been covered extensively elsewhere so I won’t rehash it all here. But these are the main points. Following a deal with the US Department of Justice (DoJ), Poker Stars has now taken over the defunct Full Tilt Poker. By paying $547m to the DoJ they have settled the civil claims against them, although some criminal charges still remain against certain individuals. Most importantly however is the news that all player balances will be refunded in full. 100% of them! (A reported $184m)
This is quite amazing news. That the players deserve all their cash back is not in doubt. They’ve done nothing wrong and they’ve already suffered enough. But they’ve got seriously lucky – in what other failed business would an unsecured creditor get 100% of their dough back?
Most readers on here didn’t give the players much hope of getting their money back either. Just look at the results of the Poll of the Week we ran in July 2011. This really is manna from heaven – a freeroll – a bailout for the common man. So this week’s question is: What is your reaction to the Full Tilt “bailout”?
Congratulations to Craig Haughey (@TheHawko on Twitter) for winning last week’s Poll