Posts Tagged ‘Garden City Group’

Will $82m in Full Tilt Repayments give Online Poker a Boost?

Saturday, January 25th, 2014

By now, much of the poker community has heard that the US Department of Justice has approved $82 million worth of Full Tilt Poker repayments. Over 30,000 players will be receiving money back that was previously locked up on Full Tilt.

With the US DOJ’s approval now official, the Garden City Group can begin distributing tens of millions of dollars to affected players. And now that people will finally be getting their money back, one huge question is if this is going to have a big impact on the poker community.

Most of those who are owed money didn’t have a significant amount on Full Tilt. It’s being reported that the majority of players are looking at getting back $200 or less. However, there are also a number of grinders who are going to receive a fortune.

Take Blair Hinkle, for instance, who won the FTOPS XIX Main Event along with a $1 million prize. Hinkle took this event down just weeks before Full Tilt stopped servicing American players due to Black Friday. Shortly after Black Firday, he wanted to cash out $48,000 of the winnings, but was given the runaround by Full Tilt’s staff.

This was just a precursor to what many other pros would experience in the aftermath of April 15th, 2011, when $82 million worth of American players’ funds were stranded on Full Tilt. And when the US DOJ took over following the site’s financial meltdown and PokerStars buying Full Tilt, it only delayed the process. But now, many of these pros are getting their money back, which could mean great things for poker.

With so much cash going back into players’ hands, we should definitely expect some more high stakes play. Furthermore, we can expect more players at all cash stakes and tournaments. This is $82 million that was taken out of circulation over two and a half years ago. So it’ll definitely be nice to see at least some of it returning to online poker and making the games more juicy.

US Government should start making Full Tilt Payouts this Week

Tuesday, August 13th, 2013

For well over two years, former US Full Tilt Poker players have waited for their money. Some of these grinders are even owed $1 million or more! Now it finally looks as if players might finally get their money back.

The Garden City Group, which has been tasked with making the payouts, claims that they’re very close to returning funds. It’s unclear exactly what day this will happen, but Garden City says that payouts should start being delivered by the “end of the week.”

When PokerStars purchased Full Tilt for $731 million last year, this amount covered $184 million that was owed to Americans. This being said, many US players expected their money quickly. But people started getting worried when months passed by with no payouts being made. However, the wait looks to be over with Garden City Group ready to make transactions.

An estimated 1.3 million Americans are owed money from the old Full Tilt Poker. Noted pro Blair Hinkle is one of these people, and he’s still due over $1 million from an FTOPS Main Event victory. There are plenty of other pros who are owed fortunes as well.

As for Full Tilt, they were busted along with PokerStars, Absolute Poker and UB Poker by the US Department of Justice on April 15th, 2011 (Black Friday). Just two months after this, they lost their license when it was revealed that that they didn’t have enough funds to cover player deposits.

When Full Tilt went down, they owed players $330 million, over half of which included US player deposits. For a while, many people wondered if they’d ever see their funds again. Then PokerStars bought FTP from the US DOJ and quickly allowed international players to get their money back. Now it looks as if the US government will finally pay the rest of the players.