Within days of the complete shutdown of Full Tilt Poker’s operations, the company is seeking to be bought out by investors in Europe, hoping that the change of management will allow them to regain their license. Full Tilt Poker will be exchanging a majority share of their parent company, Pocket Kings, which is based in Ireland, in exchange for the money needed to repay customers the money that was in their currently-frozen accounts, as well as the cash that the company needs to defend themselves against a barrage of accusations from the US government.
The name of the European investors, as well as other details of the deal, are currently being kept on the down low, so as not to draw too much attention or be overly complicated by the lawsuits currently pending against the large poker company. In addition to the charges pending on behalf of the US Department of Justice, professional poker player and former Full Tilt Pro Phil Ivey is suing the company over the millions of dollars currently frozen in his FTP account.
Full Tilt Poker is certainly feeling the pressure to not only return players’ money, but also to get back into business. ARJEL, a French gaming regulator, has issued an ultimatum to the site: either allow French players to get online and play immediately, or suffer the consequences (in this case, we can assume that would mean that FTP would lose their licensing in France as well).
FTP has been attempting to negotiate a full or partial sale of the company since April 15, 2011, when the original attack from the US Justice Department commenced. While some investors are clearly still interested in salvaging a sinking ship, others reportedly lost all interest in Full Tilt Poker once the Alderney Gaming Control Commission (AGCC) shut down the site.
American poker star Jack Binion is rumoured to be the newest Full Tilt Poker investor, which could potentially work out in everyone’s favour, if the circumstances play out right. While sources state that Binion has been to Ireland to negotiate the acquisition of the company, nothing is certain at the moment.
The United States is currently looking down the barrel of some serious changes to online poker, thanks to a new bill proposed by Texas Representative Joe Barton, who is attempting to prove that not all Republicans are morally opposed to having fun. Barton, who is best known for his egregious errors when it comes to environmental responsibility and the way that science works, has introduced the Barton Bill, which is still a long way from becoming law. The bill, fully called the “Internet Gambling Prohibition, Poker Consumer Protection, and Strengthening UIGEA Act of 2011” bill, or, as it’s more commonly called, H.R. 2366, would allow online poker to be available in the United States once more.
If the bill is passed into law, Jack Binion will be in an impressive position if he does, in fact, acquire Full Tilt Poker, as he will be fully equipped to relaunch the site from the United States, automatically making it the strongest contender for the US market.