PokerStars, which has been at the center of the poker media spotlight since last April’s Black Friday, has released a public statement about Full Tilt’s recent license suspension. Full Tilt Poker had its licence revoked on June 29th by the Alderney Gambling Control Commission (AGCC) and has been barred from accepting new players, accepting money from players, allowing players to withdraw funds, or allowing players to take part in any kind of poker game on the site (the AGCC was pretty specific that Full Tilt Poker isn’t going to be doing much of anything for quite some time). Although the Full Tilt website states that the site is merely down for maintenance, the site will not be back up until the net hearing, scheduled for late July.
PokerStars, which has, like Full Tilt and Absolute Poker, been under fire from the United States government for alleged bank fraud, money laundering and illegal gambling, assures players that there is no need to worry that the fate of Full Tilt will become the norm across the board.
The statement highlights a few key points that are an excellent strategic move, even in the instance that the next hearing regarding the Full Tilt case results in a reinstated license. PokerStars has made their points while creating a subtext so clear that it’s hard to miss (interpretation of subtext in italics below):
- The PokerStars license is intact. It’s so intact, in fact, that they got special reiteration from the Isle of Man licensing board, saying that it’s intact. (You know whose license isn’t intact? Full Tilt– but ours is!)
- PokerStars has already released over $100 million of US player money that had been locked in their accounts since the US Department of Justice took the site down and froze all the accounts two months ago. While there’s still a lot of funds left in limbo (about $400 million is still frozen in US player accounts), PokerStars is doing everything they can to release the remainder of the funds. Players from the United States will still have to find another site on which they can play, but at least they’ll be able to access their own money to do so. (We’ve already given your money back– or we’re about to give it back– but you know who hasn’t shown you a dime? Full Tilt and Absolute Poker! We’re very obviously trying much harder for you, so if there comes a time when you have to choose between sites, remember that we work the hardest and are the most honest!)
- The US Department of Justice has already given PokerStars their stamp of approval to continue working elsewhere in the world. (This is all a big misunderstanding, and we think that it may just go away entirely very soon. Remember that PokerStars is working hard to find middle ground with all interested parties and governments!)
The original text of the statement is as follows:
“In light of today’s news that Alderney Gambling Control Commission has suspended Full Tilt Poker’s license, PokerStars wishes to assure our customers that their funds are completely safe and that our operations are completely unaffected. The Isle of Man Gaming Commission today re-affirmed that PokerStars’ worldwide licensing is intact and that our operations are in full compliance with all of its requirements. PokerStars’ online operations continue as normal and all funds in players’ accounts are safe and available for withdrawal as usual with no delays.
PokerStars also remains in full compliance with our licenses in other jurisdictions where we are regulated, including France, Italy and Estonia.
As provided under our licensing, PokerStars has always maintained the integrity and security of our players’ funds, by keeping all such funds in segregated bank accounts, always available for immediate withdrawal.
Since the actions of US Department of Justice in April, we have returned more than $120 million to US players and continue to act upon requests as they are received. Players outside the US have not been affected and all cash-outs have been processed without delays. Further, PokerStars entered into an agreement with the Department of Justice which expressly confirmed the company’s ability to operate outside the US.
We will continue to operate as a responsible corporate citizen and are committed to serving the needs of our customers in complete compliance with our regulatory requirements.”