Full Tilt Poker Expected To Remit Over $5.7 Million
Full Tilt Poker has been paying back outstanding amounts due to players for the last 18 months under the supervision of the Garden City Group (GCC) which was appointed by the Department of Justice to oversee the reimbursement process.
The company recently announced that it was in the process of releasing yet another batch of payments within the next few weeks. Full Tilt Poker is expected to release over $5.7 million in outstanding payments and close to 2,000 ex-Full Tilt Poker players are expected to be beneficiaries of this amount.
When Full Tilt Poker exited the U.S. market, thousands of players were caught unaware and had no means of withdrawing their funds. Many players gave up hope of ever recovering their winnings but eventually Full Tilt Poker agreed to make staggered payments to clear its dues.
In a statement, John Pappas, Executive Director of the Poker Players Alliance said
I Just spoke my contact at the Department Of Justice Asset Forfeiture and Money Laundering Section (DOJ AFMLS) and learned that another batch is ready to be issued, but it could still be a few weeks till it hits player bank accounts. This next wave includes roughly 2,000 petitioners totalling $5.7M in funds. These are petitioners with disputed funds, those with missing info, and those who they consider ‘new petitioners.’
Full Tilt Poker has already approved the $5.7 million payout and the money is expected to be transferred to the GCC within the next 2 weeks. Once the money is received, the GCC will conduct a number of routine bank tests to ensure that the player’s accounts are active and will then go ahead with the transfer process. Full Tilt Poker is currently clearing outstanding dues of all poker players who have filed claims highlighting the amount they were owed. The company is currently paying players who met the original deadlines for the reimbursement process.
There are close to 3,800 players who have recently submitted their claim once they confirmed that Full Tilt Poker was indeed making reimbursements. These 3,800 claims are yet to be paid and will need to be verified by the company before the next batch of payments gets cleared. The GCC usually updated their fulltiltpokerclaims.com website whenever they are about to issue a new batch of payments but this time around, no update has been made with regard to the $5.7 million payout.