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The slow process of reuniting US-based customers of Full Tilt Poker with their bankrolls took an incremental step forward today.
According to the Garden City Group, the company responsible for administering FTP remissions, a second round of payments totalling around $5mm to approximately 2,200 accounts was initiated on April 1st.
When combined with the first round of payments issued in late February ($76mm to 27,500 accounts), the GCG has now issued some $81mm in payments to just under 30,000 accounts.
That total is more or less in line with the amounts originally estimated for the cohort of Full Tilt Poker customers who did not dispute their account balance with the GCG.
While the total numbers involved in repayment to date are impressive in an absolute sense, there still remains a substantial gap between the amount paid and the sum of US player balances on Full Tilt Poker when the site closed.
To the best of my knowledge, an official total for US FTP balances was never released by the DoJ or any involved party.
But using numbers regarding Full Tilt’s total liabilities provided in statements from the US Department of Justice (estimated at “over $300 million” here and “approximately $350 million” here) and then subtracting the amount PokerStars paid specifically to cover non-US balances ($184mm) leaves you with an estimated total ranging from $120mm to $160mm.
Even at the low end, we’re left with a gap of tens of millions of dollars.
Some of that money will never be paid. For example:
But some (likely material) amount of money is still tied up in the remissions process:
Visit the official site for Full Tilt Poker claims administration: FullTiltPokerClaims.com.