80 Percent Of Full Tilt Poker Petitions Paid, Says Garden City Group

According to an update from the Garden City Group, 80% of the Full Tilt Poker petitions filed by former American customers of the site have now been paid.

The news comes with the announcement from the GCG of the most recent round of FTP payments, some $2.5mm distributed to over 3,100 petitioners.

It also comes within days of the fourth anniversary of online poker’s Black Friday.

What remains to be paid

The total will never reach 100% of petitions, as some classes of petitioners were deemed ineligible.

It’s unclear if the GCG is counting petitions that were processed but had payments diverted to the Treasury Offset Program.

It’s also unclear if by 80% the GCG means: a) of total number of petitions or b) total dollar value of petitions filed.

I emailed GCG with a request for clarification on both points.

In any case, the petitions that remain to be reviewed are all “disputed petitions” – meaning the petitioner did not agree with the balance provided by the GCG – that are:

• Over $2,000 or
• Are between $500 and $2000 and the difference between the reported balance and the GCG balance is greater than 20%.

We’re still likely talking about several million dollars in contested funds, although an exact figure is not available.

Full Tilt payment timeline to date

Per updates provided by the GCG:

• April 2015: 3,100 payments totaling approximately $2.5 million.
• September 2014: 600 payments totaling approximately $1.8 million.
• June 2014: 3,200 payments totaling approximately $14 million.
• April 2014: 2,200 payments totaling approximately $5 million.
• February 2014: 27,500 payments totaling approximately $76 million.

The totals: $99.3mm in payments spread out over 36,600 payments.