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With US customers still waiting for payouts from Full Tilt Poker and Absolute Poker, there are reasons to be optimistic. Both companies, despite being indicted on April 15 by US authorities, do have value.
Assuming payouts are made, Full Tilt Poker and Absolute would no longer have a tainted reputation. The fines required to be paid as part of the indictments are but a drop in the bucket compared to the ultimate value of these companies.
Full Tilt Poker and Absolute Poker, respectively, have something other acquisition-minded groups desire: A solid software platform and amazing customer lists.
The software is vital since any company looking to enter the online poker market will need a time-tested sustainable product. The customer lists need little explanation. Failure to pay in an expedient time period has left a bad taste in the mouths of poker players currently but time will heal all wounds should these companies pay out in full.
Both Full Tilt Poker and Absolute Poker remain in business. Absolute still serves the US market through its parent company, Blanca Gaming, which offers a lucrative online bingo site. Absolute Poker has not released any further statements since the second week of May. Full Tilt issued a statement on Monday, acknowledging its poor communications with affected players and the online poker community as a whole.
We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.
We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.
Both Full Tilt Poker and Absolute have retained big name law firms to represent them. The two companies are charged with fraud and money laundering in addition to violating the Unlawful Internet Gaming Enforcement Act (UIGEA).
- Christopher Costigan, Gambling911.com Publisher
