Full Tilt Poker Licence Revoked

Full Tilt Poker has had its licence to operate revoked by the Alderney Gambling Control Commission (AGCC) – a move that comes just three months after its licence was suspended on 29 June, 2011. Technically it is three companies (Vantage Limited, Filco Limited and Oxalic Limited) which traded as Full Tilt Poker, so the licences of all three companies have been revoked, and this followed a six day hearing by the AGCC in London.

In the US, Full Tilt has been accused of running its business as a ‘ponzi scheme’ which uses money from one group of players to fulfil the withdrawal requests of others – an accusation that Full Tilt has denied.

A press release recently issued by the AGCC said that Full Tilt Poker had: ‘fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator. Serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events.’

The AGCC has pointed out that revoking the licenses of the companies involved does not mean that those licenses cannot be restored in the future should the Full Tilt Poker business come under new ownership and management. This could well happen, but how attractive the Full Tilt Poker brand will be to outside investors will depend on how the criminal case against the company unfolds in the US over the coming weeks and months.

As far as Full Tilt Poker players are concerned, the decision to revoke its licence means that the AGCC is no longer the place for them to submit complaints to regarding their accounts. Instead, players have been advised by the AGCC to contact the police force in their country of residence if they wish to file an official complaint about missing funds.

There is no question that this story will continue to run for some time to come and we will of course keep you updated with significant developments as and when they take place.

William Briggs