Full Tilt Poker
Full Tilt Poker was one of the well-known online poker casinos, operating in the US Market. This was one of the online gambling websites that are targeted by Department of Justice of United States during the month of April in this year. The way, by which events will go on thereafter for FTP (Full Tilt Poker), will give lessons for every gambling operator, who is involving in any type of illegal online gaming activities.
At the starting of April month, of this year, FTP casino was at the top position in this world. They had drawn highest traffic as compared to worldwide online poker sites. The worldwide best poker players were the brand ambassadors of those sites. They have offered among the highest prize pools in various online poker tournaments. Also, at their tables of high stakes, in which the best players are eligible to play, there millions of dollars are exchanged in one day. On 15th of April, Department of Justice had obtained an indictment against three online poker casinos as PokerStars, FTP and Absolute Poker. Because of this reason, this day is now also known as Black Friday among the online casino industries. According to the UIGEA rules passed in US, the financial institutions are entirely banned from providing any kind of financial help to illegal online casino websites. Although, the actual definition of the term illegal was still under the dispute, the three online poker websites, whose names are mentioned above, were allegedly have manipulated their payments procedure. They receive the funds from the online poker players via small banks and then these funds were transmitted to the accounts of online poker sites as purchasing some branded merchandise. Thus, on the basis of this, indictment was obtained by DoJ and then all the bank accounts of these poker websites were ceased by them.
At this time, the online poker sites had stopped their all gambling operations in UK. They have put millions of dollars in custody that the players had deposited there for playing online. Since, the intent of DoJ is not to penalize the online poker players at America, so they also have created one mechanism, by which these poker websites can be able to pay back all the deposits that they have taken from the players earlier. By the time, PokerStars websites have followed the mechanisms created by DoJ, but FTP fails to do so in spite of DoJ’s willingness, in order to unfreeze their bank accounts.
The website of Full Tilt Poker was given license by Alderney Gambling Control Commission, which is abbreviated as AGCC. One of the conditions, which Full Tilt Poker website should strictly follow, is that they should not utilize the amounts deposited by players, for running any of the online gambling activities. This implementation is not made based on transactions because balances of the players get changed rapidly as they win or lose money. However, all the reputed online casino industries should maintain sufficient balances that will become equal to the total value deposited by the players.
Now, one significant query will arise at this point that what will be the responsibilities of the online gambling license providers in this respect. For this, AGCC had mentioned that misled was done by FTP, who had continuously reported that they have adequate amount of funds to cover the deposits of players, in spite of not having such funds in real. Also executive director of AGCC has explained that they will definitely revise their processes, on the basic of their past experience and should also introduce some key changes in order to make the situations better in future.