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Friday, August 26, 2011

Full Tilt Poker In Worse Shape Than We Thought

"Brother, can you spare a dime?"
It appears Full Tilt owes more money than previously thought. Instead of $60M, it looks more like $128M. This is definitely not good news.

Subject:Poker has the complete story.

On June 16th, Subject: Poker reported that Full Tilt Poker had credited $60 million to players for deposits that never left their bank accounts. In fact, the total amount of still uncollected funds is $128 million. This new sum represents a very signficant portion of Full Tilt’s total obligation to players.
As we first explained in June, players who deposited by electronic funds transfer (also known as EFTs or “e-checks”) received the deposited funds instantly in their Full Tilt Poker accounts. Typically, these funds would be debited from the players’ bank accounts a few business days after their deposit.However, during the time period in question, many US players found that these funds were simply never taken from their bank accounts. Full Tilt had given them funds on their site for nothing.

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