After suspending Full Tilt Poker's gaming license on June 29, Alderney completely revoked Full Tilt Poker's Alderney license. In a statement released today, the Alderney Gambling Control Commission (AGCC) stated that they had been misled by the financial situation at Full Tilt Poker. The AGCC made it clear that this does not affect the possibility of a new owner to obtain a license as the licenses are not transferable from one operator to another.

The Department of Justice also released a statement today that could be of interest to players owed money by Full Tilt Poker. In that statement the Department of Justice stated that they are attempting to seize funds that were paid to principals of Full Tilt Poker. They go on to say:

The Office is also attempting to obtain and examine the books and records of Full Tilt Poker. Many of those books and records are kept overseas. The return of forfeited funds to victims of the alleged fraud may be possible, but will depend on several factors, including the successful conclusion of the litigation, the amount of funds seized and ordered forfeited by the court, and compliance with other procedures the Department of Justice may eventually establish regarding return of forfeited funds to victims who lost money as a result of the alleged fraudulent conduct.

They make no promises but players getting paid back is certainly on their mind. This is good news since this is the first time in the five and a half months since Black Friday that player funds have been acknowledged. There is no way to know if this statement applies to players all over the world or just U.S. players.

Author Notes

I have been quite negative about Full Tilt Poker's ability to reopen. When they failed to reopen immediately after their initial license suspension, I suspected there were major internal problems that had not yet made it public. That was obviously the case. In a statement released today by Full Tilt Poker, even they agree that this further hurts their ability to close the sale by stating "The Commission’s decision to revoke Full Tilt Poker’s operating licenses makes it more difficult to execute the sale of the company and hence repay its players... Notwithstanding the potential damage done by the Commission...".

Just a few days ago, I was asked what I thought the odds of Full Tilt Poker returning were. I put the chances at 10-1, but now I think 25-1 is too low. From the loss of credibility of the accused red pros to the fact Full Tilt Poker has been closed for three months just makes it seem the future profits would never be more than the investment it would take to pay everyone owed money by Full Tilt Poker. While Full Tilt Poker as a brand is likely finished, their software, Rush Poker and their extensive player lists will have some value should Full Tilt Poker's parent company go through liquidation.