PokerStars Settles for $731M with US Government
- 08/08/2012By Maria McCoyGoogleIn the latest development in the Black Friday case, PokerStars, one of the best online casinos, has cut a deal with the government of the United States for $731 million. As part of the settlement, PokerStars will purchase its former competitor, Full Tilt Poker, and pay-off debts to players who lost money after the site was shut down last April.
The company finalized the agreement with the Department of Justice in Manhattan. PokerStars will pay $547 million to the US government over three years. The payment will dissolve the civil charges of fraud against the brand and will also go towards the re-payment of Full Tilt poker’s US-based players.
In addition, the deal states that the company will pay $184 million within a 90-day period to repay Full Tilt customers abroad. PokerStars has already paid back its own international players and is running its websites in foreign markets.
According to the details of the agreement, PokerStars did not plead guilty to transgression, which allows it to apply for a license in the American market if online casino games become legal.
An additional $225 million for Full Tilt’s assets will be paid to the government as well. In the future, PokerStars intends to re-open Full Tilt as a separate company out of Ireland.
Mark Scheinberg, chairman of the Board of PokerStars, commented on the settlement, “We are delighted we have been able to put this matter behind us.”