Full Tilt Poker was re-opened recently which left players with the big question, “Is Full Tilt Poker safe to play on?”. Details like software, quality support, and good rakeback are completely irrelevant if players don’t trust in Full Tilt Poker. This will detail reasons why players should completely trust in the new Full Tilt Poker regarding the safety and transparency concerning player funds on Full Tilt Poker.
If you aren’t aware of the specific details, on April 15th,, 2011, Full Tilt Poker had millions of funds seized by the United States government, prompting Full Tilt to close it’s doors to U.S. based poker players eventually leading to insolvency and it’s closure on September 29th, 2011. The closure of Full Tilt Poker was due to the Alderney Gaming Commission revoking the gaming license of FTP citing reasons of the company reporting frozen assets as liquid, giving out massive unauthorized loans to famous professionals as well as failure to report material events relating to the insolvency of Full Tilt Poker. Full Tilt Poker would try to regain their license from the Alderney Gaming Commission but to no avail. Many players worldwide had their balances frozen, presumably lost forever to go along with the Americans who still had funds trapped since April 15, 2011. Shortly after the closure of Full Tilt it was announced that Full Tilt Poker was for sale and hopefully the potential new owner would restore player balances and make things right.
There were seemingly many prospects and potential buyers, some public, some not. The most prominent of these potential owners would be Bernard Tapie, owner of the Tapie Group, who founded the Tapie group. It was announced on September 30th 2011 that Tapie Group had plans to buy the now defunct Full Tilt Poker. Unfortunately for players this deal fell through, with Tapie Group blaming the Department of Justice and the board of directors and owners of Full Tilt Poker and the Department of Justice blaming the Tapie group. It was later revealed the deal Tapie Group proposed would have been extremely unfavorable to the players of Full Tilt Poker, mostly due to a pay to withdraw system that would force players to play on the Tapie Full Tilt Poker in order to be able to withdraw funds that rightly belonged to the players.
With hope seemingly lost for all former Full Tilt Players, PokerStars came out of no where to buy the company on July 31st 2012 for $731 million dollars. Along with Full Tilt Poker, PokerStars also settled the civil lawsuit with the Department of Justice. The new Full Tilt Poker re-opened under new management of PokerStars for beta testing on October 31st, 2012 and re-opened it’s real money games on November 6th, 2012. Which leads us to the present.
Now to the ever important, “Why should I trust the new Full Tilt Poker?” and more importantly “Is my money safe there?”. The answer is an unequivocal Yes.
First and most important is that Full Tilt Poker was bought by the unrivaled most trusted poker site in the history of online poker, PokerStars. PokerStars proved that it deserved the players’ faith and business shortly after the events on April 15th, 2011. PokerStars was also heavily damaged by the Department of Justice seizures but still sent every U.S. based player their poker balance within a month of having to shut it’s doors to American players. They were able to do this because they had segregated player funds away from company funds, thus guaranteeing the player funds safety. The non-American play continued as usual with cash outs being handled promptly and an open book approach to their gaming commission proving that they always maintained solvency and more in the interest of protecting it’s players.
Secondly, PokerStars bought Full Tilt Poker not only to eventually make profit some day, but because it was the right thing to do. To put this in perspective, after the event of the old Full Tilt Poker closing, PokerStars owned more than 90% of the online poker market share. There was no immediate reason and possibly not even a long term reason to buy the old Full Tilt Poker other than to repay poker players who made PokerStars what it is today. PokerStars reimbursed every player who had a balance on Full Tilt Poker immediately after the new Full Tilt Poker’s re-opening. American balances are still pending due to the Department of Justice handling American balances. Players were immediately allowed to cash out their funds or continue playing if they wished. The studies showed that a massive amount of players decided to play on the new Full Tilt Poker rather than cash out all their funds, showing their faith and gratitude in the company who made the impossible possible once again. PokerStars.
PokerStars was not done there, PokerStars went out and added the most reputable players to figurehead their new Full Tilt Poker brand. Tom Dwan, Gus Hansen and Viktor Blom.
Tom Dwan promised to return his $1 million that he had made from the old Full Tilt Poker if it helped make the players whole. Also noteworthy is the fact he was heads up in the WSOP 2010 $1.5k No Limit Hold’em event. This may not seem important but Dwan had a WSOP bracelet bet that would have won him a very considerable amount over $10 million dollars, some players have stated this number is likely well over $20 million, had he won the bracelet. How is this relevant? Tom lost the heads up match. It would have been very easily for Tom to bribe the player he was heads up against to let Tom win and thus giving Tom Dwan the prop bet win and well over $10 million. But Tom lost proving to all that Tom’s bet was fair as can be and forever cementing Tom Dwan’s integrity as a poker player.
Viktor Blom, known as isildur1 online, had many reasons not to figurehead the new Full Tilt Poker. In 2009 Viktor lost over $5.6 million dollars in two sessions to Brian Hastings with there being suspected collusion on the part of Hastings. Hastings was found innocent but Viktor easily could have held a grudge against the Full Tilt Brand and could have been decided to be rid of Full Tilt forever. But Viktor decided to lend his credibility to the New Full Tilt Poker.
Gus Hansen, a former Full Tilt pro has also gave his name and credibility to the new Full Tilt Poker. Gus, one of the most open poker players in the world pertaining to many aspects of his life, started the modern era of the aggressive poker style was the first member signed to the new Full Tilt Poker brand.
In conclusion, PokerStars buying Full Tilt Poker gives the new FTP all the credibility and trustworthiness that Full Tilt Poker will ever need. PokerStars handled the April 15th, 2011 events with transparency and promptness, reimbursing every American player quickly as well as any other player who no longer felt safe due to that day’s events. It has been over a year and a half since that day and PokerStars has been the industry leader in player trust, posting several blog posts describing the methods it uses to keep player funds safe and secure. They are using those same methods with the new Full Tilt Poker. Not only this, but PokerStars grabbed three of the most reputable and spotless poker players to figurehead their new Full Tilt Poker.. The results of all this guarantee that the new FTP is trustworthy and safe because the most trustworthy company in the industry, PokerStars is now behind the helm of Full Tilt Poker.