PokerStars, the company that operates the world's largest online poker site said yesterday that it has settled a dispute with the US department of justice (DoJ) by paying $731 million in compensation, ending a long-running battle between the DoJ and online poker sites. In 2011, the DoJ charged both PokerStars and its former rival Full Tilt Poker for using fraudulent methods to process payments, violating US online gambling laws. Following the charges, the US operations of the sites were shut down by the Federal Bureau of Investigation (FBI) in 2011. PokerStars.com launched in 2001 has over 49 million registered members worldwide. The company operates worldwide under licences from the Isle of Man, a self-governing British Crown dependency located in the Irish Sea, and Malta governments. It also operates under separate licences in Belgium, Denmark, Estonia, France, Italy and Spain. Under the terms of the settlement, PokerStars has agreed to acquire the assets of Full Tilt Poker and committed to the full reimbursement of Full Tilt Poker Customers outside the US. Full Tilt Poker is an online card room launched in 2004. The company had licences in Alderny, in Channel Islands as well as in France. In September 2011, Alderny Gambling Control Commission revoked the licence of Full Tilt Poker. PokerStars will pay an amount of $547 million to the US government over period of three years. It will include reimbursement provision for all Full Tilt Poker customers in the US. In addition, PokerStars will also make available in a separate bank account, all outstanding balances owing to all non-US customers of Full Tilt Poker an amount of $184 million within 90 days of the transaction. PokerStars chairman Mark Scheinberg said, ''We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow.'' ''Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money, and benefits the entire poker community,'' Scheinberg further said. The agreement permits PokerStars to apply for licence to relevant US authorities under both PokerStars and Full Tilt Poker brands, to offer real money online poker when state or federal governments provide an opportunity. In most markets, Full Tilt Poker will be re-launched as a separate brand which will operate under a new independent management team. Full Tilt Poker's operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. ''Full Tilt Poker's customers outside the US can soon look forward to accessing their accounts and playing on the re-launched site, confident that they are supported by PokerStars' history of integrity and our track record of delivering high-quality and secure online poker,'' the company said. Another company, Absolute Poker, whose assets will be seized by the government, is also part of the settlement. The deal is yet to be approved by the US court. Source: Domain-B
