Online gambling site PokerStars settles dispute with US govt for $731 million
01 Aug 2012
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.
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