Full Tilt which is one of the popular online poker sites is now facing a crisis. They are now on the lookout for potential buyers. Rumours are on that lot of people are looking to buy it and negotiations are still on. Full Tilt was the number two online Poker site in the year 2011. Due to sudden developments and changes in regulations by the US Government, Full Tilt is witnessing a reversal of fortunes.
What Happened to Full Tilt?
Full Tilt had received the gaming license Alderny which does not require an online casino to keep enough funds as reserve. Full Tiltt suddenly stopped US players from playing in the online casinos and it was not able to refund the deposit amount given by US players. This led to a major chaos and the US Government took action against Full Tilt and cancelled their gaming license. Ultimately, they had to close down their online casino. The case has been going on since April and in late June, the site had to be completely shut down.
Current Status of Full Tilt
The former second top Online Poker site, Full Tiltt is now put up for sale. However, there are not many potential buyers and negotiations are still going on. The main reason for this is that the site owes nearly $150 million to US players which is an enormous amount. Buyers will have to think twice before taking up such a huge debt. Added to this are the legal formalities and uncertainties associated with buying Full Tilt. The company’s US operations are under the threat of legal consequences and their inability to pay off the money has made it difficult for them to get a virtual buyer. Full Tilt is now desperate to find a buyer who can take up both the high debt and also face the legal hurdles.
Due to lot of online casinos coming up, Full Tilt is also losing its reputation. Any company who is going to take over Full Tilt will have to build it up from scratch. The online casinos sector is facing huge competition with a number of new players entering the industry. The industry is also becoming a little insecure and the necessity for stringent rules and regulations has become indispensable for ensuring a better gaming experience that is both safe and secure. Measures like immediate cancellation of licenses help boost the confidence of gamers as this gives them the feeling that everything is under control.
It is also worth mentioning that Full Tilt owes millions of dollars too many US players. All these people are waiting for someone to take over the online site. Only when this happens will their money be refunded but according to rumour mills, it is not going to be easy to find a buyer for Full Tilt. All these players will have to wait for some more time to get back their money. Some of the potential buyers of Full Tilt include Playtech, bwin.party and 888.