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Date Set For Alderney Full Tilt Poker Hearing

by Phillip Morton, Investors Offshore.com

13 September 2011


Pocket Kings will be answerable to the Alderney Gambling Control Commission in relation to Full Tilt Poker's alleged infringment of US gambling laws at a hearing on September 19, 2011, the Commission has confirmed.

In response to a pre-hearing application, the Commissioners had earlier said that it had been decided that a deferral of the proceedings would be in the best interest of Full Tilt customers, many awaiting the return of deposited funds. The Alderney Gaming Control Commission said at the time it would allow FTP licensees the option "to further pursue advanced commercial negotiations, which could lead to a more beneficial outcome for players' interests."

A group of unnamed European investors were said to be considering acquiring the company's UK, Irish, and possibly European portfolios in a deal yet to be finalized. Pocket Kings, the parent company of Full Tilt Poker has said that it has ceased exclusive talks with this group and is also engaging with other investors for the sale of the company's assets.

The AGCC hearing relates to the suspension of Full Tilt Poker's license as a result of what has been dubbed by the industry as 'Black Friday'.

On April 29, 2011, Full Tilt Poker, Pokerstars and Absolute Poker had their US operations suspended by US authorities when a suit was brought by US prosecutors over the companies' alleged use of sham payment-processing frameworks to unlawfully provide Internet gambling services to the United States.

Under the terms of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, offshore operators are effectively blocked from access to the lucrative US internet gambling market. Specifically, the Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful internet gambling, including payments made through credit cards, electronic funds transfers, and checks.

Depositors are waiting to see whether and when their deposited and accumulated funds will be disbursed by the company.

A comprehensive report in our Intelligence Report series examining the new possibilities that offshore e-commerce open up for business, and analysing the offshore jurisdictions that have led the way in offering professional e-commerce regimes for international business, with a particular focus on e-gaming, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report6.asp
TAGS: court | business | law | enforcement | offshore | internet | gambling | offshore e-gaming | Alderney | United States

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