PokerStars settles with United States DoJ
Today's announcement of our settlement with the U.S. Department of Justice (DOJ) closes one chapter in our corporate history and opens another.
We have admitted to no wrong-doing with regard to our past U.S. operations and can now focus all of our energy and resources on advancing our global business, which now includes operating Full Tilt Poker. You can find details of the announcement at our PokerStars press center.
We plan to re-open the Full Tilt site and, most importantly, we will make available all funds for players outside the U.S. within 90 days of the formal close of the deal, which will occur in the next seven days. The money paid to the US Government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice.
Paying back Full Tilt players was a key component in our agreement to acquire the assets. This is not only important to the individual players who have had their bankrolls tied up for more than a year, but it's also vital to re-building trust in online poker and instilling confidence in the global poker economy.
It's too early to begin disclosing many details about our strategic plans for Full Tilt, but our first order of business is to re-open the site, pay back all of the players and begin rebuilding Full Tilt's reputation. Going forward, we will operate Full Tilt as a separate brand, giving players another leading and trusted platform to enjoy the game. The re-launched Full Tilt site will bring back the innovative features, the authentic poker and the cutting-edge software that made it so popular with millions of players worldwide.
Getting the site up-and-running and paying back players is a complex challenge involving technical, practical and logistical hurdles affecting millions of player accounts. We're confident we can work through the challenges and our track record as a responsible and responsive company will hopefully bring some comfort to the players that have waited so long for resolution. We ask for just a bit more time and patience as we sort through the details. For now, we've posted an FAQ for Full Tilt players. There is also a short FAQ for PokerStars players.
One final word about the future U.S. market. Our settlement acknowledges that both PokerStars and Full Tilt are eligible to apply for a license in the U.S. to offer real money poker when states or the federal government offer such an opportunity. We look forward to this opportunity and are confident that we bring tremendous value, regulatory experience, market credibility and financial integrity to the marketplace.
We're optimistic about the future and we look forward to sharing the next chapters in our history with you.