PokerJunkie Op-Ed: AGCC in No-Win Situation With Full Tilt Hearing
The Alderney Gambling Control Commission (AGCC) resumed its licensing hearing with Full Tilt Poker last week, and the day after the hearing resumed the DOJ released its modified complaint calling Full Tilt a glorified Ponzi scheme.
In the days following that release, Full Tilt announced that an investor is interested in purchasing the company, but only if the AGCC doesn't revoke FTP's online poker operating license.
Poker Junkie blogger compncards explains why the AGCC may be in a classic "Catch-22" situation.
Option A: AGCC Becomes a Hero, But Loses Credibility
Anyone with a Full Tilt account balance suspended online, significant or otherwise, is rooting for the AGCC to either delay the hearing again or to outright reinstate Full Tilt's license.
If the AGCC does so and Full Tilt does secure a deal that enables players around the world to be repaid, the AGCC will get some credit as a hero for helping the deal go down.
Of course if it does so, many opponents to Full Tilt as well as others in the industry will instantly compare the AGCC to the Kahnawake Gaming Commission.
Many feel that the AGCC would be simply looking after its own potential interests first, including future license payments, rather than the best interests of the players.
Some are already questioning the AGCC's credibility anyway.
This will only add fuel to said fire and many will equate this "hearing" to the KGC's findings regarding UltimateBet.
Option B: Alderney Becomes Worldwide Scapegoat If It Revokes Full Tilt's License
The supposed investors in Full Tilt have made it clear that the group would pull out of a deal if the AGCC does not cooperate and reinstate Full Tilt Poker's license.
A full revocation of the license by the AGCC would effectively end any realistic hope of the company being sold.
If that were to happen, we all know the claims that will follow.
Full Tilt, its lawyers, and even the players will point to the AGCC as the reason that players did not get their money back.
Ignore the fact that the company grossly mismanaged players funds and seemed to be borderline crooks.
It will all be blamed on the AGCC.
So which route does the AGCC take?
Does it give Full Tilt more time and make itself a laughing stock as a licensing body? Or does it become "the reason" players don't get repaid?
Any way you cut it, this is truly a no-win situation for the AGCC.
Note: As of this posting, no official word has been released by either the AGCC or Full Tilt Poker regarding last week's licensing hearing in London.