Full Tilt Payments to Take A Year or More - Why So Shocked?
Cardplayer dropped the bomb on former US Full Tilt Poker players last week when they said that it would be a year or longer before payments would be made. This has brought a lot of anger from players across the nation, but it really shouldn't be that big of a surprise.
Why So Shocked?
It has only been four months since the DOJ approved Garden City Group as the settlement firm. Some people completely expected to have been paid in full before now. That is not realistic based on the amount of data that is out there and the fact that the company must work together with the government.
Have any of you known the government to be quick on anything short of collecting money? How's that federal online poker bill that was supposed to be "months away" back in 2011 coming along?
No Plan, No Formula, No Time Soon
When I read the Cardplayer article and saw that the "supervisor" claimed that they were waiting on instruction on how to setup the formula and that they still had to parse the data, the first thing that came into my mind was 2015.
I'm not foreseeing anyone getting money back anytime before 2015 and the entire matter may not even be completely resolved before 2016. My guestimate based on the information provided through Cardplayer would be that the "parsing" of the data takes until early next year.
Once done, figure out another 6 to 8 months for them working on the procedures and formulas. Sometime around the end of 2014 we might start getting contacted about filling out claims.
If the GCG waits until they have a set number of claims to request funds to be released, figure it will take until the middle of 2015 to start making payouts and then the rest of the year will be spent making payments.
Ultimately, there are still a ton of questions that remain in regards to how we will be paid. Will freerollers actually get funds? Will player-to-player transfers counts as credit for funds?
What about those of us that requested a check around Black Friday. I am one of many that requested a check and did not receive. If I look at my history right now, I show a $0 balance and a check requested around Black Friday. Will we see a dime of our money?
Hurry Up and Wait
For sake of completeness, at the time of Black Friday I only had around $100 left in my Full Tilt account. As I stated around the time of Black Friday, I saw the writing on the wall back in August of 2010 pulled most of my funds.
Long story short, I noticed that the checks coming to me were being passed off as "investment returns" or "dividends" and as soon as that happened, I pulled all but a bare minimum on the accounts.
With that said, there are a lot of you out there with large amounts on Full Tilt and are fed up with waiting. Unfortunately, you are now on the governments timeline and "Hurry Up and Wait" is about the only motto they understand.
There will ultimately be a resolution to this. Whether or not it is one we all like remains to be seen. It will just take time. And I still think Full Tilt Players will be paid before we get a federal online poker solution.