Full Tilt’s License Hearing Scheduled for July 26th

The Alderney Gambling Control Commission will be holding a hearing on Tuesday July 26th to determine whether to reinstate Full Tilt Poker’s license.  The AGCC suspended their license last month due to the indictments unsealed on April 15th by the United States Department of Justice.

Full Tilt's hearing with the AGCC is July 26th.

The meeting will be held at the Park Plaza Victoria Hotel in London and is open to the public.  At this hearing the AGCC will present their evidence why they feel the suspension is justified.  Full Tilt will then have the chance to defend those allegations.

Many feel that their license will depend heavily on whether they can prove that they are indeed liquid and can come up with the cash to pay U.S. players the reported $150 Million currently owed them.  Full Tilt is reportedly in the middle of negotiations with a “group of European investors” for a deal that will give them majority control in the company in exchange for enough money to pay the debt to the U.S. players.

Furthermore, Phil Ivey is apparently part of these negotiations and has even dropped his lawsuit against the company.  The class action lawsuit filed by Steve Segal, Nick Hammer, Robin Hougdahl, and Todd Terry on behalf of Full Tilt players is still being pursued.  Of course, the suit will likely be dropped should Full Tilt find a way to pay players.

Many feel that Full Tilt’s future will depend heavily on the AGCC reinstating their license.  Following the AGCC’s suspension, French gaming authority ARJEL suspended Full Tilt’s license earlier this month due to the site shutdown.  If a deal with the “European investors” is not in place by Tuesday and Full Tilt is unable to get their license back, some wonder if the investors will back out, effectively providing a death knell for the site.

It should be noted that the AGCC is not the only gambling agency that can provide full Tilt a license.  For example, Full Tilt does hold a secondary license with the Kahnawake Gaming Commission and many feel that the company will move their site to the KGC should they fail to get their AGCC license back.  However, what impact that would have provided a deal is not yet reached by such point is unclear.

Bookmakers, including Paddy Power, have opened betting lines on whether Full Tilt will get their license back.  They believe it is a 1:8 shot that Full Tilt get reinstated on July 26th.  While some see the odds as a ploy to drive business to the site, it should be noted that the general outlook for Full Tilt is not very positive.  Today was the day that a deal was supposed to be in place and no news has emerged regarding the deal since it was originally announced.

What this means is that this saga is far from over.  Hopefully Full Tilt will be able to get their players refunded in time, but as time begins to pass, many are feeling their money may be lost for good.

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