PokerStars Save Over 300 Jobs in Full Tilt Buyout
By AdFeatures | Thursday, November 01, 2012, 12:43
News of PokerStars’ buyout of Full Tilt Poker came as some relief to 200 workers in the Pocket King Dublin Offices.
Pocket King operated the Full Tilt Poker site and provided technology and marketing before the website was suspended by US Authorities. The organisation also had their gaming licence suspended by Channel Island regulators, leaving hundreds of jobs unsecure.
Full Tilt was facing civil charges of bank fraud and money laundering before competitor PokerStars stepped in to help. Manhattan prosecutors claimed that the company had deceived banks into not processing gambling transactions by using billing codes, as well as allowing owners to pocket millions that were owed to the players. The charges resulted in Full Tilt facing payouts that they could not afford without a sale.
PokerStars purchased its rivals assets and made an agreement with the US Department of Justice to pay out $731 million in compensation. $547 million of this will be paid out to the US government over three years to reimburse US customers, while customers outside of the US will receive $184 million.
As well as compensating former customers, PokerStars are saving jobs that would otherwise have been lost in the Full Tilt collapse. Eric Hollreiser, Head of Corporate Communications for Pokerstars, has announced that Full Tilt will continue to be operated by the Pocket King Company, saying “When we do take over Full Tilt we will continue to operate it out of Dublin. In the near to medium term we expect there to be growth in the Dublin office...” He claimed that new positions in Full Tilt for marketing, software engineering and support will be available shortly.
However, the future of the company is still uncertain. Mr. Hollreiser went on to say “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.”
To find out more about the deal, visit www.pokerstars.co.uk.