Post-Indictment Cashouts Begin on PokerStars

PokerStars issued a statement Wednesday claiming it has begun the return of player funds to former customers in the U.S.

April 15, the Manhattan U.S. Attorney charged the principals of three of online poker's biggest sites with bank fraud, illegal gambling and laundering billions of dollars.

In all, 11 defendants were charged, including PokerStars' Isai Scheinberg, Fill Tilt Poker's Ray Bitar and Absolute Poker's Scott Tom.

The Internet domain names used by PokerStars, Full Tilt, Absolute Poker and Ultimate Bet were seized and began redirecting to a message from the U.S. Department of Justice and the FBI.

But last Wednesday, the U.S. Attorney announced the office had entered into an agreement with PokerStars and Full Tilt Poker to release the domain names and allow U.S. players to register for refund requests directly with the sites.

In a statement of its own, PokerStars said while it has stopped offering real money poker in the United States, the agreement would soon allow it to pay out player balances to its former customers in the U.S., once a suitable payment processor was found.

Wednesday, the site said it has made arrangements with a U.S. bank and begun the process of returning player funds to U.S. customers.

"The funds to cover these withdrawal requests are readily available," the statement reads.

"All player deposits for players outside the U.S. are also completely safe and secure. PokerStars has always held all such funds in accounts that are segregated from company assets, in compliance with the strict licensing laws of the Isle of Man.

"The company continues to operate outside the U.S. under the domain name and retains its position as the world’s number one poker site."

Full Tilt said last week there are numerous legal and jurisdictional issues that must be considered before poker winnings can be paid out to U.S. players, but it is ready to work with the United States Attorney’s Office to try and resolve these issues.

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willygonzalez 2011-04-30 16:12:14

Yeah, with rolls on FT/PS players are getting front row seats to the mass cashout of a lifetime. How these sites deal with their customers is going to have a massive impact once they do a deal with uncle sam. PS has shown themselves to be quite transparent and commited to thier concerned players. Perhaps FT have screwed themselves by thumbing their nose and dragging their feet. They should be giving free money away to get thier once loyal players back.

ben voglio 2011-04-28 19:28:58

Got the email yesterday about my account being available to cash out. Money was in my checking account today..TY Poker Stars..when this charade is all over I will be back at your site. Never an issue to get your money from PS....

clankclank 2011-04-28 03:01:48

Uncle Sam knows how much $ is ready for US players to cashout and is ready for his cut. Thats why it was so easy to find a bank ready to distribute the $ back. I thought it was illegal for US banks to complete transactions with these sites{(pokerstars and fulltilt). We all know UB and AP are worth shit.....hell i can still play on my account in the US mind u...clear they got put on back burner}. Wonder how many will cashout and how many will wait for action to start back up! 70/30-cashout/wait???

Don't worry 2011-04-28 00:11:52

All this means is that when they do legalize poker online after the US gets their cut people won't go back to Full Tilt. Pokerstars knows when the time comes their customers will come back if treated right.

thcdegree 2011-04-27 23:53:51

PokerStars > Full Tilt. Only site that is going to survive post-Black Friday. FTP is done.

bladdy mcknife 2011-04-27 23:19:55

you have got to be kidding me I am sick and tired of waiting for Full Tilt Poker to give me my back. Pokerstars seems to have no problem giving there U.S players there money back and Full Tilt is dragging there feet. Simply amazing.

acesacesaces 2011-04-27 19:58:34

Pokerstars beats FT again