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article imagePoker websites to pay $731 million in US settlement

By Owen Weldon     Jul 31, 2012 in Business
On Tuesday officials in the US announced that two poker websites will be paying over seven million dollars in a US settlement.
The settlement will be used to compensate consumers who allege that they were defrauded when playing online games.
According to France24, the deal that was announced by the US Justice Department will allow PokerStars, a firm that may operate the biggest gaming site online, to get their hands on the assets of Full Tilt Poker, which is Irish-based.
According to CNN, Full Tilt also resolved allegations that they were operating a Ponzi scheme, failing to have enough money on hand for players to withdraw. Prosecutors say that the site used more than $400 million worth of their players' money to pay board members as well as other owners, and they allege that this has been going on since 2007.
According to ABC, PokerStars will pay $547 million over the course of three years. U.S. players at Full Tilt will have to apply to the Department of Justice for reimbursement.
PokerStars say that they do plan to re-launch Full Tilt in most markets but it will be a completely separate brand. A new independent management team has also been appointment to Full Tilt.
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