Friday, September 30, 2011

THERE GIVING US THE FULL MONTY....WHILE TILTS BANK ACCOUNTS WERE ANYTHING BUT FULL

Overview: It was announced yesterday that the Poker Website Full Tilt.com has now had it's gambling license suspended. That's bad news for almost everyone concerned because it's not just the Owner's of Tilt that the commission is sticking it to. Without a gambling license Full Tilt becomes just that much harder to sell and obviously loses even more of it's already crumbling value. It complicates the deal with a wealthy investor with enough funds to cover the debts when he signed a letter of intent to buy the company. Therefor, this all combines to make it more and more drawn out for all of the players that have been in limbo for months to get their money....

My take: I personally know many players who have money sitting in this imaginary account with full tilt for the past however many months. As of the seizure in March Full Tilt's bank account had a balance of 60 million to cover 390 million that players had in "their accounts".  Well clearly someone is doing something wrong. When I first signed up to play years ago it was very simple, almost no information necessary and even less to verify the identity that I did give and then bam......$100 instantly into your poker account. They tightened up rules and restrictions as time went by and became more and more careful about verifying addresses, bank accounts ect but I can only imagine how much money they lost before they figured this out. Think about how many kids went through 10 names and that's at $100 a pop to a bank account that's either closed or empty and will never have anything in it. Full Tilt had no other recourse because they were not supposed to be processing payments to play poker anyways to US residents. It was a catch 22 for them because they wanted as many players buying in and buying back in asap but then if only half those players pay up that $500 they lost when they made it so easy to "withdraw" money with 1-click then there only breaking even after all that. They knew the way it works, players are much more likely to spend money quickly and rebuy that way because they didn't have time/need time to think about how much money it was or how much they just lost, they wanted to let you get back to playing asap i.e. back to winning/losing they don't care, they just want you playing so they can collect their rake from EVERY SINGLE POT. AT EVERY SINGLE TABLE, FOR EVERY SINGLE DAY. WEEK.MONTH.YEAR. They were making money hand over fist and apparently paying their superstar endorsers the same way.....WITH OUR MONEY. 


What do you think about this who case>>>>>?????