Online Gambling Winners, Losers & No-Longer-In-Business: 2011 Edition
Full Tilt Poker’s Downfall
2011 was a rough year for Full Tilt Poker. For those unaware, Full Tilt Poker (FTP) is one of the largest online poker sites on the web and its shares are owned by a large number of professional porker players. In April 2011 the site was shut down and in September the site’s license was revoked by the Alderney Gambling Control Commission (AGCC); they were hoping to get it back once the company was sold.
Later on, FTP was sued by two players from California for an outrageous amount of $900 million. Poker pros who owned assets in the company were named defendants; however, the future got blurry again when three of those players, Howard Lederer, Chris Ferguson, and FTP’s CEO Ray Bitar were being investigated and their assets were seized by a US court.
Everyone is waiting to see if the once a leader of the online poker industry site will be able to make a comeback next year under its new owners (Group Bernard Tapie). For now, expectations are not too optimistic.