Big time pro poker player Phil Ivey is definitely avoiding the WSOP at the moment, states Big Lead Sports. According to Ivey’s accusation in court, his and WSPO associate Full Tilt Poker has yet to refund online poker player funds long after the United States government shut down online poker houses. As federal agents consistently work with online gambling online websites to refund online poker gamblers, parent business Tiltware, LLC, has held on to over $150 million in customer funds, a decision that has inspired Ivey to take Tiltware to trial.
The ‘deeply disappointed’ Ivey after Full Tilt’s actions
Full Tilt’s actions are more than just embarrassing, Phil Ivey said on his Facebook page. He said it makes it extremely hard for qualified poker players to get a better reputation without going to buy-in tournaments.
“I am not playing in the world Series of Poker, as I do not believe it is fair that I compete when others cannot,” writes Ivey. “I am doing everything I can to seek a solution to the problem as quickly as possible.”
Reputation of Phil Ivey definitely not doing this well
Ivey thinks that his reputation has been damaged in the past few months since he has been closely associated with Full Tilt and the company has not done anything. Ivey had to think of something he could do. He is definitely going decided to sue Full Tilt Poker’s founder, Tiltware, LLC. From Ivey’s Facebook statement against his (perhaps) former team:
“I sincerely hope this statement will ignite those capable of resolving the problems into instant action… I will dedicate the entirety of my time and efforts to finding a solution for those who have been wronged by the painfully slow process of repayment.”
Full Tilt allegedly had no bank reserve account
One thing Levy accuses Tiltware of is not having a financial institution reserve account for Full Tilt Poker. This made it so players could not effortlessly be refunded. Just like banks invest money deposited into them, online poker online websites invest the money deposited into them. Full Tilt does this also, reports International Business Times.
Federal regulators are aware of this, and hence there are laws governing reserves that must be maintained by individual banks (or online gambling sites). It appears that Full Tilt is definitely either unwilling or unable to refund all the customer money in once. Since online gambling websites don’t typically have any kind of FDIC insurance like banks do and generally they don’t get financial institution bailouts, this could possibly be a very risky place for customers to put their money. The government would have to open the nation’s wallet for players to get their money back.
Articles cited
Big Lead Sports
thebiglead.com/index.php/2011/06/01/phil-ivey-is-boycotting-the-world-series-of-poker/
Casino Scam Report
bit.ly/loVhfI
International Business Times
bit.ly/mR3mMV
Wall Street Journal
online.wsj.com/article/SB10001424052748704628404576265060852516194.html
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