The US DoJ and Group Bernard Tapie (GBT) agreed upon a deal on November 17th 2011 to purchase Full Tilt’s assets. The deal could only go through if 2/3 of the FTP shareholders agreed to the deal. It was reported that the deal received a majority vote and now the next step in the process is for Full Tilt Poker to forfeit their assets to the DoJ. After the forfeiture of assets the DoJ will sell the assets to GBT for $80M although there are also terms that are apart of the deal.
What Does the Deal Mean for Full Tilt Poker Players?
One of the terms of the deal is that GBT would need to repay non-US players that haven’t been paid. This amount is estimated to be around $150M. US poker players are also owed an estimated $150M, which would be paid by the DoJ. It’s unclear how US players will receive their money, but players will need to claim the money from the US DoJ. There are other terms that need to be met in order for the sale to finish, but it looks like Full Tilt Poker will be making a comeback sooner rather than later.
Full Tilt Poker Applies for Spanish Online Gaming License
It was also reported last week on a Spanish poker news portal that GBT has applied for a Spanish Online Gaming license. Before the license can even be awarded to Full Tilt Poker GBT has to repay any Spanish players that haven’t been paid out yet. I’m sure paying the players in Spain won’t be a problem for GBT and Spain would be a great market to enter initially. If Full Tilt Poker receives a license to operate in Spain it could help them gain traction in the online poker market before re-entering other markets.
What is a Spanish Online Gaming License?
Right now online poker in Spain is unregulated, but that’s about to change in 2012. Spain is supposed to regulate online poker by the beginning of 2012. Last week was the last week to submit an application for a Spanish online gaming license and it was reported that roughly 50 online gaming operators have applied for a license. Initially the Spanish online poker market will be segregated from the rest of the market, but Spain may open up their poker sites to international players in the future.
The Spanish poker market will be similar to Italy and France except Spain will charge a lower tax. The lower tax should help keep the rake low in the Spanish poker rooms and that should be enough to sign-up most Spanish poker players. Once the 1st licensed Spanish poker room opens up it’ll become illegal to operate an unlicensed online poker room although we’re unsure how Spain will be able to monitor whether or not unlicensed poker rooms are operating in their country or not.