The recent approval of a new Isle of Man gaming license for a reborn Full Tilt Poker removes one of the final procedural steps on FTP’s path to its upcoming November 6 relaunch.
The new license, issued by the Isle of Man Gambling Supervision Commission, was granted to Rational Group, the division of PokerStars parent Rational Entertainment Enterprises, LTD that will now serve as the licensing backbone of the new site.
The new Full Tilt Poker replaces the global license formally issued to the original FTP by the Alderney Gambling Control Commission (AGCC). The AGCC’s lack of detailed oversight came to light in the wake of the original Full Tilt’s post-Black Friday collapse. It has since changed its regulation to require fund segregation.
The original Full Tilt was also licensed by France’s ARJEL. However, Full Tilt is not currently pursuing licenses in regulated countries. ARJEL has approved FullTiltPoker.FR cashouts through PokerStars.FR.
Full Tilt is also thought to be applying for a license in Malta under the LGA, to launch a FullTiltPoker.EU. This site—which will share the same player pool as FullTiltPoker.com—will be used for players in certain European countries. The LGA license has not yet been granted.
According to a recent Full Tilt statement, the new licensing procedure was helped by the Isle of Man’s own strong relationship with PokerStars, which is also headquartered on the small island located in the middle of the Irish Sea.
Said Steve Brennan CEO of the IOM Gambling Supervision Commission, “[We’re] confident that Full Tilt Poker will safeguard the interests of its players and adhere to the strict policies and procedures governing Isle of Man licensed gaming companies. Full Tilt Poker’s application was strengthened by the fact that their new owners and management team are known to us and have an impeccable record of compliance with the Isle of Man’s regulatory requirements.”
The new Full Tilt will immediately make available to players $184m in balances that was unavailable following the shuttering of the original site, which allowed play to continue into the summer of 2011 before its operating licenses were suspended.
The $184m to be refunded includes all former non-United States Full Tilt players, agreed to as part of the site’s asset sale to PokerStars. USA players continue to wait on details of a separate refund process for their frozen balances, as orchestrated by the Department of Justice.