When I asked a non-poker player friend if the phrase 'Black Friday' meant anything to him, I was shocked by his reply. "Is that the name given to the shooting of those Iranian protestors back in the seventies?" I quickly corrected him, and informed him that Black Friday was in fact the day that the domain names of three of the biggest online poker sites were seized and their owners indicted.
Even after educating him on current affairs, I remained amazed that he was blissfully unaware of the most important day in the history of the world. In fact, I soon learned that no one outside of poker had heard about the debacle: my family, my neighbour, my pet dog - not one of them had the faintest idea of the seismic plates that had been moving underneath the poker industry.
So, with that in mind, I decided to draw up a detailed timeline of the story so far, so that everyone could brush up on their recent history and see exactly how the whole Full Tilt Poker saga unfolded.
You probably weren't alive when JFK was shot, but do you remember where you were on April 15? Let's start with that date pivotal day...
Apr 15 - Black Friday: DoJ indict Raymond Bitar and Nelson Burtnick.
The darkest day in the history of the world arrives as the caped crusaders from the Department of Justice tell eleven poker villains that they’re not the Messiahs, but very naughty boys. Full Tilt CEO Raymond Bitar and Tiltware Director of Payments Nelson Burtnick quickly cancel their order for a new Ferrari and book flights to the Bermuda Triangle. First class, of course.
Apr 15 - FBI seize FTP domain name.
Thousands of poker pros across America spend the entire day bashing F5 waiting for that strange message to disappear so they can get back to grinding the pokers and showcasing their photoshop skills on Two Plus Two. Finally, realisation sets in and they are embraced with picking the lesser of three evils: getting a job, playing on Cake, or, worst of all, moving to Canada! On the bright side, Michael Moore says you don’t have to lock your door over there ‘cos there’s no crime and stuff.
Apr 16 - FTP's Onyx Cup cancelled.
This shit is getting real – the Oink Cup has hit the deck! With $30 trillion in prize pools, the Oxo Cup was set to be a series of high buy-in tournaments with a clear message: this isn’t an elite event, it’s open to all!... as long as you’re a billionaire or sponsored by a company that pays in Monopoly money. Possible entrants included crowd favourties such as Howard Lederer, Chris Ferguson and Daniel Tzvetkoff. Okay, I made the last one up.
Apr 16 - FTP pull out of US market.
Full Tilt decide that the DoJ were serious about this money laundering and bank fraud malarkey and make a swift exit from the US market. Users are presented with the following homepage message: “We apologise but the system is currently down. Please check back later.”
The system is still down.
Apr 16 - Tom Dwan guarantees $1 million of FTP payouts to players.
Is it a bird? Is it a plane? Is it Lederer and Ferguson on a plane? Yes, but there’s also something else up there… it’s Super Dwan! Zipping through the blue sky with his cape flapping in the wind and an STD logo emblazoned on his chest, Super Dwan has come to save the day and guarantee $1 million to players if Full Tilt Poker don’t deliver. Hurrah!
Of course, that’s not going to happen, because Full Tilt Poker are almost certainly going to payout.
Any day now…
“Ah, shit.”
Apr 20 - Domain names are returned to facilitate refunds.
US players breathe a giant sigh of relief as fears of the DoJ spending their cyber bucks on hookers and blow for the next office party prove unjustified. Instead, they’ve decided to temporarily reopen the Internets and allow ‘The Big Three’ to reimburse players. The ability to play a $1 SNG from the comfort of their own home might be strictly forbidden in the ‘Land of the Free’, but at least players won’t be left out of pocket.
‘No problem,’ PokerStars say, ‘We have everyone’s money over here in our player account.’ Cue efficient and quick payout. Job done. Full Tilt, however, are rather more hesitant and it soon emerges that segregated accounts wasn’t one of their favoured strategies. Still, the office party was pumping this year. Woot! Woot!
May 31 - Phil Ivey files a lawsuit against Tiltware and boycotts the WSOP.
On the opening day of the 2011 WSOP – and distracting us from the explosive thrill-ride that is the Casino Employees event – Phil Ivey broke his silence on the Full Tilt debacle (and also his silence on, well, anything) by posting a statement on Facebook, one of the many social networking avenues he has frequented over the last several years.
Whether it was because he was genuinely “disappointed” or “embarrassed” by Full Tilt’s incompetence, looking to save face by distancing himself from the whole saga, or simply feeling besmirched that his wallet had thinned, he was clearly steaming and keen to convey his disdain for Full Tilt management. But whilst most will slam their mouse and have a trivial argument with the Mrs. after a bad beat, Ivey prefers to sue people, and duly filed a lawsuit (electronically, mind – why leave the warm, cosy bed?) against Tiltware related to the unsettled player accounts.
Initially hailed as a knight in shining armour, audiences were later split upon debate: Heroic martyr or strategic villain? The jury’s still out on that one. The real victims were the Humphrey’s – what are they going to do with their summer now?
Jun 1 - Tiltware label Ivey's lawsuit "sanctimonious" and "meritless".
Proving that they could indeed respond within 24 hours (ha – in your face, Full Tilt customers!) if the need arose, the powers that be immediately fought back, further suggesting that the boat was truly sinking with scathing comments such as “Mr. Ivey appears to have timed his lawsuit to thwart pending deals,” and, “Tiltware doubts Mr. Ivey’s frivolous and self-serving lawsuit will ever get to court.”
The overall message: Don’t throw stones at a man holding a machine gun.
Head of PR was duly awarded a promotion.
Jun 26 - Rumours circulate that Jack Binion is investing in FTP.
Who wants to be a Binionaire? Nobody. We just want our money back.
At the tail end of June, players were given a glimmer of hope thanks to a rumour that casino operator and former WSOP host Jack Binion would be bailing out Full Tilt Poker by making a major investment in the company. The pairing seemed a bizarre match, and despite meeting with the board of directors in Ireland, the deal quickly fell through. Square one, meet Full Tilt Poker.
Jun 29 - AGCC suspend the license of FTP.
“When we’re ready,” said Howard Lederer nonchalantly when QuadJacks garnished his sushi meal with a microphone, and it was those words that would soon become the catchphrase surrounding the company as they continued to urge players to sit tight whilst investments were secured… which they were almost certainly going to be.
Unfortunately, that sentiment suffered a major setback when the Alderney Gambling Control Commission suspended the license of Full Tilt Poker and ordered them to halt all operations with immediate effect. For Americans, it was the final nail in the coffin.
On the other side of the Pond, meanwhile, European players who’d inexplicably continued to play on Full Tilt were left aghast by the news, stunned that the company that had brazenly ignored the UIEGA, been processing US transactions by criminal means, enabling phantom deposits, and failing to pay back players post Black Friday - thus hinting at clear financial holes that could have a wider effect – were actually $150 million in debt and refusing to pay their license fees.
European players had clearly been blindsided, and were understandably outraged that they had lost their funds without any kind of warning.
Jul 1 - Ivey vs. Tiltware lawsuit is voluntarily dismissed.
Ivey reverse-slowrolls Tiltware by threatening to cause all manners of judicial bedlam only to show rags and muck his hand a month later. Meanwhile, a popcorn-munching audience is left to wonder why their fireworks fizzled out; reports suggest that a meeting in Ireland calmed the waters, although no official statements were released.
Jul 4 - ARJEL suspend FTP's French license.
Full Tilt Poker continue to slide downhill quicker than a lard-smothered eel as French Gambling Commission, ARJEL, echo AGCC’s sentiment by sending Full Tilt to their room with no supper. Unlike the modern generation of naughty teenagers, Full Tilt don’t have a TV, Xbox and DVD player awaiting their arrival.
On the other side of the fence, PokerStars are downstairs feasting on a steak dinner and thanking the Lord not only for their meaty treats, but also the existence of Full Tilt Poker. Our father who art in heaven… muchos thankos for enabling Full Tilt’s continual decline to overshadow any of our misdemeanors. Oh, and cheers for those extra Frenchies. Okthxbye.
Jul 26 - FTP/AGCC hearing adjourned until no later than Sep 15.
Well, the initial encounter was certainly entertaining as Full Tilt Poker and the AGCC debated in front of a packed audience that thought they were there to see the latest Jeremy Kyle episode. With no lie detector or DNA tests, they were left severely disappointed.
They did enjoy one heated moment before rain stopped play, however, as voice of the people Harry Demetriou preempted the final thought by yelling, “What about the interest of the players?” before storming out and labeling the star guest as “corrupt”.
The crowd erupted in applause before chanting “Jerry! Jerry! Jerry!”
Jul 29 – Ivey and Benyamine’s financial dealings with FTP are leaked.
At the tail end of July, poker whistleblowers Subject: Poker released reports of Full Tilt Poker’s financial history with two key players: Phil Ivey and David Benyamine. Forget TSB, Full Tilt Poker were the bank that likes to say, “Hell yeah!” before inviting their top pros to dive headfirst into the money bank and breaststroke their way through player funds.
To summarise findings: from June 2009 to April 2011, Ivey had borrowed $10.7 million, paid back at least $5 million and received $1.2 million in payments and perks, whilst Benyamine had received $800K in salaries and repaid $750K in loan repayments over a “non-contiguous eighteen-month period”. To summarise even further: Full Tilt Poker were dishing out dollars as if they were boiled sweets.
Adding balance, the reports missed certain dates, and didn’t include external transactions, but certainly offered a window into the unique and potentially destructive manner in which Full Tilt Poker conducted its financial relationships with just two of its star quarterbacks.
Aug 5 - FTP pay outstanding license fees.
In what had become a frustrating one-step-forward-two-steps-back process, it finally appeared as though Full Tilt Poker were making giant leaps when the AGCC announced on their website that they’d finally received license payments to the tune of $250,000. This news once again reopened the door for commercial negotiations and offered out-of-pocket players a rare glimmer of hope.
It took a while, but I suppose even Noel Edmunds paid his TV license eventually.
Sep 6 - FTP/AGCC hearing pushed forward to Sep 19.
God damn it! First they ban us from ringside, and then they tell us that Wrestlemania has been pushed forward another couple of weeks. What are we going to do until then? Eastenders is rubbish these days.
Sep 8 - Canada's Consumer Law Group file a lawsuit against FTP on behalf of players.
Crikey. Imagine if every nation’s ‘Consumer Law Group’ followed suit (pun uncharacteristically unintended); Full Tilt Poker would be spending more time in court than O.J. and Knoxy combined!
On this occasion, the lawsuit was filed on behalf of "individuals who have funds being held in their Full Tilt Poker player accounts". The UK are yet to follow as most Brits had dusted off their ‘roll prior to closures, thus showcasing our superiority in forward thinking and avoiding any unnecessary legal fees.
Sep 14 - FTP suggest they'll be reducing costs by 12 million at a loss of 250 jobs.
Whilst certain individuals sip cocktails on a Caribbean beach and count the spondoolies they made prior to the storm (sounds familiar; 2008 financial crisis…), Full Tilt Poker operators PocketKings announced that they expect to cut 250 jobs in order to make the $12 million in savings required to cater for the loss of the American market. In an industry that was once creating jobs in abundance and on a whim, finding a secure living in poker these days is like looking for a needle in a haystack with your hands tied behind your back.
Sep 14 - FTP hire Sea Groups Securities, LCC as financial advisor.
Seeing as Full Tilt Poker’s prior approach to the world of finance control had been rather, one might say, lackadaisical, Sea Groups Securities, LCC were whisked in to offer guidance to the promised land and aid that ultimate goal of reimbursing players, or, as Full Tilt Poker might put it: making money from non-US markets and reimbursing players if they have to.
Sep 18 - The Hendon Mob end exclusive relationship with FTP.
The world had stuttered, but not ended for the majority of Red Pros, who although waved goodbye to their sponsorship deal and the bucks sitting in their account, were ultimately cleared of any wrongdoing, and free to progress to newer, and perhaps greener pastures.
For the members of The Hendon Mob, however, the implications were rather more severe as they acted as direct affiliates for the site with the survival of the business heavily dependent on their financial relationship with Full Tilt Poker. Despite being more loyal than Lassie, poker’s original Rat Pack had been left stranded and so officially severed ties in Mid-September, stating: “We are currently running at a substantial loss and this is not sustainable in the long term. We have therefore chosen, as well as ceasing to be Full Tilt Pros, to end The Hendon Mob.com’s exclusive relationship with Full Tilt Poker.”
Now, if only there was a blossoming and ambitious casino outlet with oodles of money to invest in their poker department that could step in and save the day…
Sep 20 - DoJ accuse FTP of defrauding players and operating a Ponzi Scheme.
When Charles Ponzi conducted a postage stamps scam way back in 1920, little did he know that he would become a figurehead for so many future bent businessmen across the globe, providing them with the foundations of a corrupt investment scheme and lending his name to their underhand shenanigans for years to come.
He even had business ventures named after him that weren’t even Ponzi schemes!
A case example was September’s amendment to the initial complaint, in which the Manhattan Attorney’s Office alleged that Full Tilt Poker and its board members had defrauded players via the Cheeky Charlie method. You didn’t have to be a financial expert, however, to realise that this clearly wasn’t true; even Stevie Wonder could see that Full Tilt Poker was a profit-making machine, and one that could rely on the daily turnover to both survive and flourish rather than player funds.
Instead, this behemoth’s ruin was simply due to a combination of greed and mismanagement, and a total failure to control outgoing funds. Only stupidity could make a mess of such a winning hand and it almost seemed harder to sink the ship than keep it afloat. Nevertheless, it still came as a shock when the public were informed of the figures: $390 million owed; $60 million in the bank; and $443 million dished out to board members. Mathematics 101.
Sep 20 - It emerges that players had been making phantom deposits.
The clusterfuck became more er… clustery when, despite the increased space in the vault, Full Tilt Poker began offering more freerolls than any other site in the history of online poker: deposit with us and we won’t debit your account, ever! Imaginary deposits – the value didn’t get much better than this.
Later, a poll on the Two Plus Two forums inquired as to the percentage of members who’d intentionally taken advantage of the loophole. There were a few semi-bluffs – “I didn’t realise… (even after several months)” – and even a couple of proud confessions (before returning to slagging off those ‘scumbag thieves’ at Tilt), but most donned their best poker face and opted for the stonecold bluff.
The best answer was also the simplest: “Phantom deposit: No. Phantom withdrawal: everyone.”
Sep 21 - Epic Poker suspend Howard Lederer and Chris Ferguson indefinitely.
As Howard sips on his Tequila Sunrise, he turns to face Chris on the neighbouring lounger: “You heard the news? Epic Poker have suspended us from the Tour.”
Crushed, Chris requests that the two bikini-clad women either side of him cease massaging his beard so he can reflect on this devastating news.
“What are we going to do, Howie?” he replies with a tear in his eye. “I thought Black Friday was bad, but this is worse. This is Pitch Black Friday!”
Chris is so distraught he removes his hat.
“I had all those Epic Poker dates marked down in my diary. What am I going to do now? They can’t be erased. And what about our Global Index Score?”
“I know it hurts, Chris,” sympathises Howard, “but we just have to accept their decision. Besides, it’s only ‘indefinitely’.”
“’Indefinitely’? Forever, you mean. Look at Michael DiVita. They’ll hold this against us for the rest of our lives. I know it.”
“At least we’ll get to play the satellites though.”
“Why don’t you have a word with Annie?”
“And taint her immaculate reputation? No way. Look, we’re just going to have to soak this one up and move on with our lives.”
As Chris begins to weep, Howard offers a comforting embrace.
“Stay strong, Chris. I’m here.”
Howard wipes away his tears with a 100-dollar bill.
Sep 21 - Rafe Furst responds to accusations with open letter.
Rafe Furst (not to be confused with the mean dude from Schindler’s List) was a late entrant to the Full Tilt Poker saga, but one who had skillfully dodged the spotlight despite being an integral member of the board and receiving $11.7 million in payments.
Breaking the Lederer/Ferguson tradition, he decided to issue a public statement on his blog, commenting that he, well, couldn’t comment on the issue at hand. Marvellous. He did however urge his critics to not jump to conclusions, adding, “My only request at this time would be to not let the naysayers and haters be the only voices out there expressing their opinion of me.”
At time of writing, those other voices have yet to come forward.
Sep 26 - Warrant issued for seizure of FTP principals’ accounts.
The shit hit the proverbial fan as the Department of Justice seized the assets of Ray Bitar and the three musketeers in response to the week’s amendment. I’d like to think it was reminiscent of a hectic Cops episode, or akin to Henry Hill’s capture in Goodfellas. At the very least, I’m picturing them sat around a cash-smothered poker table in a dark, dingy backroom as the police suddenly barge in yelling, “Freeze!” Sadly, I sense the process was rather more cordial, and way less exciting.
Unsurprisingly, Bitar would later file a claim against the seizures. Apparently, he had the nuts when they stormed the game. Unlike the Murphy's, he's very Bitar.
Sep 29 - AGCC revoke FTP gambling license.
If the amendment was a final nail, this was the start of the burial as the Alderney Gambling Control Commission inevitably distanced themselves from the whole debacle by officially revoking Full Tilt Poker’s gambling license. The announcement was made following the postponed hearing, with AGCC claiming they had been “fundamentally misled” (join the club!) with regards to their “operational integrity” and reported regulation breaches “including false reporting, unauthorised provision of credit, and failure to report material events.”
Once again, the players’ chance of reimbursement took yet another fatal blow, and all that was left was for the priest to utter some parting words.
Sep 30 - FTP and Groupe Bernard Tapie sign acquisition agreement.
But wait! In true dramatic fashion (and think window-banging à la The Graduate, but with a funeral), and just one day later, Full Tilt Poker seemingly rose from the dead as they signed an acquisition agreement with Groupe Bernard Tapie, a French investment company that specialised in saving bankrupt companies (as well as relegating football clubs and sending them into financial turmoil).
Players rejoiced and took to the virtual streets to dance in celebration. This was the news they’d been waiting for! Enough of all this nonsense about licenses and warrants – this was incoming money, and the agreement itself even included the repaying of players? We can turn a blind eye to his chequered past; Tapie is our new hero.
Oct 5 - Software company Cardroom International file lawsuit against FTP.
Suing Full Tilt has become somewhat of a fashion in recent months. First Phil Ivey flirted with the idea, then Canada had a stab, not to mention a couple of disgruntled players – who, incidentally, were booted off the site two years back for allegedly using bots - charging $900K in damages (could have rounded it up, surely).
Now Software company Cardroom International are getting in on the act too!
Who’s next? Will durrrr sue them? How about PocketFives? Maybe Tiltware can have a bash. Or how about the Full Tilt board of directors? The case of Full Tilt Poker versus Full Tilt Poker, I can see it now. Either way, it looks like Full Tilt Poker are going to be spending more time in court than O.J. and Koxy combined!
And don’t think everyone is safe, either. Only the other day, Tony G was threatening to sue the AGCC for negligence, suggesting they were aware of the problems prior to Black Friday and failed to act accordingly and in the interest of the players. Just when they thought they were out, the G pulls them back in. Can you feel his power?
Oct 19 – Patrik Antonius claims he has $5 million resting on the FTP’s survial.
Whilst we’re all banging on about how much we’ve lost in Full Tilt Poker, spare a though for poor old Patrik Antonius. Not only has he been unwittingly fronting a crooked company for all this time, but he also stands to lose a whopping five million dollars when the ship finally goes down.
Despite holding just $100 in his account, he claims that he’s owed a substantial amount of money that would be very difficult to retrieve without Full Tilt Poker. This includes a pending $2.4 payment from just one individual, the return of which relies entirely on the existence of the company.
So, next time you’re moaning about your bowl of rice, consider the suffering over in Monte Carlo. It’s not easy being a moneymaking poker genius trapped inside a body that looks like it were chiseled by Michelangelo. And now he’s down to his last 10 million!
Oct 25 - Players survey about methods of receiving payment.
Everyone loves to don their Columbo coats and connect the dots, even if the mystery is easier to solve than a Dan Brown conundrum. In this case, the first piece of the puzzle was an article on little-known Spanish website Poker-Red, which reported that one of their employees had been contacted about completing a Full Tilt Poker survey centred around preferred payment options.
But, just one more thing...
The call came from French Magazine Live Poker...
... which is run by a chap called George Djen
... who is the founding partner of FullFun Company
... who recently partnered up with Groupe Bernard Tapie
... who just so happen to have acquired Full Tilt Poker.
Bingo!
Nov 1 - GBT strikes deal with DOJ.
And, if I can be a serious for a moment...
The Full Tilt Poker/Groupe Bernard Tapie alliance made genuine progress this November when the latter came to an agreement with the Department of Justice to coordinate the repayment of customers with GBT reimbursing non-US players, and the DoJ settling American accounts.
The news came to the fore when an email from Ray Bitar to shareholders was leaked on Subject:Poker, whilst reports also emerged of players with substantial amounts in their accounts being surveyed as to their preferred methods of receiving payment. Managing director Laurent Tapie would later confirm the deal with iGamingFrance, adding that it would take 15 days to finalise the deal.
The story continues…
And so, that brings us up-to-date; the tale of the tape has reached its final reel, and it’s clear that the last few months have been a roller coaster ride with more ups and downs than a kangaroo on a bungee. But whilst our story draws to an end, the story of Full Tilt Poker is set to continue. At time of writing, the Groupe Bernard Tapie partnership is alive and kicking – and the company indeed announced they are “optimistic” about the future - but the journey is long, and the winding road is sure to hit a few more bumps along the way.
With the cogs finally in motion, players are now wondering what the future holds for Full Tilt Poker: Will they be rebranded? Will they be under new management? What will happen to the shareholders? – there are more questions than an entire season of Jeopardy, and whilst refunds are first and foremost, I can’t help but fear that the answers are relatively insignificant, and that whatever happens, players will have no qualms in jumping back onto the tables and supporting a company that had so nonchalantly and recklessly risked player funds in order to support the greed of the owners.
But there lies the fickle nature of the poker player; we moan about the wrongdoing and work intrepidly to unveil their crimes, yet despite the mismanagement, disrespect and self-indulgence, if there’s value at the table, and some ‘fashionable’ faces wearing the logo, we’ll gladly brush these flaws aside in order to play their Sunday major. ‘Voting with your feet’ is a phrase that is often threatened, but rarely applied in poker, and never was that so telling than when non-US players continued to play on the site post-Black Friday.
Until regulation arrives – the call for which becomes louder by the minute - the security of online poker remains heavily reliant on trust and a ‘cyber handshake’ of sorts, with the knowledge that if something untoward went down, the perpetrators would likely escape with both their freedom, and in many cases their fortune, in tact. With regards to Full Tilt Poker, does GBT’s ownership instill a sense of reinvigorated trust in the company, and enough for us to begin pumping our collective millions back into the site? Although they have dug up numerous companies from bankruptcy (most notably, Adidas), a quick glance at their namesake’s Wikipedia entry would suggest an element of doubt.
The image of poker has severely suffered over the last 12 months, and for it to recover, I believe that we must be consistent as customers in boycotting the dishonest members of the community rather than welcome them back with open arms. In that sense, I hope that if Full Tilt Poker do rise like a phoenix from the flames, be they under new management or not, that we refrain from reclicking the ‘deposit’ button as if nothing had ever happened. Sadly, I fear that won’t be the case. After all, Rush Poker is jolly good fun.