Big time pro poker gambler Phil Ivey is definitely boycotting the WSOP at the moment, claims Big Lead Sports. According to Ivey’s allegation in the courtroom, his and WSPO partner Full Tilt Poker has yet to give back online poker player money long after the United States government shut down online poker houses. The case claims that over $150 million in consumer funds is still in Full Tilt parent business Tiltware, LLC’s possession.
What Full Tilt did make Ivey feel ‘deeply disappointed’
On his Facebook page, Phil Ivey argued that Full Tilt’s actions aren’t only embarrassing, however they create economic hardship for experienced poker players who now cannot participate in buy-in tournaments to further their reputation.
“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.”
Needing to get Phil Ivey’s reputation back
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 hasn’t done anything. Ivey had to think of something he could do. He is going decided to sue Full Tilt Poker’s founder, Tiltware, LLC. Ivey made a Facebook statement about the team that said:
“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’s company accounts do not exist
A major allegation Ivey levies against Tiltware is definitely that Full Tilt Poker did not maintain a financial institution reserve account through which money could quickly be refunded to players. Just like banks invest money deposited into them, online poker sites invest the money deposited into them. Full Tilt does this as well, states International Business Times.
This is definitely something federal regulators know and have laws about. Individual banks and online gambling sites have to follow these reserve laws. It appears that Full Tilt is definitely either unwilling or unable to refund all the consumer money at once. Putting your money into one of these websites could be a dangerous thing to do. This is definitely because the gambling websites don’t generally have the FDIC insurance banks do and would never get a tax bailout. The government would have to open the nation’s wallet for players to get their money back.
Information from
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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