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Update On U.s. Full Tilt Claims Process - Good News


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Some hopefully good news on the claims process for American Full Tilt players.

 

It appears that the remission process might begin "soon" and will be based on the balance in player's accounts. This last part is good news since it was also possible that they might not have paid back winnings but only deposited amounts.

 

http://www.fulltiltpokerclaims.com/index.php

 

Important Update About the Calculation Formula and Start of the Claims Process

 

GCG, working with the Asset Forfeiture Unit of the United States Attorney's Office for the Southern District of New York and the Asset Forfeiture and Money Laundering Section of the United States Department of Justice, has completed the review of data provided by Full Tilt Poker ("FTP"). It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players' final balances with FTP as of April 15, 2011 (the "FTP Account Balances"). The claims process will begin shortly. Once the process begins, GCG will email instructions on how to complete an online claim to all potentially eligible claimants identified by GCG utilizing data supplied by FTP. Account balances from online poker sites other than FTP are not included in this remission process. Petitioners must also meet all other requirements outlined in 28 C.F.R. § 9.8 to be considered eligible for remission.

 

If you do not receive an email notice and you believe you are eligible to participate in the remission process, you may file a claim online using the directions that will be provided on this website.

 

If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance. If the aggregate FTP Account Balances for all eligible Petitioners exceed the funds available for distribution, payments shall be made to eligible Petitioners on a pro rata basis.

 

Please continue to check this website for updates regarding this administration.

 

Last updated August 1, 2013.

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  • 2 weeks later...

A new update

 

http://www.fulltiltpokerclaims.com/index.php

 

Important Update About the Start of the Claims Process

Starting on September 16, 2013, GCG will email a Notice with instructions on how to submit a Petition for Remission online to all potentially eligible claimants identified by GCG utilizing data supplied by Full Tilt Poker ("FTP"). The deadline to submit a Petition for Remission is November 15, 2013. Instructions concerning the filing of Petitions will be included in the Notice and will be posted on this website. Please continue to check this website for updates. Please note that the registration process for email notification is no longer available.

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  • 4 weeks later...

The form submission is now open. I logged on today to the claim site and entered my info. Was easy, they had my exact (albeit paltry) amount in the system.

 

Now we play the waiting game...

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The form submission is now open. I logged on today to the claim site and entered my info. Was easy, they had my exact (albeit paltry) amount in the system.

 

Now we play the waiting game...

 

Let us know how it goes.

 

The whole situation sucks but at least there's a light at the end of the tunnel now.

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After all the hoopla over the past 2 years, this article says less than 2% of those eligible for refunds have filed:

 

http://www.uspoker.com/blog/less-two-percent-have-filed-claims-full-tilt-poker-repayment/6065/

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After all the hoopla over the past 2 years, this article says less than 2% of those eligible for refunds have filed:

 

http://www.uspoker.c...repayment/6065/

 

This isn't surprising and the article gives the reasons why.

 

 

There could be several reasons why former players have not filed for their money. The most common reason is likely that many players do not have enough money tied up to bother with a claim. Some players with $100 or less on the site might figure that going through the process will take more time than the money is worth.

 

Other players are likely worried about tax implication. Money won in online gambling, which online poker will be classified as, is taxed at a much higher rate. Even if you are a professional poker player, you still have to worry about self employment taxes, etc. Players may feel that filing a petition may wind up costing them more money than what they can recover from their old bankrolls.

 

Finally, there is a good chance that a good many Americans either do not know about the remission process or have not received their emails for whatever reason. Many players likely signed up with old email accounts that they seldom access or the notification may have went in a spam folder.

 

The main reason is lack of significant money in most accounts. I would bet that over 90% of the real money accounts have less than $25 in them and most have less than $5.

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