• June 8, 2022

Jack Binion reportedly considering major Full Tilt investment

 

With an estimated $60 million deficit, Full Tilt Poker has been in desperate need of liquidity since Black Friday on April 15. The company has been actively pursuing potential investors and bank loans, all to no avail. Enter Jack Binion, who reportedly is considering making a major stake in Full Tilt.

Binion is one the most powerful players in the casino industry. He became President of Binion’s Horseshoe Casino and Hotel in 1963, when he was only 26 years old. As a member of both the American Gaming Hall of Fame and Poker Hall of Fame, and heir to the wealth of casino entrepreneur and mobster Benny Binion, Jack Binion is in a unique position. In a single investment, Binion could save Full Tilt and take significant ownership of its operations. Binion would assume a great deal of risk in any deal. A $60 million deficit is a difficult proposition in any business, but reports and rumors have been circling for days that this is a risk Binion is seriously considering.

According to multiple reports, both Jack Binion and Phil Ivey have been in Ireland recently to meet with Full Tilt executives. If Full Tilt secures a major investor like Binion, players could expect their money to be returned. Players will be forced to wait on cash outs until Full Tilt is able to secure a surge in liquidity. If that were to be provided by an American powerhouse figure like Binion, the possibility of Full Tilt’s return to the USA may be quickened. Full Tilt has announced that it has “pending deals with several parties that would put money back in players’ pockets.”

Black Friday is now officially over a month and half over with. Most U.S. players seem to have figured out a new site or travel arrangements to allow themselves to play at their old sites. Non-U.S. players are obviously having an easier time figuring out where they want to play, usually based on which site is now carrying the most traffic. PokerStars was relatively quick in giving their players (U.S. included) their money by withdrawals but FullTilt Poker seems to be lagging far behind.

For United States players, their money is still frozen or stuck (however you want to spell it) at FullTilt. To make matters even worse, their support team has been very short or unresponsive to many questions. On May 30, “crypto gambling”, a FullTilt Poker representative, posted a few new answers at the 2+2 message boards.

Unfortunately, the answers are again too vague. They explain how they still are uncertain to when U.S. players will receive their money even though its their biggest priority at the time. Luckily, despite rumors, they do say that their site isn’t bankrupt. This gives hope that U.S. players will eventually ge their money, but again no timeframe is set.

To speedup the process of getting money sent to these players, FullTilt plans to raise capital to ensure the U.S. players are paid as quickly as possible. Fulltilt says that they have always paid players in the past during obstacles so this isn’t any different. Again, reassuring, but not too specific.

Basically, everyone enjoys having an update on the status of their money. FullTilt Poker seems to be struggling with this issue by only making periodic statements that are random. As an added downfall, their responses really give no real help or insight on any sort of timeframe which is the major concern.

Please stay glued to see when FullTilt Poker makes their next announcement. Hopefully, the next one will have some better details.