What is Going on at Full Tilt Poker?

When Black Friday hit I figured that players at PokerStars and Full Tilt Poker would get their money back quickly and players at Absolute Poker and UB would be in trouble.  I got two out of three right.  I cannot believe that Full Tilt cannot get their act together after over a month has passed.

FTP Doug posted at Two Plus Two the official statement reassuring players that they are working tirelessly to get U.S. player paid quickly.  Obviously there are problems though.  While I would not put them in the same group as Cereus I am thinking that there are major problems.  Even players outside the U.S. have reported slow cashouts.

FTP Doug did clear up a few things for U.S. players.  The FTP Store will reopen for non cash items which is the exact opposite of what PokerStars did.  Players that had an order prior to Black Friday will have their order canceled and the points put back in their account.  The orders will need to be made again.

It was also stated that all promotions except rakeback had been paid to U.S. players.  This included tournament leaderboards and the Take 2 promotion.  Players that requested a cashout prior to Black Friday but have not yet received it will have their money put back in their account.

The rakeback issue seems to be a problem.  Deductions were made for cashouts and deposits that never cleared.  Full Tilt Poker needs to go through all of their records to see what cleared and what did not.  When they do they will adjust balances and MGR.  When that is done rakeback will finally be paid. For what it is worth I have still not received my FTP Point refund for store purchases or my rakeback for April 12-15.

There is also the issue of countless U.S. echeck deposits that never cleared.  Many players report making deposits months ago that were never deducted from their bank accounts.  I would imagine that this is part of the holdup.  Countless players lost a fortune and never paid for it.  Other players made deposits that need to be researched to see if the player can cash out that money or not depending on whether the deposit ever cleared.

I only have a few hundred dollars on Full Tilt Poker so I am not stressing but I know quite a few players out there are.  I was very surprised that the non U.S. traffic has been as strong as it has been.  If I were outside the U.S. there is no chance I would be playing there knowing the bookkeeping fiasco that must be going on.  It is even possible that Full Tilt Poker has a substantial amount of money locked up.  While I have faith that Full Tilt will pull it off in the long run I am concerned that it has taken this long.

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