In a not altogether surprising piece of news, the Alderney Gambling Control Commission (AGCC) announced today that they are revoking the gaming licences of Full Tilt Poker.
Said AGCC in a statement on the matter, “At a hearing held in London over six days, it emerged that FTP had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator. Serious breaches of AGCC regulations include false reporting, unauthorised provision of credit, and failure to report material events.”
They continued, “It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management. Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies.”
Based on recent proof provided by the U.S. government that Full Tilt has far less money on hand than is owed to players, it is not surprising that AGCC would decide to revoke their gaming license. However, it is nice to bring closure to this aspect of the Full Tilt debacle. One is also left with some reassurance that AGCC truly does have the best interests of players in mind as they claim to and is not little more than a puppet organization in bed with the online poker companies (like the Kahawake Gaming Commission has demonstrated themselves to be by their continued support of UB, Absolute Poker, and even Full Tilt to whom they issue a secondary license).
This news likely makes Full Tilt somewhat less appealing of an investment option since now any buyer must also deal with the process of getting the site re-licensed.