Absolute Poker finally reaches agreement with US government

Posted by Steve Ruddock on May 11, 2011 Posted in Poker Industry News | No Comments »

After both PokerStars and Full Tilt Poker quickly came to an agreement with the US Attorney’s Office in the Southern District of New York that saw the two online poker sites returned their domain names in order to begin returning US players funds, the poker world was left scratching their heads as to why Absolute Poker had not done the same –especially when the US Attorney’s Office statement specifically said they were offered the same deal.

As more and more details have come out since Black Friday we started to see why Absolute Poker was not so quick to come to the bargaining table, as bad press after bad press seemed to point to the site closing shop in the very near future.

Now on Wednesday morning Absolute Poker has issued yet another press release, but this time it was not to spin a story about their offices being raided by law enforcement or to announce the firing of their entire Team of poker pros, on Wednesday we learned that UB and Absolute Poker have come to a an agreement with the DOJ to start returning player funds –although the specifics of when this might happen was spoken in generalities and seems a long way off judging by these statements: “Unfortunately, the Company still faces several legal issues which must be navigated before funds can be paid out to US players… Player funds, therefore, will not become immediately available for withdrawal as a result of today’s agreement with the DOJ.”

You can read the entire press release [here]

So it would seem that Absolute Poker and UB Poker dollars frozen on the site may have just increased from about $.20 on the dollar to $.25 on the dollar.

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