Customers of Absolute Poker and Ultimate Bet receive USD 33.5 million in repayment.
7,400 past users of the shuttered poker platforms Ultimate Bet and Absolute Poker are set to get their assets back, freezing them more than six years after these sites were shut down by American federal officials. People who haven't already requested a payout for their funds have until September 7 to file a claim.
On April 15, 2011, many Americans hoped to enjoy a weekend of poker online. But players on prominent sites like PokerStars, Full Tilt Poker, Ultimate Bet, and Absolute Poker were greeted by a message from the U.S. Department of Justice on their poker platforms. The agency told them those sites had been seized and their assets were confiscated. This event became infamous in the poker community as "Black Friday." It took some time to comprehend the situation, but it became clear that billions of dollars held by these major poker providers' American customers were frozen.
As the largest company in the field, PokerStars recovered from the financial loss caused by the sudden collapse of the U.S. market. PokerStars subsequently secured an agreement with American authorities in 2012—including a major fine and the acquisition of Full Tilt Poker and payouts for former customers in the United States. This situation is similar to the recent developments involving the bankruptcy of PKR.
Unlike PokerStars, both Ultimate Bet and Absolute Poker struggled to cope with the situation. They were both part of the Cereus Poker Network. The network went bankrupt, making it challenging to negotiate player balances with authorities.
The process of returning assets is finally underway
After six years of uncertainty, those who played on the Cereus Network can exhale with relief. The payment of seized assets began in August, when the responsible money laundering and asset recovery department of the judicial authority approved the first payments.
A few months back, the Garden City Group (Epiq Global), appointed by the judicial authority to manage the disbursement of funds, started processing the first requests for reimbursement. Former players had the option to submit their requests on the designated website. 7,400 compensated individuals have now had their payouts initiated. Totaling $33.5 million, this equates to around $4,500 per approved refund. This should put some minds at ease! The funds should appear in their accounts within four to six weeks.
The last chance for former players of Ultimate Bet and Absolute Poker to reach out to the Garden City Group is September 7. Foreign players can also submit their claims through this organization. The linked paragraph above contains the proper form and answers to frequent questions on submitting a claim.
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Source: www.onlinecasinosdeutschland.com
