What Became of Full Tilt Poker's Status?
Full Tilt Poker was a well-known online poker platform in the early days of the game, competing with the likes of PokerStars and Party Poker. It became popular for several reasons, one of which was its roster of high-profile players like Phil Ivey, Chris "Jesus" Ferguson, Howard "The Professor" Lederer, and Tom "durrrr" Dwan. The platform's unique and modern software, featuring cartoonish designs and funny avatars, made it stand out.
Fast forward to today, and you'll find that the website is still up and running, but don't be fooled. It's just a skin of PokerStars that retains some of the original design.
The Beginning of Full Tilt Poker - A Poker Powerhouse
Online poker was starting to take off during the early 2000s, even before the 2003 WSOP Main Event win by Chris Moneymaker. The writing was on the wall, and those in the know saw a huge business potential in the game.
Chris Ferguson, an established and accomplished player at the time, saw an opportunity and teamed up with Ray Bitar. Together, they launched Full Tilt Poker in July of 2004.
With a clever marketing strategy to attract new players, Full Tilt Poker quickly became the go-to place for poker fans. They signed on big names like Howard Lederer, Phil Ivey, John Juanda, Erick Lindgren, and Jennifer Harman. The slogan "play with the pros" resonated with fans, and the site became the top destination for online poker during the early years.
The room's popularity received an additional boost from the sponsorship of High Stakes Poker, easily the most popular poker show ever filmed. Fans would log in to observe high-stakes cash game action, leading to regular running games of $300/$600+.
By the end of 2005, Full Tilt Poker had taken over the online poker scene, leaving Party Poker and PokerStars behind. FTP had become synonymous with online poker.
Testing Their Luck With the UIGEA
The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) aimed to target financial institutions in the States, making it illegal for them to process transactions to online gambling sites.
This was a massive blow for online poker, as U.S. players made up a large portion of the overall player pool. Party Poker decided to leave the U.S. market altogether, but Full Tilt Poker saw an opportunity and chose to ignore the UIGEA.
At first, it seemed like a smart move. With one less competitor, Full Tilt Poker became even stronger. However, things were happening behind the scenes that the public and even some within the company were unaware of.
The Crackdown on Online Poker - Black Friday
April 15, 2011, is a date that many poker players will never forget. It became known as "Black Friday," and it was undoubtedly the hardest and ugliest day in online poker history. Players who logged on that day were met with a shocking message:
The U.S. Department of Justice (DoJ) decided to take action after spending several years building their case and collecting evidence. They targeted three major poker operators in the U.S., seizing the domains of Full Tilt Poker, PokerStars, and Absolute Poker.
It was a wake-up call for those who thought they could ignore the UIGEA and continue business as usual. The pin had finally dropped, and Full Tilt Poker never recovered.
The shock that players felt on the day they tried to log into their Full Tilt accounts cannot be described in words. Many people had large sums of money stuck on the site, and no one saw the DoJ coming.
At first, Full Tilt Poker issued reassuring statements, claiming that players had nothing to worry about as their money was safe. With the promise of paying American players in full, the room was allowed to continue operating outside of the U.S. for a short while. However, it soon became apparent that something was not right. The DoJ shut down FTP again, and underlying problems began to surface.
It would later be discovered that the promises about funds being safe were completely false. The room didn’t have all the players’ money readily available and was conducting an investigation into the matter. Claims of a Ponzi scheme emerged.
Full Tilt Poker had been experiencing payment processing issues for years. Some payment processors that dealt with American deposits weren’t sending them money, but the room continued to add it to players’ balances anyway, while actual transactions were stuck in limbo.
While the room was operational, they could handle the backlog, but players had been complaining about delayed withdrawals long before Black Friday. However, once they were forced to shut down the operation and money from new players stopped coming in, it was the end. There wasn’t enough money in FTP’s account to cover everyone’s balances.
Players were furious and felt betrayed, but there wasn’t anything that could be done at that point. It was a hopeless situation.
Once the FTP scandal came to light, authorities and players began to ask questions. Who was to blame? How did such a big room with such a great market position end up where it was? Blame was directed at the main honchos - Ray Bitar, Howard Lederer, and Chris Ferguson. At the very least, they had to know about these issues and they had the responsibility to act before it was too late. However, there was deafening silence from the poker community for the most part - they never got the answers they were hoping for.
By that time, Ferguson was no longer as involved with the company management. Lederer did a few interviews, but his response to most questions was “I don’t know.” Bitar stayed away from the public eye.
During the investigation, it was revealed that the management of FTP further deepened the crisis by issuing big loans to some of their big-name players. In the end, the blame for the FTP fiasco falls on those in charge at the time. For that reason, they were ostracized by the poker community and had to pay hefty fines.
However, the whole story of what was actually happening behind the closed doors in those last years and months of Full Tilt Poker was never told in full. One must wonder what would have happened if Black Friday had never occurred. Perhaps the story of Full Tilt Poker would be much different. Maybe they would have found a way to get the funds, and we would never know.
In July 2012, former FTP players could finally see the light at the end of the tunnel after long and painful months of waiting. PokerStars agreed to purchase the fallen star and refund all players’ balances - those from the U.S. and the rest of the world alike.
Shortly after, ROW players could log back into their old FTP accounts and access their funds. Money was available for withdrawal, and players could also opt to transfer it to their PokerStars account through a relatively simple process.
However, U.S. players weren’t so lucky. Although the repayment money was secure, there was a long process ahead. It wasn’t until 2014 that the first installments started to arrive for those who went through the necessary steps to claim what was owed to them. It took several years for this process to complete.
With the financial issues out of the way, the question became: what would happen with Full Tilt Poker? For a little while, the room was up and running again, and with PokerStars now backing the brand, some players believed the room would bounce back and reclaim its position.
However, it seems that PokerStars considered keeping Full Tilt Poker alive but eventually decided not to go through with it. While the brand certainly had some value, everything that happened over the years made it very difficult to rebuild the trust. Plus, with PokerStars being the biggest brand worldwide now that FTP was out of the picture, there was little incentive to spend resources on what used to be its competing brand.
PokerStars gained significant goodwill among players by acquiring FTP and fully refunding them. They acted as a savior, ensuring that everyone received every cent owed to them. This was a smart marketing move, though expensive, as it showcased PokerStars' concern for the community. The company lived up to its commitment without any excuses.
However, FTP had to meet its end. Once reimbursements were completed, PokerStars decided it was time to relegate the iconic room to the background.
Although they retained the domain and software as part of the purchase, FTP ceased to exist as a separate entity. Instead, it evolved into a PokerStars skin with minor design changes.
If you download the Full Tilt Poker client today, you'll notice that it offers the same games, players, and tournaments as the original PokerStars platform.
Bidding Farewell to Full Tilt Poker
Online poker enthusiasts from the early 2000s will always have fond memories of Full Tilt Poker. It was the venue for some of the most thrilling high-stakes duels and the springboard for numerous rising players. Additionally, it provided numerous freerolls and low-stakes games, giving newcomers a chance to learn and grow their bankrolls.
Had things gone differently, Full Tilt Poker might have become the industry's star performer or merely another closed room like many others.
Ultimately, Full Tilt Poker's tale wasn't a glorious one, but it had its share of memorable moments. It's a shame that PokerStars decided to shelve it permanently, but perhaps it was for the best.
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