2011 June 30 | Poker Blog

Is Jack Binion buying partnership in Full Tilt Poker? Or is he already a partner?

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From Two Plus Two

Speculation, based on alleged inside sources, indicates that Jack Binion, the known poker billionaire, is in talks with and moving to close on a deal that will give him controlling interest in the online poker room. Only time will tell if this investment has been or will be made. Full Tilt Poker has encountered several fiscal issues and Jack Binion has a reputation of getting out of similar situations.

The online poker giant has recently encountered several business altering situations. The first occurred on Poker’s Black Friday, April 15th. The United States Department of Justice shut down 5 major online poker rooms for alleged illegal operations within the United States. Within hours of the shut down, American players at Full Tilt and Pokerstars were no longer able to access their money and accounts with the online poker rooms, and the poker rooms were back up and open for business by the next day. At this point, no one faulted the online poker giants for the situation; instead the outrage was appropriately directed at the US DOJ.

Then to the surprise of many American players, some of the funds from Pokerstars were released to American players. Full Tilt Poker was unable to do the same and this led to questions. The questions eventually led to the license being pulled on June 29th, 2011. As money is being sorted, issues are being seen in the overall management of player funded accounts. These issues are being addressed while other talks continue with the DOJ and potential investors.

At this time, the belief is that should Jack Binion obtain control over the online poker brand, Full Tilt Poker, his knowledge and experience will prove to be an asset to the company in dire straits. He has had controlling interest or ownership of numerous poker rooms and casinos in Las Vegas over his lifetime. He is also the founder of the World Poker Open which has proven to become one of the most well known poker events in the world. With a name that is as large as the game itself, Jack Binion may just be the man to reestablish FullTiltPoker’s glory to the standard it has been known for.