A $731 million deal between PokerStars, the largest online poker site, and the U.S. Justice Department has resolved a closely watched civil forfeiture dispute that roiled the gambling industry.
Prosecutors targeted the assets of three poker companies, including PokerStars and Full Tilt Poker, in a federal civil action filed on April 15, 2011, in New York. On July 31, PokerStars agreed to forfeit $547 million as compensation to poker players. Additionally, PokerStars will make available about $184 million that Full Tilt owes to foreign players. PokerStars will acquire the bulk of Full Tilt’s assets under terms of the deal.
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