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2011-06-27 21:18:45
2015-02-27 02:54:27

Jack Binion to Bail Out Full Tilt Poker?

Author: Seth Shafer

Full Tilt Poker has been desperately seeking a cash infusion since the US government indicted the online poker site on April 15th and may have found its savior in the unlikely form of Jack Binion.

It's been a rough few months for online poker site Full Tilt; indicted on April 15th by the US government on charges that include wire fraud and money laundering, the company has also been hit by a lawsuit by Phil Ivey, one of poker's most popular and respected players and a former sponsored pro of the site.

Ivey's frustration is one shared by many Full Tilt customers in the US, as Full Tilt has yet to refund a single dime to US players after blocking them from playing on their site following the US government's actions on April 15th.

PokerStars (the world's largest online poker site) was hit with the same indictments and closed its doors to US players as well, but unlike Full Tilt PokerStars refunded more than $100 million to US customers in less than a week.

Full Tilt hasn't made any public statements about the delay in refunding money but many online casino and poker industry experts have reported that the site is seeking an investment of $150 million, funds that will be used to repay US clients as part of a deal with the US Department of Justice.

Ivey reportedly found an investor but the terms weren't to Full Tilt's liking, which led to the falling out with Ivey and the lawsuit he filed in late May.

Fast-forward to today and there's more rumors circulating about Ivey once again bringing someone to the negotiating table with him who's looking to bail out Full Tilt with $100-$150 million. 

This time he's linked with Jack Binion, the on of legendary US casino owner Benny Binion who was the founder of Binion's Horseshoe, one of Las Vegas' premier casinos in its heydey.

Jack Binion has worked in the casino industry for more than 40 years and is credited with creating the World Series of Poker as well as spearheading Wynn Resorts' expansion into Macau with Wynn Macau.

Whether Full Tilt can right the ship even if it finds an investor remains to be seen, although the company still operates the world's second largest online poker site and has been at the forefront of several mobile phone gambling apps available for both iOS and Android devices.

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