Full Tilt Revelations Bring AGA Turnabout

Full Tilt Revelations Bring AGA Turnabout

The American Gaming Association, long standing opponents of online gambling has come out in favour of a change in online gambling laws following the latest Full Tilt development.

On Tuesday came the revelation that Full Tilt Poker had lied about not using player deposits to fund the business side of the company. Shortly after this, AGA president, Frank J. Fahrenkopf Jr. released a statement that said the AGA felt there were no longer any grounds for putting American citizens at risk with the continued ban on online poker within the United States. The AGA has released a Code of Conduct for online poker that it hopes online poker groups will take up and operate “honestly, legally and responsibly.”

The AGA has pressed Congress to endorse the bill proposing a change in the current law for online poker. The bill, currently making its way slowly through the necessary channels, details proposed new laws that include safety measures to protect players from unscrupulous online gambling operators from exploiting users. They include background checks being made on all online gaming website operators, putting in place a system to identify US players thus preventing underage gambling and including measures to put a stop to money laundering and corruption.

It is no surprise that this change of heart has come about. The news that Full Tilt’s CEO and two of its celebrity team members are facing fresh allegations of corruption along with several other criminal charges reinforces the growing belief that the citizens of the United States are not being adequately protected from the seedy side of online gambling by the current set up in the law. The Justice Department has made allegations against the three top Full Tilt figures of defrauding players of more than $300 million. They allege that the money had been used for their own benefit and not to pay winnings to players and that they were operating a “Ponzi scheme”.

While there is some doubt as to whether there really was a Ponzi scheme in operation at Full Tilt, the money that was supposed to have been set aside from the company’s operating costs and used only for maintaining player deposit balances and paying winnings was obviously being mismanaged in a big way. It is claimed by some that the intervention of the US Justice Dept on Black Friday brought the Full Tilt financial situation to a head. With their bank accounts and assets frozen, there was no way the US players could be repaid. It is hoped by many that a change in the law will provide more protection to players from this situation ever happening again.