CORRECTED-Online poker companies settle with US, two to combine
(Corrects 2nd paragraph to show $731 million is forfeiture, not buying of Full Tilt assets)
NEW YORK, July 31 (Reuters) - Three online poker companies have agreed to settle civil fraud charges brought by the U.S. Department of Justice over accusations of illegal Internet gambling, under a deal in which gaming company PokerStars will acquire the assets of rival Full Tilt, the companies said on Tuesday.
PokerStars said it will acquire Full Tilt's assets and forfeit $731 million. It said this comprises $547 million payable over three years to reimburse Full Tilt customers in the United States, as well as $184 million representing all outstanding balances owed to non-U.S. customers of Full Tilt.
A third company, Absolute Poker, is also part of the proposed settlement and is to forfeit assets to the government. A U.S. judge must still approve that portion of the agreement.
The companies did not admit wrongdoing in settling with the government, according to the statement. (Reporting By Jonathan Stempel and Basil Katz in New York; Editing by Martha Graybow and Maureen Bavdek)
- Tweet this
- Share this
- Digg this