Full Tilt Poker subsidiary Orinic Limited has withdrawn its application for a gaming license before the Alderney Gambling Control Commission that was scheduled as a public hearing on May 3.
GBT negotiations fail, Pokerstars swoop in.
In light of recent news that Group Bernard Tapie has terminated acquisition negotiations with Full Tilt and the U.S. Department of Justice to purchase the beleaguered site, the cancellation of the hearing comes as no surprise. What is surprising and still a shock to many is that PokerStars has swooped in with an effort to reportedly purchase the shuttered poker site for $750 million. Online poker forums are still buzzing with the news that is being embraced by players with money frozen on the site for more than a year, but is being criticized by others who fear that PokerStars’ increasing dominance of the online poker market is bad for the industry as a whole.
It is uncertain what steps the Tapie group plans to take next, having spent the last seven months trying to work out a deal to purchase Full Tilt. Tapie had also recently registered new gaming companies in Malta and Ireland, in addition to beginning a hiring process under the FTP parent company of Pocket Kings in Dublin. All those efforts and funds will seemingly go for naught, as all eyes are now on PokerStars.