U.S. Full Tilt Poker players whose remission claims were undisputed can expect reimbursement by the end of February.
Some $82 million is headed to the pockets of about 30,000 players who have been waiting for almost three years to be reunited with their funds. An official notice was posted by claims administrator Garden City Group (GCG) at the FullTiltPokerClaims.com website late Friday.
Funds will be disbursed electronically via ACH to the bank accounts of the approved petitioners. Further information regarding the payment process will be revealed within 2-3 weeks at the GCG website.
Simple arithmetic tells us that the average amount of each of the 30,000 claims comes to roughly $2,733. The $82 million approved for payment is a bit more than half of the estimated $150 million that is owed to former U.S. Full Tilt players.
The remaining funds that have not yet been approved for release belong to players whose Petitions for Remission do not align with the amounts that the DoJ has on file, as well as the petitions of affiliates and pro players. There is no word yet on when those claims will be fully addressed. But it is apparent that the undisputed claim payments will be tended to first before the more complex claims are dealt with.
The GCG had previously estimated that the first batch of payments would be completed by March 31, 2014. The new information shortens that deadline by one month, welcome news to players who had at first questioned the claims administrator’s ability to successfully complete the remission process back in mid-September when petition submissions began.