|The full tilt sage continues|
The Full Tilt Poker saga continued this week, but this time we finally got a real piece of news. The Group Bernard Tapie is the investor who is attempting to buy the company running the poker room Full Tilt.
This is the first time that an investor’s name is revealed and this sounds like a serious deal here. Bernard Tapie is a French businessman who has been involved with numerous businesses in the past 40 years and his name puts a lot of credibility on this deal. Some will say that he has had problems with justice, but it is a mistake he did a long time ago and overall his career is prestigious and when he is involved with a company, he really means profits.
This is a great news for the brand Full Tilt Poker and they said that we could expect to see it back online some time next year. There was another news this week, bad this time: the AGCC has revoked full tilt’s license. This is not really a surprise given that now the Feds are going after the owners themselves, accusing them of running a Ponzi scheme. But that is not a major deal breaker for Tapie, as the new owners will obviously have a lot of cleaning to do, including getting new licenses.
There are many hurdles for this deal to go through beyond getting a poker license, the first of which is getting the agreement from the DOJ, and finding a way to pay back players and to establish clean balance segregation. It is quite risky for the buyer as many players will immediately transfer to another poker room as soon as they get their funds back. And who would blame them given the way they have been treated.
But then realistically some players will also stay, and some will understand that this should not happen again with the new management and all the pressure and auditing they will be subject to. And then their product including the software is great, and some players old and new will be aware of that.
So yes it is risky and it is also possibly very profitable. It all depends on how the Group Tapie will manage the brand and if they can maintain a good market share. But as their are not gambling specialists, this could be a challenge as this market has so many peculiarities. It depends also of course on how much they pay.