Pokerstars Players Funds are Safe

June 29th, 2011 | by Admin |

We heard today Full Tilt Poker have closed down due to losing their licence with the Alderney Gambling Control Commission (AGCC). The shudder is still thundering throughout the poker world with players angry and confused, demanding to know how they can withdraw their funds from a site that simply doesn’t exist anymore.

Many have been concerned that Pokerstars would soon follow in Full Tilt’s footsteps and close it’s doors. Nothing could be further from the truth. True, both sites have been closed to US players since April 15th but the response of the rooms has been very different.

Full Tilt have been delaying payments to both US and European players (in fact most US players have simply given up trying), whereas Pokerstars have kept up with payments, inspiring confidence by making quick payments to US players as soon as they are requested. As for the rest of the world, you would never know ‘Black Friday’ had happened at Pokerstars, they didn’t miss a stride and although they must be making huge payments to ex players from the US, they have held their integrity and haven’t failed in any way to meet their commitments.

As further reassurance we have just received an email from Pokerstars confirming that their gambling licence is valid and we would like to share this with you. We know many players are concerned that their bankrolls are safe and feel that reporting this email in full is the only sensible thing to do when so many are worried.

From Pokerstars 29th June 2011:-

PokerStars Official Statement, June 29 2011

In light of today’s news that Alderney Gambling Control Commission has suspended Full Tilt Poker’s license, PokerStars wishes to assure our customers that their funds are completely safe and that our operations are completely unaffected. The Isle of Man Gaming Commission today re-affirmed that PokerStars’ worldwide licensing is intact and that our operations are in full compliance with all of its requirements. PokerStars’ online operations continue as normal and all funds in players’ accounts are safe and available for withdrawal as usual with no delays.

PokerStars also remains in full compliance with our licenses in other jurisdictions where we are regulated, including France, Italy and Estonia.

As provided under our licensing, PokerStars has always maintained the integrity and security of our players’ funds, by keeping all such funds in segregated bank accounts, always available for immediate withdrawal.

Since the actions of US Department of Justice in April, we have returned more than $120 million to US players and continue to act upon requests as they are received. Players outside the US have not been affected and all cash-outs have been processed without delays. Further, PokerStars entered into an agreement with the Department of Justice which expressly confirmed the company’s ability to operate outside the US.

We will continue to operate as a responsible corporate citizen and are committed to serving the needs of our customers in complete compliance with our regulatory requirements.

IOM Gambling Supervision Commission Statement, June 29 2011

The Isle of Man Gambling Supervision Commission wishes to make it clear that the licensing status of PokerStars in the Isle of Man remains unchanged following today’s statement from the Gambling Control Commission in Alderney. Alderney is a separate jurisdiction from the Isle of Man and the operation in question is separate from PokerStars.

PokerStars continues to demonstrate compliance with its licence conditions in the Isle of Man. PokerStars continues to offer withdrawals to any players who wish to withdraw their funds, including players in the USA to whom PokerStars does not currently offer real-money gaming.

The official statement from the IOM Gambling Supervision Commission can be found here.

We would like to thank you for your continued support.

Best Regards,
The PokerStarsPartners Team”

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