Full Tilt Report Released by Alderney
Many experts dissected and discussed the Full Tilt issue since Black Friday. Even though it applies more to internet poker than to the internet gambling industry one can learn a lot from it.
Full Tilt Poker (FTP) was licensed by the Alderney Gambling Control Commission (AGCC). This licensing authority is ranked among the best and yet it has been criticized vehemently since it could not prevent FTP from going bust which left many a disgruntled and unpaid player in its wake. The AGCC has now launched a complete review as to how it can impose the necessary procedures to prevent something like this happening in future again. In the best interest of transparency the AGCC decided to publicize its review.
Former chairman of the British Gambling Commission Peter Dean CBE conducted the review. Dean interviewed many of the people involved in this unfortunate incident and scrutinized various documents. He also absolved the AGCC from any wrong doing in this case. The regulator immediately launched an investigation the moment it caught wind of the irregularities committed by Full Tilt Poker. Appropriate action was taken once the findings were tabled. Dean stated the following with regard to his review, “My opinion overall is that AGCC fulfilled its statutory obligations in relation to FTP and that its actions were appropriate, timely and fair.”
Dean outlines the necessary procedures that needs to be followed in order to avoid the recurrence of the FTP episode in the second part of the review. He proposes that AGCC must establish a close-knit relationship with its licensees instead of depending on intermediaries. He said that the necessary resources should be made available in case a legal investigation is brought against the licensee. He also said that it’s imperative that the players know where they stand and the level of player protection must be clearly displayed on the website of the AGCC.
A press release has been issued by the AGCC outlining Dean’s report. In a nutshell, the Commission is satisfied with the report and accepted its recommendations. Andre Wilsnach explained the importance of the independent review, he said, “We wanted to reassure ourselves and those who take an interest in our activities, that if these mistakes happen again then we would recognize them, and if lessons could be learned that we would learn them.” Wilsenach said unfortunately the independent report nor the implementation of its recommendations will compensate those FTP players who lost money. He said he felt sorry for them but said it’s unfair to hold the regulator responsible against deliberate concealment or deception. However, the AGCC will try its level best to assist players to recover their funds.[addtoany]