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Alderney Regulators to Conduct Review

11 October 2011 by admin

full-tilt-poker11The online casino industry has been hurt in many ways by the Full Tilt Poker scandal. The most damage that it did, though, is in hurting the confidence of the players and of those working within the industry itself. Though they had problems before, Full Tilt had a pretty good reputation and was one of the largest online gambling companies in the world. The fallout from the scandal has been far reaching.

The most recent casualty is the Alderney Gambling Control Commission. As the regulatory body that licensed and oversaw the operations of Full Tilt Poker, they were responsible for ensuring that the company was engaging in legitimate business practices and making sure that it was a safe website for players. As it turns out, neither was the case.

Last month, the Alderney Gambling Control Commission revoked Full Tilt’s license, saying that the company misled the commission. According to the regulators, Full Tilt had continuously lied about their finances. According to the commission, Full Tilt repeatedly reported nonexistent funds, saying there was money to cover the online bets that was not actually there. Federal prosecutors have accused Full Tilt of running a Ponzi scheme, by spending money in player’s accounts rather than keeping it there in a protected state.

The Alderney regulators say that they were kept in the dark about Full Tilt’s disreputable practices, but that doesn’t inspire confidence. While you certainly wouldn’t want them to have allowed Full Tilt to operate had they known the facts, their ignorance is just as dangerous as collusion. In response to the problem, the commission’s executive director, Andre Wilsenach, said that the commission will launch a review of their practices and policies to determine what went wrong. “We will certainly review our processes in the light of this particular experience and we might introduce changes if we find that there’s things that we could do better from our side,” he said.

One Response to “Alderney Regulators to Conduct Review”

  1. piston pete says:

    Agreed. As much as it’s easy to blame Full Tilt, Alderney most definitely needs to reexamine their own policies. I can’t believe they have the gall to say “we might” introduce changes. It’s clearly evident Alderney MUST introduce changes if they value the trust of players.