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It will be interesting to see if Full Tilt has a solid defense behind how they handled the cash. Full Tilt (and most other poker sites) make their money by tak
by pyoung 15y ago
It will be interesting to see if Full Tilt has a solid defense behind how they handled the cash. Full Tilt (and most other poker sites) make their money by taking a rake (small percentage) of every pot. Theoretically, over the long run (i.e infinity), almost all of the money would end up in full tilt's pockets. If deposits were outpacing the withdrawals, then they could possibly argue that they didn't need to have much cash on hand to cover future withdrawals. Additionally, considering they are a poker site, I doubt that banking regulations apply to them.
- justincormack 15y agoIts not about having cash in hand. Thats cashflow, although businesses fail on cashflow issues, you are allowed to take that risk. However it is illegal for any company to trade while insolvent, when they have negative assets like here.