The Full Tilt Poker Company filed for bankruptcy on October 13, 2013, after losing more than $500 million in player funds. The company cited its declining player base and the expenses of mounting legal battles with the U.
S. government as reasons for their decision.
The company was founded in 2003 and had become one of the largest online poker providers in the world. Their players had lost an estimated $2 billion in deposits and gambling profits since the company went bankrupt.
The closure of Full Tilt Poker has raised questions about what caused their rapid decline, and whether other online poker providers are at risk of following suit. A study by Harvard University found that poker players lost an average of nearly $1,200 during their first year of playing online.
This compares to an average loss of just over $100 for casino players. While it is unclear why poker players were more likely to lose money, it is likely that a combination of factors contributed, including a lack of skill development resources and a lack of social support networks when playing online.
While the closure of Full Tilt Poker may have been inevitable, it raises important questions about the future of online gambling and player protection. Online poker is a growing industry, but its future remains uncertain as regulators continue to investigate the industry.
