Alderney Releases Independent Full Tilt Report

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The Full Tilt debacle has been the subject of much discussion and debate. Though it pertains more directly to online poker there are lessons to be learnt for the entire online gambling industry. Full Tilt Poker (FTP) was a licensee of the Alderney Gambling Control Commission (AGCC). This licensing authority, though ranking among the best globally, was criticized for not being able to stop FTP going down and leaving its players unpaid. In order to assess how it could have and should have acted differently and also to determine steps required for prevention of such happenings in the future AGCC had instituted an independent review. The review is now complete and in the interests of transparency AGCC has put it in the public domain.

The review was conducted by Peter Dean CBE, who is a former chairman of the British Gambling Commission. The method adopted by him included talking to many of the persons involved in the unfortunate incident and inspecting the relevant documents. Upfront Dean absolves AGCC of any wrong doing or even operational error. He says that as soon as there was plausible evidence of irregularities, the regulator promptly ordered an investigation. After the findings were tabled a hearing was given to the licensee and then the judgment delivered and appropriate actions taken. Dean concluded this part of the review stating, "My opinion overall is that AGCC fulfilled its statutory obligations in relation to FTP and that its actions were appropriate, timely and fair."

In the second part of the review Dean outlines steps that need to be taken in order to prevent a recurrence of the FTP episode. He recommends that AGCC establish a more direct relationship with its licensees rather than relying on intermediaries. He said that whenever investigations are being carried out into licensee conduct additional required legal resources should be arranged. One important issue raised by Dean is that the players should know where they stand. Therefore AGCC should clearly display on its website the level of player protection that it offers. AGCC should also insist that its licensees directly make that level of protection known to players.

AGCC has issued a press release on the Dean report. In brief, the Commission welcomed the findings and accepted its recommendations in full. Explaining the necessity for the independent review, executive director Andre Wilsenach said, "We wanted to reassure ourselves, and those who take an interest in our activities, that should mistakes have been made then we would recognize them, and if lessons could be learned that we would learn them." Wilsenach pointed out that he was aware that neither the independent report nor the implementation of its recommendations will compensate those FTP players who have lost money. He sympathizes with them but goes on to say that a regulator cannot be proof against deliberate concealment or deception. AGCC is assisting the other authorities to recover the players' funds.

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