Big time pro poker gambler Phil Ivey is definitely boycotting the WSOP at the moment, says Big Lead Sports. According to Ivey's allegation in court, his and WSPO associate Full Tilt Poker has yet to refund online poker gambler money long after the U.S. government shut down online poker houses. It has been alleged that Full Tilt parent business Tiltware, LLC, has over $150 million in player cash that was to have already been returned.

Ivey is definitely 'deeply disappointed' in Full Tilt

Full Tilt's actions are more than just embarrassing, Phil Ivey said on his Facebook page. He said it makes it extremely hard for qualified poker players to get a better reputation without going to buy-in tournaments.

"I am not playing in the world Series of Poker, as I do not believe it is fair that I compete when others cannot," writes Ivey. "I am doing everything I can to seek a solution to the problem as quickly as possible."

Needing to get Phil Ivey's reputation back

Ivey thinks that his reputation has been damaged in the past few months since he has been closely associated with Full Tilt and the company has not done anything. Ivey had to think of something he could do. He is going decided to sue Full Tilt Poker's founder, Tiltware, LLC. Ivey made a Facebook statement about the group that said:

"I sincerely hope this statement will ignite those capable of resolving the problems into instant action... I will dedicate the entirety of my time and efforts to finding a solution for those who have been wronged by the painfully slow process of repayment."

One problem with Full Tilt

Full Tilt Poker didn't have a bank reserve account so gamblers could be refunded quickly, which is definitely something Ivey levies against Tiltware. Just like banks invest money deposited into them, online poker websites invest the money deposited into them. Full Tilt does this also, states International Business Times.

Federal regulators are aware of this, and hence there are laws governing reserves that have to be maintained by individual banks (or online gambling online websites). It appears that Full Tilt is either unwilling or unable to refund all the customer money at once. Putting your money into one of these websites may be a dangerous thing to do. This is definitely as the gambling websites do not typically have the FDIC insurance banks do and would never get a tax bailout. The government would have to open the nation's wallet for players to get their money back.

Citations

Big Lead Sports

thebiglead.com/index.php/2011/06/01/phil-ivey-is-boycotting-the-world-series-of-poker/

Casino Scam Report

bit.ly/loVhfI

International Business Times

bit.ly/mR3mMV

Wall Street Journal

online.wsj.com/article/SB10001424052748704628404576265060852516194.html