Mar
31
2012

AGCC Exonerated Over FTP Collapse

Full Tilt report exonerates Alderney gambling regulator
A report into the Alderney gambling regulator’s handling of the besieged Full Tilt Poker website has found it was “appropriate, timely and fair”.

Its author, Peter Dean, said the episode was “an example of regulation working as it should”.

He said the Alderney Gambling Control Commission had “conducted the ‘fit and proper’ tests with appropriate rigour”.

The commission revoked the online firm’s licence in September after claims of financial fraud. Read the full story…

This report would have been about as independent as my left nut. You can’t call yourself independent when the entire economy of your country is dependent on a positive report. In the wake of revelations of years of dodgy loans to players, non-segregation of funds etc etc at Full Tilt Poker. It can’t be denied that the AGCC failed massively over the course of many years and deserve no credibility going forward.

Yet another example of why it is foolish to rely on government (who can’t even run a post office) to regulate instead of the private sector (those who actually have something to lose if they don’t do their job properly). No doubt the AGCC will remain largely unchanged out of this whole debacle and again oversee millions of dollars of players money…

About the Author: Andrew Ferguson

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