What is Ray Bitar's net worth?
Ray Bitar is an American gaming CEo who has a net worth of $1 million. Ray Bitar is best known as the central figure in one of the largest financial scandals in online gaming history. As CEO and co-founder of Full Tilt Poker, Bitar oversaw the site's rapid rise from 2004 to 2011, helping turn it into one of the biggest poker platforms in the world. But on April 15, 2011—"Black Friday" in the poker world—the U.S. Department of Justice indicted Bitar and other executives, alleging fraud, money laundering, and the misappropriation of hundreds of millions in player funds. Bitar ultimately pleaded guilty and forfeited tens of millions in assets. He avoided prison in 2013 after citing life-threatening heart failure. Since then, he has withdrawn entirely from public life.
Early Career and Full Tilt Poker
Ray Bitar began his career as a trader and part-time poker player in California before shifting to the business side of the game in the early 2000s. In 2004, he co-founded Full Tilt Poker with a group of prominent professional players, including Chris Ferguson, Howard Lederer, and Rafe Furst. Bitar served as the CEO and was responsible for the site's business operations, including its financial infrastructure.
Under Bitar's leadership, Full Tilt Poker quickly became one of the most successful online poker platforms in the world, second only to PokerStars. The site marketed itself as "built by the pros," featuring endorsements and active participation from elite players. Full Tilt processed hundreds of millions in player deposits and was known for its advanced software, innovative features, and high-stakes games.
Legal Case and Criminal Charges
Full Tilt's downfall began on April 15, 2011, when the U.S. Department of Justice shut down the three largest online poker sites serving American players. Bitar was among 11 individuals indicted. Prosecutors later filed an amended civil complaint, describing Full Tilt as a "massive Ponzi scheme." The DOJ alleged the company owed players over $390 million while holding only $60 million in reserves. Bitar was accused of authorizing more than $443 million in distributions to himself and other owners between 2007 and 2011.
After living abroad for more than a year, Bitar surrendered to authorities at JFK Airport in July 2012. He faced multiple felony counts and a potential 65-year prison sentence.
Guilty Plea and Sentencing
In April 2013, Bitar struck a plea deal with the DOJ. He pleaded guilty to conspiracy to commit bank and wire fraud. However, he avoided prison after submitting medical records showing he was in end-stage heart failure and unlikely to survive incarceration. The judge sentenced him to time served.
Bitar forfeited approximately $40 million in cash, stock, and property. He also agreed to never again work in online gaming within the U.S. or any unlicensed market. The U.S. government later recovered additional offshore funds tied to Bitar—most notably, $12.8 million from bank accounts in Guernsey in 2017.
Asset Forfeiture and Real Estate
At the time of his indictment, Bitar owned multiple properties in Glendora, California. His primary residence—a 4,959-square-foot mansion purchased in 2008 for roughly $2.9 million—was among the assets seized. It was sold by the U.S. government in 2015 for $1.88 million. Additional Glendora properties and a $400,000 golf resort timeshare in Bermuda were also forfeited.
Since then, there have been no public records of Bitar purchasing or selling new real estate. It is believed he now lives privately with his wife, possibly in a residence held under an LLC or trust.
Personal Life and Legacy
After his sentencing, Bitar largely vanished from public view. In 2015, however, he resurfaced briefly in the poker news cycle after photos from his wedding circulated online. The images showed him appearing healthy and energetic—sparking backlash in the poker community, where many questioned the legitimacy of his medical claims that spared him from prison. To date, it is unknown whether Bitar ever received the heart transplant that his attorneys said he urgently needed.
Unlike his co-founders, who have returned to poker in varying degrees, Bitar has not made any public appearances, interviews, or statements since 2013. He has not re-entered the poker industry, launched any new ventures, or participated in media retrospectives about Full Tilt's collapse.
Ray Bitar's legacy remains deeply polarizing. Once at the helm of one of the most influential online poker brands, he is now remembered primarily for his role in a scandal that cost players hundreds of millions. Though he avoided prison, his career, fortune, and reputation never recovered.