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by BrandonM
5540 days ago
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I made a longer post below (http://news.ycombinator.com/item?id=2452958) that explains it all a bit better, but for poker players, their balances on poker sites serve both as checking accounts (in many ways) and as their capital. That's like asking why a corporation's value is tied up in its stock. A poker player's account balance is his livelihood. You can sit at some tables with $100K. It's very easy to 4-table. Moreover, it's very easy to have a 10-buy-in swing. This means that at a bare minimum, a legitimate player has at least 15 buy-ins on any given site, and he damned well better have another 15-25 somewhere else (cash, other sites, etc.) if he doesn't want to risk blowing his entire bankroll (going "busto"). The players with these kinds of balances are part of a very tight-knit community that is largely centered around 2+2. FullTilt and PokerStars both have representatives that post there. It is basically to the poker world what Hacker News is to the tech world. If even one player's money was seized for an undisclosed reason, the major sites (which make money hand-over-fist daily from rake) would lose a lot of faith, and their entire business model centers on their customers' good faith. There were a few people cheating before on UltimateBet and AbsolutePoker. Thanks to the aforementioned community reconciling various players' hand databases (each hand can be logged), they were caught and both of those sites lost a ton of business. |
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I also replied to your post below but just to clarify this for everyone: despite he effort from hese communities, those involved in he cheating were never caught. In fact. those named by the DoJ as the heads of Absolute Poker are heavily implicated and the company line has been that ownership had changed hands; this is clearly not the case.
And despite significant pressure, large amounts of money has not been returned to players. And despite Absolute/UB temporarily seeing great loss of traffic, they regained and were up to last night the 3rd largest American-facing network or site.