Okay so they owe close to 1 million dollars according to those reports. But how much money do you think they owe to plays in total? I know most ppl who play online poker dont even know about 2p2 so that would mean there probably is at least 3 million owed? Well the thing is those that dont know about 2p2 probably dont have a big balcne there anyway... would i be correct to assume that?
Lock got into this mess not from stealing from depositors but rather from creating freerolls and tourney guarantees that they couldn't actually back with funds. This put a ton of money 'in play' and then players who won it went to the cashier to withdraw. Lock simply didn't have the money on hand that was on account on paper.
I'm not making excuses for them, mind you. And players who 'won' certainly want what is owed to them. But it isn't even close to a pyramid scheme. There would have to be people still depositing for that to be the case, and that seems unlikely at this point.
All the pressure on players to not deposit from the poker community, while well intentioned, is only going to assure that players never see any of that money. The only hope anyone has of ever getting their funds is if a) people start depositing again, or b) someone buys out the company and its debt. Both seem unlikely.
I'm not making excuses for them, mind you. And players who 'won' certainly want what is owed to them. But it isn't even close to a pyramid scheme. There would have to be people still depositing for that to be the case, and that seems unlikely at this point.
All the pressure on players to not deposit from the poker community, while well intentioned, is only going to assure that players never see any of that money. The only hope anyone has of ever getting their funds is if a) people start depositing again, or b) someone buys out the company and its debt. Both seem unlikely.
That may be true but their answers to solving this problem is "throw more money we don't have at it" by offering great rakeback they can't back huge free rolls to big tournaments and huge GTD tournaments that always have overlay in and fre emoney to players who are waiting for their withdraws...
The site is managed so poorly they also refuse any audits to prove that they still have a little money left and money still in players individual accounts and they use outrageous lies to why they don't have audits.. Saying they don't want the audit company revealing which banks they use..
Even though Carbon is independently audited in both RNG and players balances and are operating for US players and have had no problems with these audits...
The site is managed so poorly they also refuse any audits to prove that they still have a little money left and money still in players individual accounts and they use outrageous lies to why they don't have audits.. Saying they don't want the audit company revealing which banks they use..
Even though Carbon is independently audited in both RNG and players balances and are operating for US players and have had no problems with these audits...
juiceeQ said:
Not insane, really. Fact is, 95% are losing players, and will lose the money to other players anyway. Most players who deposit are going to be in this 95% category, they are never going to be in the position of not being able to cash out. So all the fear mongering has only hurt the very people doing the fear mongering.
But it was seriously bad management for Lock to have continued with guaranteed tournaments paying out huge overlay. It went on far too long, they should have recognized early that the growth was going to keep up cash outs.
If some one competent was running Lock poker then they probably would have already gotten out of trouble.. With current management I don't see them coming out of it.. Especially with the PPA meddling trying to get the DOJ in on it.. They may just make it impossible for US players to get on Lock and stop all money flow
So they put up all their debt in freerolls and couldn't even cover it in rake? That doesn't make any sense. Plus all safe sites have segregated player funds. Sayin people lose anyway is a pretty piss poor argument as people will sometimes withdraw part of an initial deposit, or win short term. Just because its gambling doesn't excuse the abhorrent behaviour of lock
duggs said:
It works like this . . .
Lock offers a $25,000 Guaranteed tournament, $100 + 9 buy in. But only 110 players join. This means Lock only takes in $11,000 for the prize pool and another $990 in rake, but they still have to credit player accounts the full $25,000. This means that Lock created out of thin air over $13,000 in player funds. They have done this week in and week out for a long time, and it continues to this day.
duggs said:
When they pay 0 percent of the winnings out, they don't have to cover anything, and that is exactly how they operate. Yes the tournaments are pretty much all freerolls, but it is just play money and only holds value on Lock. I got a free 109 ticket the other day for just going all in on 10nl for about 10 minutes, they are desperate for players.
duggs said:
He was saying that Lock was always having Overlays because their GTD's were too big so when players were to cash in these tournaments the overlay then becomes phantom money in players accounts
I mentioned free rolls because Lock always offers two 50 seats GTD free rolls into the $109 tournaments
So essentially 100 people were getting into the $109 tournaments for free that combined with not enough people buying in and playing in these games caused even more over lay
IDK how much Lock was making off rake in the cash game section but almost every single MTT had over lay
