havanabanana
Dormant account
- Joined
- Oct 19, 2006
- Location
- Europe
Imagine a Las Vegas Casino sponsoring a 4 day poker tournament with $5,000,000
and they get 1,000 entrants paying 10,000 each to enter.
So $15,000,000 in the Prize pool.
After 2 days the tournament has to be cancelled for some reason outside the
Casinos control. (Ebola Virus, Bomb threat or something else.)
The 50 players left get paid out prizes according to chip count.
However the total amount the casino pays out is only $5 Million, NOT 15 Million
that was in the prize pool.
So they do not only take back the $5 Million Seeded, but $5 Million more that
were entrants fees.
This would never happen in Las Vegas, as the Casino would go bust for sure,
engaging in such a scam.
But it did happen online, with the biggest poker room of them all, Party Poker.
Below are some of the details of this scam, and I hope that you can do some
further investigating and expose them for what they are.
Party Defrauding players.
Party claims to have paid out 14,405,786 to the holders of entries in the
Monster promotion.
This is a lie and can not possibly be true, and below is the proof that Party
has defrauded its customers of millions of dollars.
How much did Party Pay out from the 14,405,786 that they claim they paid out?
We know that they paid out 1000 times $1800.72 for the Grand Final entries.
(1,800,720)
We do not know the exact number of Monthly entries that they have paid out, but
we can estimate it pretty accurately as we know how many weekly qualifiers they
have held (9) and how many of those 18,000 entries were used in the first
Monthly (a little more than 7700).
That leaves 10300, Let us add another 700 that they may have given out for the
Monster questionnaire, and we have 11,000 Monthlies.
Thats 11,000 times $350.09 (3,850,990)
We have less information about how many Weeklies were out there, but we know
that there were between 4-5000 who played each Weekly.
If we Estimate 15,000 unused weeklies we surely are overestimating, As a quick
look at the Monster Jackpot winners show that the Jackpot is paid out quite
infrequently , less than once a week. Making it quite unlikely that there are
huge amounts of unused Weekly entries out there.
Recent Winners
Winners of the Monster Bad Beat Jackpot
Date
Winners (Screen Name)
Prize Money
09/24/2006
fosterdboss
$70,342
09/16/2006
hippo_jr
$86,870
09/03/2006
Da1Grosser
$143,048
That is 15,000 times $100.06 (1,500,900)
Which Equals 7,152,610 which is less than half of what they claim they have paid
out.
But in these numbers Party also have added in the value of the weekly ($100,000)
Monster Tourneys, and the Monthly (1,000,000) Monster Tourneys, which are not
taken from the Monster Main pot, but were guaranteed.
The value to deduct from the Monthly is $125 (1,000,000 prize pool / 8000
entries)
And the value to deduct from the weekly entries is $12.50 + $31.25=$43.75(100,00
prize pool/max8000entries) + 2000/8000 of the $125 value of the Monthly cash.
We then get 7,152,610 less
11,000 times $125 (1,375,000)
And less 15,000 times 43.75 (656,250)
Equaling $5,121,360
So Party had defrauded the players of 14,405,786 less $5,121,360 = $9,284,426
Party refuses to give out the exact numbers of players getting the different
amounts, that in it self is quite indicative that they are doing something
fishy.
They have however repeatedly stated that they have paid out the whole 14.4
million, which is in no way true.
www.partypoker.com/monster to see what Party says
and they get 1,000 entrants paying 10,000 each to enter.
So $15,000,000 in the Prize pool.
After 2 days the tournament has to be cancelled for some reason outside the
Casinos control. (Ebola Virus, Bomb threat or something else.)
The 50 players left get paid out prizes according to chip count.
However the total amount the casino pays out is only $5 Million, NOT 15 Million
that was in the prize pool.
So they do not only take back the $5 Million Seeded, but $5 Million more that
were entrants fees.
This would never happen in Las Vegas, as the Casino would go bust for sure,
engaging in such a scam.
But it did happen online, with the biggest poker room of them all, Party Poker.
Below are some of the details of this scam, and I hope that you can do some
further investigating and expose them for what they are.
Party Defrauding players.
Party claims to have paid out 14,405,786 to the holders of entries in the
Monster promotion.
This is a lie and can not possibly be true, and below is the proof that Party
has defrauded its customers of millions of dollars.
How much did Party Pay out from the 14,405,786 that they claim they paid out?
We know that they paid out 1000 times $1800.72 for the Grand Final entries.
(1,800,720)
We do not know the exact number of Monthly entries that they have paid out, but
we can estimate it pretty accurately as we know how many weekly qualifiers they
have held (9) and how many of those 18,000 entries were used in the first
Monthly (a little more than 7700).
That leaves 10300, Let us add another 700 that they may have given out for the
Monster questionnaire, and we have 11,000 Monthlies.
Thats 11,000 times $350.09 (3,850,990)
We have less information about how many Weeklies were out there, but we know
that there were between 4-5000 who played each Weekly.
If we Estimate 15,000 unused weeklies we surely are overestimating, As a quick
look at the Monster Jackpot winners show that the Jackpot is paid out quite
infrequently , less than once a week. Making it quite unlikely that there are
huge amounts of unused Weekly entries out there.
Recent Winners
Winners of the Monster Bad Beat Jackpot
Date
Winners (Screen Name)
Prize Money
09/24/2006
fosterdboss
$70,342
09/16/2006
hippo_jr
$86,870
09/03/2006
Da1Grosser
$143,048
That is 15,000 times $100.06 (1,500,900)
Which Equals 7,152,610 which is less than half of what they claim they have paid
out.
But in these numbers Party also have added in the value of the weekly ($100,000)
Monster Tourneys, and the Monthly (1,000,000) Monster Tourneys, which are not
taken from the Monster Main pot, but were guaranteed.
The value to deduct from the Monthly is $125 (1,000,000 prize pool / 8000
entries)
And the value to deduct from the weekly entries is $12.50 + $31.25=$43.75(100,00
prize pool/max8000entries) + 2000/8000 of the $125 value of the Monthly cash.
We then get 7,152,610 less
11,000 times $125 (1,375,000)
And less 15,000 times 43.75 (656,250)
Equaling $5,121,360
So Party had defrauded the players of 14,405,786 less $5,121,360 = $9,284,426
Party refuses to give out the exact numbers of players getting the different
amounts, that in it self is quite indicative that they are doing something
fishy.
They have however repeatedly stated that they have paid out the whole 14.4
million, which is in no way true.
www.partypoker.com/monster to see what Party says
