Playtech Progressives: $50,000 'Seed Fee'?!

[Simmo!]

Anyone seen this before and know what a seed fee is and why it's deducted?

6.5.5. Progressive Jackpots are paid in instalments depending on the size of the Progressive Jackpot. A player can cash-out up to $10,000 USD (or the equivalent amount in EURO, GBP or other currencies) per month for any Jackpots and a seed fee of $50,000 USD will be deducted from the Progressive Jackpot winnings. 9.4 and adherence to all terms and conditions of the casino set forth in these terms and or, bonus/promotional terms that player may have received at the time of the jackpot win. The Online Casino reserves the right to amend these instalment amounts.

It's another new Playtech casino with restrictive cashout terms (no surprise there then) called "WinTrillions", the irony being you can only cash out $10k a month so you can't actually "win trillions". And even if you did, you'd die before you received it!

What I find most odd about this is that they claim to have an Alderney licence. Has Alderney become a cheap licensing option?

 

[chayton]

Seed Fee: "Your jackpot win can help keep our casino in business."

Seriously though, what a crock of sh*t. Another case of some crap casino that thinks they can stick any kind of term since half the players don't read them before playing and then if they win they'll be stuck. Seed fee my ass.

 

[paul@bgo]

Whichever operator pops the Progressive has to reseed the jackpot with $50k. Looks like this operator is taking the reseed fee out of the players' winnings.

That, ladies and gents, is where I end my post and bite my tongue

 

[maphesto]

Anyone seen this before and know what a seed fee is and why it's deducted?



It's another new Playtech casino with restrictive cashout terms (no surprise there then) called "WinTrillions", the irony being you can only cash out $10k a month so you can't actually "win trillions". And even if you did, you'd die before you received it!

What I find most odd about this is that they claim to have an Alderney licence. Has Alderney become a cheap licensing option?

They belong to this site:

xxhttp://www.wintrillions.com

A big one, that's why they can "afford" that license.

The seed fee? I have to guess that every casino has to pay a sum to the progressives seed. They don't start at zero when someone has hit them.

At RTG:s RJ:s dogboy001 said that the seed was either 1000$€ or 5000$€, but this didn't matter as this was programmed into the software to keep the house edge. It's harder to hit the RJ that starts with 5000$.

I guess it's the same with Playtech's progressives, but this casino is to stupid to get that.

 

[dunover]

The seed fee?? This is the first time I have ever seen a casino discredit themselves by being honest in their terms.
A bit like winning the lottery and having a champagne reception and all your family and guests being chauffeured to the hotel, only to have your ear whispered in in front of the cameras when being presented with the cheque "By the way Mr. Smith, we've deducted £23,500 from it to pay for today's event."
What disingenuous bollocks.

 

[Nate]

Maybe it was a Typo??

Maybe they meant to say 'Seedy' fee.

Nate

 

[chayton]

ok so I'm playing Wall St and win a jackpot of $60K - I have to give them $50K and the Wall Street progressive jackpot restarts at $5K....errmmm So I'm up $10K and the casino is up $45K?

Or what if I win a progressive jackpot that's only $30K...then I owe them the rest? Seriously I find the whole thing absolutely ludicrous.

If they can't afford to pay their own seed money then it certainly doesn't inspire any confidence they'll be able to pay their players either.

EDIT: Simmo you should flag Bryan on this casino to add it to the 'predatory playtech progressive' list.

 

[dunover]

ok so I'm playing Wall St and win a jackpot of $60K - I have to give them $50K and the Wall Street progressive jackpot restarts at $5K....errmmm So I'm up $10K and the casino is up $45K?

Or what if I win a progressive jackpot that's only $30K...then I owe them the rest? Seriously I find the whole thing absolutely ludicrous.

If they can't afford to pay their own seed money then it certainly doesn't inspire any confidence they'll be able to pay their players either.

EDIT: Simmo you should flag Bryan on this casino to add it to the 'predatory playtech progressive' list.

Come now Chayton, you know that's impossible as the poor sod who won it previously would have stumped up the 50k already!

 

[quber]

The reseed money should normally be accrued during normal play.

When you play a jackpot game and are paying 5% (for example) towards the jackpot then normally a small percent of that 5% is building a separate reseed pot.

The recent 5.5 million win on Mega Jackpot was followed a few days later by a win of around 600K, after this second win the JP was very low as there hadn't been much time to build the reseed pot.

Any jackpot win though should be paid in one lump as the money has been collected and the operators should not be able to hold it. Playtech though don't give a damn. you would never see Microgaming or Netent allow their operators to tarnish their name.

The only exception to the lump sum payout is for IGT's Mega Jackpots as for some reason they are not allowed to be paid in one go because of the laws where they were set up (or something like that, not too sure on the details). but they are changing that, I believe.

 

[The Dude]

6.5.5. Progressive Jackpots are paid in instalments depending on the size of the Progressive Jackpot. A player can cash-out up to $10,000 USD (or the equivalent amount in EURO, GBP or other currencies) per month for any Jackpots and a seed fee of $50,000 USD will be deducted from the Progressive Jackpot winnings. 9.4 and adherence to all terms and conditions of the casino set forth in these terms and or, bonus/promotional terms that player may have received at the time of the jackpot win. The Online Casino reserves the right to amend these instalment amounts.

That's a load of bollocks. I wonder if anyone at Playtech has read these terms and conditions? If I was an accredited Playtech operator, I would be fuming that another Playtech licensee was getting away with this. These are "pooled" funds - meaning not from the individual casino itself. wintrillions? What a joke of a name. It would take the casino over 8 million years to pay out a trillion dollars at $10k a month.

 

[CasinoBen]

The reseed money should normally be accrued during normal play.

When you play a jackpot game and are paying 5% (for example) towards the jackpot then normally a small percent of that 5% is building a separate reseed pot.

The recent 5.5 million win on Mega Jackpot was followed a few days later by a win of around 600K, after this second win the JP was very low as there hadn't been much time to build the reseed pot.

Any jackpot win though should be paid in one lump as the money has been collected and the operators should not be able to hold it. Playtech though don't give a damn. you would never see Microgaming or Netent allow their operators to tarnish their name.

The only exception to the lump sum payout is for IGT's Mega Jackpots as for some reason they are not allowed to be paid in one go because of the laws where they were set up (or something like that, not too sure on the details). but they are changing that, I believe.

This is true, there is a part of the % of what goes towards the jackpot to rebuilding the jackpot called the baby, but there is also a seed amount that the operator who has the jackpot winner must pay which is added on top of the baby (I did not come up with that name ). For Netent this is only for major progressive jackpots as the local pooled jackpot have no baby contribution and the jackpot is reset at the seed amount which is paid by the operator.

Usually I don't comment much on other operators terms but this is a new one to me and it is really vague as they don't specifically mention the game that the €50k would be deducted from. Like Chayton said, what if it is a smaller jackpot game, will they still remove the €50k from the winnings even though the seed is no where near that amount.

And I thought I could not be surprised any more

Ben

 

[chayton]

6.5.5. Progressive Jackpots are paid in instalments depending on the size of the Progressive Jackpot. A player can cash-out up to $10,000 USD (or the equivalent amount in EURO, GBP or other currencies) per month for any Jackpots and a seed fee of $50,000 USD will be deducted from the Progressive Jackpot winnings. 9.4 and adherence to all terms and conditions of the casino set forth in these terms and or, bonus/promotional terms that player may have received at the time of the jackpot win. The Online Casino reserves the right to amend these instalment amounts.

Is it just me or does it look like this term is a cut and paste job that someone didn't pay attention to? Doesn't it seem like there's something missing just before the part in bold?

Like for instance....Here's a term from Omni casino except theirs makes sense....

6.5.3 You are aware of and agree that the maximum amount that a Player can cash-out is $10,000 USD (or the equivalent amount in EURO or GBP or other currencies) per month. All amounts larger than $10,000 will be paid in terms until the full withdrawal amount is reached. This condition does not apply to winnings of network progressive jackpots which is stated in section 6.5.4. Withdrawals depend on verification of all required documents as set in clause 9.4 and adherence to all terms and conditions of the casino set forth in these terms and or, bonus terms that player may have received at the time of winnings.

Would be kinda funny if they stole the terms from another casino and then just plopped their own name and stupid terms down in the middle.