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Pokershare busts after less then 2 months

Discussion in 'Casinomeister's Poker Room' started by pokeraddict, Nov 2, 2005.

    Nov 2, 2005
  1. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    Pokershare, with only 2 months or so in the poker world, closes all North Amercian accounts without any notice. Obviously this is a PR nightmare for Ultimate Bet who banks and hosts Pokershare. Players were sent a non descript email telling them to expect checks in the mail. Many players had their entire bankroll in Pokershare and message boards are full of speculation that players will receive no part of the profits (if there were any) that they played so many raked hands for, some even speculate Pokershare has run off with all of the money which is doubtful since UB banks it.

    <opinion> This is a HUGE PR nightmare for Ultimate Bet. How are players to trust UB when their skins cant even give notice of closure and cant even refund players funds to their deposit methods, instead emailing "the checks in the mail" to their players.</opinion>
     
  2. Nov 2, 2005
  3. paul1

    paul1 Dormant account

    Well that sucks. You're right about it being a PR nightmare. But I quit playing there (UB) anyway, when they changed their point structure for clearing bonuses. It used to be pretty good, even though the games were somewhat tougher. Now there's really no reason to play there for me. It's pretty hard to clear a bonus there now, and tough games. There's better places to play at. I do like UB's software though. It's smooth and fast. I don't know what they're thinking. I do wish them luck, though. If they can get through this mess, and get everything together, they're poised to be a major player. Don't blow it now, UB.
     
  4. Nov 2, 2005
  5. winbig

    winbig Keep winning this amount. webby PABnononaccred

    Occupation:
    Bum
    Location:
    Pennsylvania
    Knew it

    I figured from the start of PS that this would happen. I never played there...just had a feeling. The key ingredient of my original skepticism was the fact they were telling players that they would get a check "sometime in December", but yet couldn't say if it would be the beginning, middle, nor end. If you ask me, if they planned it well from the start, the date of payment would have already been in place and there would be no question on whether you would get paid, and when.

    I do hope the players get their bankrolls back and profits (as stated above) too.

    Good luck! :thumbsup:
     
  6. Nov 2, 2005
  7. m249a

    m249a Dormant account

    Occupation:
    self employed
    Location:
    Pa
    This is very bad for ultimate bet. I am certian they will step up and make good on whatever is owed, but it will be well into next year before all of this is straightened out. I think th ekey yo forum players/complainers will be to attach UB's name to every post made about this mess. The fact is less people then you may think, understand the concept of skins/clones ect...Shame on UB for letting this run unchecked.
     
  8. Nov 2, 2005
  9. bpb

    bpb Banned User - repeated violations of rule 1.14 (tr PABnorogue PABnonaccred

    Location:
    Haverhill
    Ultimate Bet is the one who pressured their parent skin company into forcing pokershare to close all north american accounts.

    You must register/login in order to see the link.
     
  10. Nov 2, 2005
  11. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    This is true. UB pushed Pokershare out of public rakeback even though UB rakeback is allowed. They also pushed to not allow players to have accounts on both and won that in the end.

    Players are reporting getting paid by Neteller even though the emails would have led one to believe there would be a delay.
     
  12. Nov 3, 2005
  13. FrontPocketNuts

    FrontPocketNuts Dormant account

    Occupation:
    Analyst
    Location:
    Geneva
    PokerShare

    I read on a couple of other forums that Pokershre didn't bust but UB stabbed them in the back, closing all the american accounts.

    Whats the real story?
     
  14. Nov 3, 2005
  15. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    Enquiring minds want to know - and hopefully next week at the EIG, I might be able to find out what happened.
     
  16. Nov 3, 2005
  17. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Awaiting a response from Excapsa at present.....
     
  18. Nov 3, 2005
  19. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    When I used the word bust I guess it was poor word choice I guess. I meant the concept busted. This was the doing of the network, probably UB since they have had it out for them for their entire existance. UB has had nothing to say about this.
     
  20. Nov 6, 2005
  21. webber286

    webber286 Dormant account webmeister

    Occupation:
    Marketing
    Location:
    The Frozen Tundra
    It does appear that Excapsa, the holding company for UB was behind the decision. Some speculation I have read references that PS was cannabalizing UB too much, and with PS's business model, that meant that Excapsa would be loosing margin on the players they already had in their system. Guess there weren't enough "new" players to outweigh the cannabalization effect. This is all speculation too BTW.
     
  22. Nov 6, 2005
  23. dominique

    dominique Dormant account

    Occupation:
    webmistress
    Location:
    The Boonies
    Actually, it is not speculation.

    I have sources in this group and that is exactly what happened.

    Pokershare was doing too well too fast, offering both rakeback and profitshare, and UB freaked and kept pestering it's parent company Excapsa. First Excapsa forbid Pokershare to offer rakeback, then they snuck into Pokershare's facilities to mail that letter and to remove the Pokershare affiliate program from it's rep site - Income Access.

    Pokershare was such a threat to UB, they would not stop until Excapsa cut Pokershare off at the knees.

    This is not speculation but it is what happened.

    Shame, shame , shame on UB!!!!

    I hope Pokershare sues you to hell and back!

    Unfortunately I am not privvy to the exact contract between Pokershare and Excapsa, but I think it is fairly safe to assume that Excapsa likely did not have the right to use pokershare's facilities to kill their business.

    Not to mention that affiliates are left high and dry and have lost all kinds of money due to Excapsa's capricious actions.
     
  24. Nov 6, 2005
  25. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    I agree with Dominique, UB has tarnished their reputation over this. Many serious players do not trust them now, even ones who never bothered with Pokershare. Affiliates, traditional or rakeback, have also lost trust with UB and Income Access over this. The time and money invested in promotion is lost forever as well as the possibility of players holding this against affiliates for signing them up.

    As far as I am concerned UB owes many an open apology for their actions, until then their reputation will be somewhat tarnished among serious players and affiliates.
     
  26. Nov 7, 2005
  27. LordJord

    LordJord Guest

    Bad Move Excapsa

    Whoever or what ever lies behind this, it's a rotten shame. I know there are some people (WinBig included) who foresaw that PokerShare would have a paltry half-life. Naive little me thought it was a revolutionary idea that would change the face of online gaming. Dun Dun Dun... Seems I was wrong, though I still think it's a brilliant, if not implausible, idea. The truth is, even though the network may have been losing more on UB's end than it was gaining on PokerShare's, I think ultimately (no, not a pun, I promise), PS would have become a major player for Excapsa.
     
  28. Nov 10, 2005
  29. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    Pokershare has now emailed all players not in NA that they will be shutting their doors at 9am ET on November 14.
     

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