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Stipulations on Playtech progressive win

Discussion in 'Online Casinos' started by Casinomeister, May 4, 2009.

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  1. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    I've been spending quite a bit of time recently with what could be considered one of the most disappointing player experiences ever.

    Remember that huge jackpot win last August at Joyland casino? You must register/login in order to see the link.

    Sylvia P. won $4,188,719.98 playing the Beach Life Jackpot at Joyland - a Playtech powered casino which is now part of the William Hill group. This "win" was publicized as one of the biggest jackpots ever paid out. The sad thing is she only received about half of the winnings.

    When she signed up at Joyland, they had a policy of a max payout of 9k per month. Do the math - $4.2 million will take around 39 years to pay out. That's one hell of a long time. Most state lotteries have payment plans for 20 years - but I'm pretty sure that the state of California will be around for the next 20 years - even 50 years. How do we know that the Internet will be around in 39 years, much less Joyland casino? Personally I think 39 years is absurd and indefensible. It boggles the mind to think anyone would consider this acceptable.

    Note: progressive winnings are normally from a pooled account. In other words, each Playtech casino that participates in the progressive jackpots contributes to this fund. Thus you can have huge wins, and it doesn't affect the specific casino because it isn't 100% of their money to begin with. (please - any operators correct me if I am wrong on this)

    Anyway, Joyland was in control of these funds and chose to pay the player 9K per month.

    This is from the player:
    At this time - according to the player, the VIP manager would only contact her using a hotmail address. This email is not visible to you. She was told that this was the only way to be contacted - either that or by phone.

    Note: all correspondences are in French since the player is French Canadian.

    As far as I know, she received nothing in writing from the casino detailing her payment plan. (hotmail email addresses don't count IMO). But perhaps the casino has a copy of their official emails backed up on their server.

    She states further:
    So her account is now closed.

    The dilemma:
    William Hill purchased Joyland a few months ago. The owners are no longer a part of the company as far as I know. I spoke with the CEO of William Hill online and he was as perplexed as I was, but he stated that William Hill considers that this player accepted the terms and conditions of 9k per month, had an offer to accept a lump sum payment, and took it. Even though William Hill purchased the casino, it purchased the assets and not the debt.

    I understand that she made this agreement - but under what conditions or how this "agreement" was handled remains unclear.

    I have been in touch with Playtech as well - I'm unsure what their stance is concerning the ex-operators of Joyland. One question that comes to mind is - what happened to the rest of the winnings? Were they played out, or were they confiscated as per the terms and conditions.

    I am highly disappointed that there wasn't some sort of follow up on this player who was made the poster child of progressive jackpot wins. Google Sylvia P. jackpot win and see what pops up:
    You must register/login in order to see the link.

    Joyland Casino was a casino that had ethically challenged managers - (at least they did back when they were rogued in 2005). I can't come up with a reason why she didn't receive a lump sum - besides of course the terms and conditions...o_O

    This really kicks progressive wins in the stomach - it takes all the fun out of them. This was definitely a "joyless" experience which I hope never has a chance to repeat itself.
     
    25 people like this.
  2. Westland Bowl

    Westland Bowl Tin Foil Hat Club Member CAG PABnonaccred

    Though she *did* collect a pretty sum, it certainly is only half of what she is entitled to. I have been seeing more Terms and Conditions that do qualify their maximum cashout limits to account for jackpot wins, so that is a good sign. However, this doesn't help her right now. If these jackpots are indeed shared amongst the casinos participating in the same jackpots, then Joyless Casinos not only ripped off the player, they ripped off the other Playtech casinos of nearly $2 million that went into that jackpot. Where's their rage?
     
  3. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    They probably don't know about it yet...
     
  4. refre

    refre Senior lurker PABnonaccred PABnoaccred

    It's clear that some casinos just can't be trusted with actually handing over progressive winnings to the players (at least in Playtechs case). The money should have been paid (by Playtech) directly to the winner. That said I'm sure that 99.99% of all Playtechs (rogue or not) would be able to do this the right way. Just think of all the free PR.
    It must be every casino managers dream to have a big progressive winner.

    Joyland - shame on you!

    Freddy
     
  5. Pinababy69

    Pinababy69 RIP Lisa

    Not to derail the thread Bryan...but this is EXACTLY why I have been harping on Rival for two months now, and trying to find out why they also do not pay out progressive wins IN FULL.

    As you've stated, it isn't the casinos money, it is all the player's monies who have played that game and contributed to the jackpot. So, like you.....I'd like to know where the hell any of these casinos get off just keeping any part of this money for ANY length of time once it is won? I don't care whether it's Playtech, Rival or whoever. It is so beyond rogue, I don't even have a term for it.

    I sure would like to know where the other 2 MILLION dollars is. What a bunch of crooks. I can feel a self-imposed vacation coming on. :rolleyes:
     
    3 people like this.
  6. Simmo!

    Simmo! Moderator

    A key factor is *who* has the other $2 million? Where has it gone? If it was casino contributions from a network it must either be a) with the ex-owners of Joyland, b) with the new owners, expressed as an asset on the acquired balance sheet, c) with Playtech, d) refunded back to the casinos or e) put back into the progressive for the next winner. It would be interesting to find out where it has gone. If it is a, b or c, then questions should be asked. If I was a contributing Playtech licencee, I would want to know the answer to this one too!

    IMO the player is due the remainder irrespective of what was supposedly agreed, even if it is continued to be paid at $9k a month. It could have been agreed under duress for all we know.

    Incidentally, it should be the software provider who pays the player from "networked" progressives IMO. Or at the very least they should stipulate in their licence that the casino is paid by the provider and is obligated to pay it out as they are paid.
     
  7. AussieDave

    AussieDave Dodgy whacko backstabber

    Removing the semantics from this issue...

    Even if the ex Joyland owners have pocketed the money, this player MUST be paid out her remaining winnings.

    Whether it's Playtech, Will Hill or these two companies combined that settles this debt, the player needs to be paid, period.


    Cheers
    T
     
  8. AussieDave

    AussieDave Dodgy whacko backstabber

    I do...mis-appropriation of funds (verges of fraudulent).

    It would not surprise me if the casino (Rival or otherwise) specifically uses this clause to use the outstanding jackpot winnings to gain interest in the short term money market or other similar investments.

    This industry needs to start taking a good long look at itself. Otherwise the question wont be will this industry be outlawed, it will be when are the shutting it down!

    Cheers
    T
     
    1 person likes this.
  9. Pinababy69

    Pinababy69 RIP Lisa

    Precisely Trezz....but try getting an answer out of them as to WHERE this money is...ha! May as well try and catch butterflies with a basketball net.
     
  10. liquuid_fusion

    liquuid_fusion Meister Member PABnorogue PABnononaccred2 PABaccred

    That would make a lot of sense actually. It wouldn't take much effort for the software provider to do this.

    When I won a $117k jackpot a couple of years ago the now ex-Boss Media Pharaoh's Casino tried to pay me by monthly installment but I stood my ground, confirmed with Boss that the casino had been paid immediately by lump sum, and managed to get it all paid in one go.

    Surely it must be against Playtechs terms or something for a casino to do as it wishes with the progressive jackpot money? o_O I can't believe they would be allowed to get away with stealing half the money.
     
  11. Westland Bowl

    Westland Bowl Tin Foil Hat Club Member CAG PABnonaccred

    The missing money probably got lost in the Madoff ponzi scheme.:rolleyes:
     
  12. jetset

    jetset Ueber Meister CAG

    This is a real shocker and not good for the reputation of Playtech or its progressives imo.

    There is an urgent need for Playtech to come forward and clarify some of the points raised in earlier posts in this thread such as:

    1) Is it Playtech policy to allow licensees to do what they like with the progressives prize once it has been paid to them by the network? If it is, that needs to be changed asap as it offers too great a risk to the player as we have seen in the Joyland case. 39 years to collect? Come on!

    2) Where is the missing 2 mill? And to whom should it rightfully belong?

    3) Who were the owners of Joyland and where can the complainant contact them to pursue this legally (assuming her prior agreement with them can be overturned)

    4) Where is the full agreement as accepted and signed by the complainant?

    William Hill Online will be less than happy about being associated with this shameful affair, and I would be surprised if CEO Ralph Topping is not active behind the scenes with his Playtech partners on this. I hope that brings forth better results than we have at present. And if I were a Playtech licensee I would be very concerned about the impact this affair will have on the progressives offered by Playtech.

    There's a stark contrast between the awful, grasping manner in which this case has been handled and the full payment with attendant fanfare that has characterised progressives wins from other major software providers like Cryptologic and Microgaming.

    Playtech should perhaps note this - they are no longer an up-and-coming firm, but a successful (and wealthy, lucrative business) now and need to act accordingly.

    I have to say that if I had won over $4 mill I would have been on a plane, with my lawyer, and on the way to meet the casino management within hours.

    That said, other progressives winners have not had to go to that expense - the software companies have flown them to their offices, feted them, given them the option of financial advice and then presented the cheque in full for the win.

    It is now painfully obvious that it pays to be cautious about which progressives you play and what the terms and conditions are....
     
    2 people like this.
  13. RobWin

    RobWin closed account

    I'd like to hear Spearmaster chime in here with his inside knowledge of the way Playtech would normally handle this type of issue and if Playtech do in fact leave it solely up to the casino property to pay out the progressive jackpots. Not sure though if you were actually privy to that type of info or not while you were there Spear but if you can share what you do know about a policy or such, regarding this type of situation it would be appreciated.

    Does Playtech itself not hold the progressive money in a type of "Escrow" account for the winner once hit or are each Playtech casino responsible for their own progressive payouts?
     
  14. thelawnet

    thelawnet Dormant account

    Playtech definitely have some answers to give.

    Who was the previous owner of Joyland casino?

    Six Digits Trading, owned through a trust by Teddy Sagi.

    You must register/login in order to see the link.

    Who he?

    41.1% owner of Playtech.

    So this would be the cashflow:

    1. Playtech seeds Beach Life jackpot with just $50,000: You must register/login in order to see the link.
    2. Players play Beach life for many months. A total of $4,188,508.70 is sent from player funds to seed the jackpot.
    3. Sylvia P wins the jackpot.
    4. Playtech sends $4,238,508.70, 99% of which is player funds, to Joyland Casino to pay the jackpot.
    5. Joyland sends Sylvia P half the money, Six Digits Trading pockets the rest, resulting in over $2 million going to the trust owned by Teddy Sagi, aka the 41.1% owner of Playtech.

    In other words Playtech ended up funneling money to its largest shareholder, who incidentally in 1996 was imprisoned for "bribery, fraud and stock manipulation".

    From the Jerusalem Post 30 January 1996:


    THE Tel Aviv District Court yesterday sentenced broker Teddy Sagi to nine months in prison imprisonment plus an additional 15 months suspended sentence and a fine of NIS 300,000.

    Sagi, whose prison term starts on February 25, admitted to bribery, fraud and stock manipulation.

    In October 1993, Sagi was asked to fund the purchase of NIS 5 million in securities, after which they were sold - with Sagi pocketing NIS 8,000.

    Three months later, Sagi was asked by a Bank Discount employee to purchase NIS 20m. in securities. During the court case it was maintained that Sagi earned NIS 105,000 from the second deal.

    Sagi's legal counsel has requested that his client not be sent to Ma'asiahu Prison, where his estranged stepbrother Ronen Sagi is serving time for the murder of broker Ya'akov Alfrovitz 12 years ago. The matter will be decided by the Prison Authority.
     
    15 people like this.
  15. Gogo

    Gogo Dormant account

    You can imagine how much interst can 4 M acumulate in bank. Supose 5% a year is 200k so per month is 16.600. Good deal!!
     
  16. Westland Bowl

    Westland Bowl Tin Foil Hat Club Member CAG PABnonaccred

    With Teddy Sagi's background, I guess $2 million is hard to ignore to leave well alone to give to the winner. Did he hold a gun or something to the other 58.9% shareholder(s)' head?

    Oh, geez. My personal details in the hands of convicted fraudsters, bribers, and their murdering relatives. Dang, they have more information on players than the Las Vegas Mafia ever had on their casino patrons.
     
    1 person likes this.
  17. RobWin

    RobWin closed account

    Jeeze :rolleyes: Ain't that the truth!
     
  18. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Admin note:

    Please don't make comments that could be considered slanderous in nature. Thank you.
     
  19. chuchu59

    chuchu59 gambling addict CAG PABnonaccred

    Joyland would probably counter that (if they were still under the former owners) by not paying they helped the player to save a princely sum which would be lost in the stock market or accumulators last year.
     
  20. HankP

    HankP Dormant account

    First off I would like to thank you all for the comments and information's..I am stunned, but glad this has been brought to the open.

    I wanted to clear up a few points made in this thread as I am very aware of this situation since the very beginning.

    As per where the winners 2 million + is, well Playtech should be able to produce where the lump sum was deposited?

    As per Joyland and the VIP managers, I know for a fact that Sylvia tried to collect the total amount from day one, but was told over and over again that it was 9K per month or 2.1M no exceptions, and the 2.1M was conditional to her playing out the winnings. Which she had to, but didn't play all of it. When she asked if she could travel and meet in person she was told this is not possible.

    Also, on the last (recorded conversation) with the vip manager he says very clearly that there is $2 285,000.00 in her account. So they/he (the so called vip manager) anticipated her playing and had deducted 1.1M which she never played, and the remaining sum of $1 185,000.00 would be erased!!!!(so from that moment on the account was locked and inaccessible).

    NOTE: While she was playing in order to collect, the VIP manager stated that he could see her account and that she had played for well over 6M, More pool money being collected by??? (not Sylvia thats for sure)


    I would love to hear from other Playtech licensees...

    I thought it was important to state some of these facts for all to know.
    HP
     
    1 person likes this.
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