Quote:
Originally Posted by poguemahone1
You mean Jspencer612's account, not mine, right? I can be sarcastic at times, but it would be hilarious to be accused of being a lock shill.
yeah sorry, I quoted your post in reply to him
FWIW, I'll be at iGaming NA if any of you clown shoe wearing "industry insiders" are going to be showing your face and would like to engage in discourse about how it is possible to make money on the following transaction.
Player deposits $500 via [insert deposit method here], payment processor takes 25% of this (standard) and passes 375 along to lock poker.
Player sits down at blackjack table, plays $50 a hand and bets $1200 playing basic strategy, he goes broke.
How much did lock poker make? the answer is they lost 100$. They paid their processor $125 to put $500 on the site but only collected $24 in EV from their degen with a -2% roi. Stuff like this will absolutely bring a site to it's knees and is clearly happening now with the nightmare Lock seems to be having with payment processors. It's likely that they are having trouble getting them even at 25% now and those are probably stealing customer $$$ just like with FTP.
This ONLY factors in the overhead from the payment processor, we haven't even factored in all the other ways lock is hemorrhaging money trying to acquire customers and deposits to dig themselves out of what is likely a very deep hole.