Quote:
Originally Posted by TheGramuel
I'm curious too.
@Janzsoon - few questions:
1) Are you offering "cash game equivalents" where you can buy in for a certain value of "sweepstakes tix" or "alternative means of entry", and get up at any time and get paid the "gift card" of cash value of the chips? Or...
2) Is this only "tournament" style poker?
3) what is the business model here, how does the club make money to get around Illinois gambling law? You aren't charging a membership fee, you're not allowed to take a rake, so where is the profit coming from?
Can you explain the physical mechanics of how this is working?
Also, what happens if someone wins more than $10k in a day?
In the Ts and Cs:
8.3.We reserve the right to implement a maximum redemption value for a Prize won on any one day of play of USD $10,000 and any Prize with a value in excess of USD $10,000 will be reduced to a maximum value of USD $10,000 per day.
If you're offering $2-5 with a $3k cap I assume that someone will win $10k with relatively high frequency, can you explain this clause?
Also:
8.11.We are only obligated to process one Prize redemption request per Membership Account in any 24 hour period.
So you can't cash out, leave, come back and then cash out again the same day? Or even the next day if it's not been 24 hours? Why?
There's a ton of stuff in the Ts and Cs that are a little bit worrying, especially for a non-regulated organization. Would not want to sign a contract for half of this stuff.
1) yes except you don’t need to get paid in gift cards. You can get paid in physical cash.
2) no. The only tournaments are a daily free roll sit and go
3) the club earns all revenue from the sale of merchandise. There is no rake however there is a time collection of sweepstakes tix to recirculate the ST back into the contest.
4) standard Illinois sweepstakes jargon, most other sweepstakes in Illinois will pay large winners over a schedule of $10k per day. A person who redeems more than $10k in prizes likely is paid on the spot. The worst case scenario would be they get paid $10k on the spot and the remainder the next day.
5) standard sweepstakes jargon again and it’s not a hard rule, The right is only implemented if some form of fraud or cheating is suspected.