Quote:
Originally Posted by PTS1
A dewd: you are correct that there is a Poker Software License Agreement between VGW and Cubeia. The 2018 VGW Financials provide us with some real numbers of the details. The agreement called for a lump sum payment to Cubeia form VGW for software development. Additionally, revenue sharing, as detailed on page 37 of the 2018 financial reports, details the revenue sharing portion of the Agreement. This part has now been completely satisfied, and revenue sharing is not ongoing at this point. Page 32 of the financials details the stock options given to Cubeia as part of the Agreement.
You are also further correct that Cubeia had already been in the business of developing poker software prior to their Agreement. The amended 2016 financial prospectus for VGW detailed their arrangement with Cubeia to ‘adapt’ their software for the purpose of the social gaming model. If one has access to these legally protected documents, they can review the information themselves. They further detail the information I provided earlier as the basis of the market research they did. Market research they used to move forward with a plan to produce an online version of the ‘Internet Sweepstakes Café’ model prominent in brick and mortar establishments in America.
And while BoBo is correct that this is indeed a RNG discussion thread at this point. I only wanted to point out that the origin of this thread was to get information out to players about the game they were playing. And that is truly my only intent. Therefore, this will be my last post in this thread since it is clear moderators do not want this discussion here. As a moderator, BoBo should remain unbiased. Unfortunately, with GP contributing a portion of their A$3.1m marketing expense to 2P2, I am not sure one could rightly remain unbiased. And I am completely grateful to GP for supporting 2P2 and keeping important forums for the poker community in business. Of course, I would love to see more of the A$65m spent by GP on Facebook, spent more in the poker community. But then again, they are bringing in a lot of new players, and that is good for the game.
The numbers are astounding; but take a minute to consider the 60% holdback for GP sweepstakes redemption. They arrived at this number due to historical data. What this means is that they are regularly getting 40% of every dollar in rake (or unclaimed sweepstakes). Now this is obviously done through rake churn, but that just seems like an astounding percentage of money being taken out of the poker community. They collected A$172m in Global Poker revenue during their first full year of operation. This means A$103m would be redistributed back out to the poker community. (I come from the logic that players need to win at a healthy enough rate to keep playing- is 60% healthy enough?) As a comparison, the 2018 WSOP main event with 7,874 entries had a prize pool of $74m resulting in a rake of $4.74m (6%) for the WSOP. Think about the cost and expense of conducting the main event compared to an online site.
We all know the online poker software companies are making money, and we are all ok with that as long as we, as individuals, have an opportunity to profit. Therefore, the notion GP is programing their software against individuals is unfounded. Because trust me, they have absolutely no reason to do so based upon the financial revenue they are reporting in their financials. If they are indeed taking 40% in rake for every dollar in revenue, they do not need to ‘fix’ their software against individuals to take their money. Individuals are gladly giving GP $0.40 on the dollar through their gameplay and the GP rake system. (And like the 3 musketeers [bobo, monteroy, a dewd] continue to point out – GP does not need your $1k {or$10k for that matter} to survive: they did not scam you of your money.) They only need to make sure their game complies within the legal argument of sweepstakes gaming in America. This is indeed the basis of my assertion. The difference in opinion is to the actual type of sweepstakes game they need to provide in order to meet the legal requirement.
I am not making a recommendation to anyone to stay away from GP. As stated previously, it is a completely fair sweepstakes game to play and very fun to play. Therefore, enjoy it. Just educate yourself as to how you are spending your entertainment dollars.
More unadulterated and unpasteurized pablum.
I'm the one that showed you the f'n financials and where to look. VGW is adapting Cubeia's software into their business model, standard verbiage you seemed to be lost, as usual, on.
To further show you complete incompetence and lack of ability to form factual opinions, 2P2 cut ties with one if their biggest advertisers over some discrepancies. You really like to attempt to be some savvy intellectual when in reality you're more the first half of an idiot savant than intellectual or even competent fact checker.
What site collects a rake one time off a dollar bet? VGW is projecting every dollar. is turned over a 'massive' eight times. Any company with 8th grade comprehension of accounting cash flows would re-adjust their holdover account on an annual basis. Pro tip, they OVER estimate it, so the reality is the dollar is being turned over 10x or more. Oh, the horrors!! Players continuing to play once they have more chips. Such drastic measures.... I deposited $1500 on another site and my monthly rake averages more than $600, monthly, not annually. Go figure, people that win some money continue to play the poker. Top end rake accounts generate 200K a year and up, do you figure them to deposit close to $3.4 million to stay inline with your random tidbit that the WSOP charges 6% of a one time entry?? I bet 100-1 of any amount of money you can escrow that I pay far more than a one time rake at any casino I bank at to play cash. What the **** is so difficult for you to comprehend?
I notice you still have yet to show how your crackhead team anal ized their large hand selection, although....we both know it would be torn to shreds by anyone with a modest grasp of variance, probability, and statistics.
There is almost nothing that you were able to discover on your own and almost everything you point to was either told to you and given the links or you just make **** up, like 2P2 somehow being beholden to an advertiser. Simple f'n research would have shown you that is wrong.
You come sweeping in to 2P2 to join a thread as if you have a clue, burp out nonsense in a long winded way in an attempt to sound smart when in reality you're lost and every post you go deeper and deeper into your own bull****.
Your team, lol.....just stop.