Quote:
Originally Posted by AmAtEuR_backwards
I’m sure for now I’ll get all the standard flaming for this, but in 8-12 months people will read this and have to admit it was startling accurate:
PayPal and Facebook didn’t quite realize what they were getting into with Global Poker. They’d done due diligence ok VGW’s Chumba product and, when explained that Global was the “same model, but for poker” they rubberstamped it. Now as of late PayPal has figured out that because of the nuances between slots and poker, it will be SUPER easy for the DOJ to prove and win judgement that Global is a real money online gambling site, if they ever choose to pursue that attack. IF this happens PayPal realizes it would be charged with violating the UIGEA to the tune of 10s, or 100s, of millions of dollars in illegal online gambling transactions. Make no mistake: If the DOJ wanted to to, this could severely damage PayPal and many in the company could face charges.
PayPal should be smart enough to know that instantly quitting Global and leaving them no way to pay players would result in higher public visibility and therefore increase the likelihood of government scrutiny —most of the player pool found out about Global through social media and deposited in the first place “because PayPal works it must be legit, so when they have a problem getting their money they would cry to the rafters on Facebook immediately. So in this case, it’s in PayPal’s best interest to give Global a sunset period on processing to allow Global to get more processors lined up, Vs abruptly cutting them off. They may also find it in their best interest to do one off processing batches in the future if Globals 3rd Party agents fall through. Keep in mind that “PayPal” as a whole doesn’t necessarily have 10 foot ceiling visibility to all this: it could be that a very small circle or team of people within PayPal are responsible for the Globa account/relationship and it would be in that teams best interest to keep it from escalating to higher visibility within their own company. If that’s the case they also would want a rational reason why they “lost” an account paying that much in fees—when in reality they actually cut the account off in an effort at legal damage control.
How Global is different from Chumba:
Chumba: people pay cash for gold coins. They get gold coins and sweeps.
They play slots with either or both. The sweeps they win on the latter can be cashed out for real money.
How VGA makes money: the “rake” is built into the slots payout odds which are unknown, unpublished, and unregulated. It’s invisible and there’s really no way to observe it or prove it.
One other thing: the player type that deposits real money to play online slots likely also plays their gold coins when their sweeps account is busted. So VgW should be able to show a high crossover in Gold Coins Vs sweeps play which supports the notion that they make their money selling gold coins
Global: the rake is visible as a separate portion taken from each sweeps pot or tourney buyin. Technically, the site is literally awarding itself prizes here.
Also, there is very little crossover play between the real money and play money players, and almost all that does exist is in the form of the 200flops seen at play money to play the weekend challenge (that, btw is the reason that 1k GCLB challenge exists: so Global can point out that their best sweeps tourney players “all play gold coin games too”)
Someone who doesn’t understand gambling nuances and did due diligence on Chumba could have given it the loophole the thumbs up as “technically legit, we can do the deal.” If Global is then brought to the same team who vetted Chumba they could very easily have rubber stamped it and not realized the problems those few small nuances could create down the road.
On any grey area USA facing poker site, there will be a non zero number of unethical losing players who get mad and dispute the charges with their bank/PayPal. When this happens with the new processor(s), the banks will start blocking the processors they receive multiple disputes from bc they will quickly be labeled as “wrong-coding” payments to trick the banks into processing the illegal (UIGEA) transactions, this putting the banks’ charters at risk.
These banks also may take it a step further and ban/terminate players’ accounts with them and even worst may report your accounts for suspicion of money laundering, which would see your funds frozen and you’d have to prove what you were doing. To the ones of you not paying taxes on your winnings, it’s even more bad news bc once you prove you weren’t money laundering you’re going to be visible to the IRS.
Anyway, for a while it will be a cat and mouse /whack a mole game with banks and processors and you’ll continue to get paid but it may take longer. You’ll also be able to deposit and what will be happening sometimes is the site will credit your deposit but if it doesn’t debit from your account bc bank whacked that processor they will (rightfully) demand you submit the funds from the uncharged deposit before paying you out.
All of this has happened before
And yes obviously the reason Global has its stupid soft player pool is bc Facebook fish think “it must be legit, bc I can pay with PayPal” so losing the PayPal option will significantly hamper that aspect.
Cliffs: the sky IS falling at Global.
I’m personally glad. They are scumbags and don’t deserve to be in business
You have virtually no understanding of almost anything you wrote.
If for ****s and giggles/your inane argument, PayPal had no diea wtf they were doing and just found out. They would close all transactions on the spot. Instantly. They would not risk losing their ability to do banking, somehow, you were able to state that correctly.
When a bank has an issue, there is zero time to work their way out of it. It is done at that moment. If Chase Bank fell below net computation for minimum amount of cash on hand, they would be shut instantly.
Likewise, there are a total of zero credit cards companies in the US that authorize any merchant accounts without a full due diligence.
Impressive how you could write so much without being accurate or understanding what you were talking about.
This is really to be expected from someone that considers themselves to be the best option player on Global, almost an entire 9K of it, too. Before you get boisterous and try to attempt a witty comeback, I'm in the banking industry and you are lost as to how it works.