GGPoker shady dealings: Should we really trust them? - Page 9 - Poker News

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GGPoker shady dealings: Should we really trust them?

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08-26-2020 , 05:44 PM

#201

grant2

Carpal \'Tunnel

Join Date: Nov 2010 Posts: 9,535

Quote:

Originally Posted by ejames209

Well they are quite explicit in that they tell you GG poker is not a place to make money.

Quote:

Originally Posted by ejames209

They tell you in very plain language that they are not a site to make a living at.

Quote:

Originally Posted by ejames209

I think you should trust them to confiscate your money if you prove yourself to be withdrawing more than you deposit.

I'd be thrilled if someone can post a screenshot of ANY poker site, including this one, posting these warnings during the signup process:

"This is not a place to make money"

"We will confiscate your money if you withdraw more than you deposit"

Quote

08-26-2020 , 05:52 PM

#202

grant2

Carpal \'Tunnel

Join Date: Nov 2010 Posts: 9,535

Quote:

Originally Posted by NerdSuperfly

and "segregating all player funds" isn't as straight forward, as it sounds. my memory is a bit fussy, but i think there are 3 tiers of 'protection' and depending on what kind of financial problems the company has, the money could be gone anyway. e.g. PKR had some sort of protection but at the end it didn't matter.

From a banking & accounting perspective, it's extremely straightforward.

From a creditor-liability perspective, it depends on the laws of the jurisdiction. Most jurisdictions would have customer obligations near the top of the list should liquidation be ordered.

From a business perspective, it's difficult to resist the lure of ponzi-scheming online suckers' cash into your own pockets.

Quote

08-26-2020 , 06:16 PM

#203

grant2

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Join Date: Nov 2010 Posts: 9,535

Quote:

Originally Posted by grant2

From a creditor-liability perspective, it depends on the laws of the jurisdiction. Most jurisdictions would have customer obligations near the top of the list should liquidation be ordered.

To expound on the liability portion:

Many industries require (a) auditing and (b) insurance to protect consumers against business failure & malfeasance, even if assets are consumed:

- Lawyers, Accountants, financial advisors have E&O insurance
- Banks have FDIC
- Brokers have SIPC

Online poker companies, of course, don't like to get audited and don't buy insurance for the obvious reasons: insurance costs money, and audits reduce the ability to shell-game customers' funds.

Quote

08-26-2020 , 07:03 PM

#204

Gzesh

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Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by grant2

From a banking & accounting perspective, it's extremely straightforward.

From a creditor-liability perspective, it depends on the laws of the jurisdiction. Most jurisdictions would have customer obligations near the top of the list should liquidation be ordered.

From a business perspective, it's difficult to resist the lure of ponzi-scheming online suckers' cash into your own pockets.

For a post about topic that you deem "extremely straightforward", your proffered content was as vague, general, low content blurb, and uninformative as it could possibly be.

Care to elaborate ?

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08-26-2020 , 07:20 PM

#205

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by grant2

I think you might be looking for Jane Austen's Mafia!, which featured casino games like "You Can't Possibly Win".

https://www.youtube.com/watch?v=0VFgzneS0Dw

Quote

08-26-2020 , 08:25 PM

#206

Twitter10

newbie

Join Date: Aug 2020 Posts: 24

Not sure I trust a site where the SPONSORED PROS buy shares in each other and one of the owners Bryn Kenney buys shares in players and backs his friends buyins. Kind of seems unethical to me. GG poker is set up for the IN crowd to make as much money as they can. That's why they throw winning players off. They do not want GOOD players taking money out of their pockets. They want it all to themselves. All you have to do is look at the winnings of the sponsored pros and friends of Bryn Kenney. All are winning in the millions. That alone says it all

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08-26-2020 , 08:28 PM

#207

Monteroy

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Join Date: Dec 2006 Posts: 16,729

Nobody is forcing you to play there. Even if you are right, which you are not, the "SPONSORED PROS" do not play every game type and buy in, so just avoid the games they play. Better choice for you - do not play online poker. Nobody should play on a site they do not trust, not that complicated.

All the best.

Quote

08-26-2020 , 08:28 PM

#208

C.P.R

enthusiast

Join Date: Feb 2020 Posts: 51

Quote:

Originally Posted by smartDFS

can we immortalize the "you can apply to be unbanned" tweets? straight up funniest thing i've ever seen a "business" do

GGpoker
Banned players welcomed back

Yesss, actually the funniest thing ever!
Makes them seem trustworthy...

Quote

08-26-2020 , 08:36 PM

#209

Twitter10

newbie

Join Date: Aug 2020 Posts: 24

Quote:

Originally Posted by Monteroy

Your right they don't play every game and buy in. But I am right about thre Sponsored pros and friends of owners. They only the biggest buy in tourneys cuz they are not paying their own way so they have nothing to lose and everything to gain. ALl you need to do is pay attention and you will see it for yourself

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08-26-2020 , 08:40 PM

#210

Twitter10

newbie

Join Date: Aug 2020 Posts: 24

Bryn Kenney has a 9.8% stake in a player on the final table of the 25k buyin 10 million guarantee tourney. So you think it's OK for the OWNER of the poker site to buy shares in players playing in tourneys on his site and don't think there is anything strange going on.

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08-26-2020 , 08:57 PM

#211

JohnCleese

old hand

Join Date: Aug 2012 Posts: 1,935

Quote:

Originally Posted by Twitter10

It's really not that big a deal. There have been many times where operators and even live venues have staked a whole load of people in their tournaments. It's been happening since poker was created I'd say. It's only a problem if you think the site is rigged, and the stakees are superusers.

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08-26-2020 , 10:14 PM

#212

Twitter10

newbie

Join Date: Aug 2020 Posts: 24

Honestly it's really not a big deal. But I firmly do believe GG is set up for people on the inside to crush it. As I said before everyone on the inside has well over a million in earnings on that site. I dont see any regular players with those kind of earnings. I wish I could prove it. My gut tells me they are cheating regular players and favoring the pros and friends. I am going to try somehow to prove it. I am only 1 player but what I have found so far is that I am losing a large number of hands where I am heavily favored to win and it happens on a regular basis. MY GUT TELLS ME GG IS RIGGED AND CHEATS and someday someone will prove it.

Quote

08-26-2020 , 10:55 PM

#213

jjjou812

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Join Date: Sep 2009 Posts: 6,809

Quote:

Originally Posted by Twitter10

My gut tells me they are cheating regular players and favoring the pros and friends. I am going to try somehow to prove it. I am only 1 player but what I have found so far is that I am losing a large number of hands where I am heavily favored to win and it happens on a regular basis.

How many of these hands were lost to Bryn Kenney or the sites sponsored pros?

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08-26-2020 , 11:00 PM

#214

WhatsA3bet

centurion

Join Date: Jun 2012 Posts: 190

Quote:

Originally Posted by Twitter10

Sounds like you haven't heard of the legendary tale of Full Tilt Poker.

Quote

08-26-2020 , 11:44 PM

#215

smartDFS

veteran

Join Date: Feb 2015 Posts: 2,626

Quote:

Originally Posted by jjjou812

How many of these hands were lost to Bryn Kenney or the sites sponsored pros?

sounds like about 40%. that's absolutely nuts.

Quote

08-27-2020 , 12:58 AM

#216

happy to be hear

adept

Join Date: Dec 2017 Posts: 943

This is clearly a modified pyramid scheme.

A few winners at the top with the ability to ban good players and steal their funds plus play against a weaker field.

They profit even when their opponents win money(funds forfeited), I mean how could this be worse?

They were also taking 80$ per hand of rake in the 500/1k game. In an hour they made 4k +/- So with there being 10 or 20 hours of play some days they pocket 40 to 100k! Just on a few high stakes tables, rake /bb on lower stakes is even worse. Guess who gets crazy rakeback deals and wont get banned? Take a guess.

Preflop rake + highest rake in online poker + stealing winners money = yikes!

Last edited by happy to be hear; 08-27-2020 at 01:03 AM.

Quote

08-27-2020 , 03:18 AM

#217

smartDFS

veteran

Join Date: Feb 2015 Posts: 2,626

Quote:

Originally Posted by A Good

wait...is Bryn Keney owner of GG?

I thought he was just an sponsored pro

Nothing's as it seems

Quote

08-27-2020 , 12:29 PM

#218

Twitter10

newbie

Join Date: Aug 2020 Posts: 24

Stay tuned for more fun facts about GG favoring the IN crowd

Quote

08-27-2020 , 12:49 PM

#219

jfound

banned

Join Date: Apr 2012 Posts: 2,388

GGPoker should lose its license, owners shouldn’t be allow to play on their site. Conflict of interest much. I stay away from this corrupt site. Even galfond shouldn’t be playing on his own site.

Quote

08-27-2020 , 12:53 PM

#220

golfbum983

old hand

Join Date: Apr 2013 Posts: 1,943

Quote:

Originally Posted by jfound

GGPoker should lose its license, owners shouldn’t be allow to play on their site. Conflict of interest much. I stay away from this corrupt site. Even galfond shouldn’t be playing on his own site.

What owners are playing on the site?

Quote

08-27-2020 , 04:46 PM

#221

Twitter10

newbie

Join Date: Aug 2020 Posts: 24

Bryn Kenney is an owner of GG. Not only does he play, He buys stakes in other players and he backs his friends and shares in their profits when they cash. SO the owner, PLAYS, BUYS SHARES and BACKS FRIENDS for a share of the profits

Last edited by Twitter10; 08-27-2020 at 04:53 PM.

Quote

08-27-2020 , 06:03 PM

#222

PuckFokerGo

adept

Join Date: Jun 2017 Posts: 1,094

What do people think of the rake changes at GG Poker?

It went from 3% uncapped to 5%, but capped at 3BB for micro/low stakes.

This might be an improvement for PLO, where there are many all in's, but seems bad for NL. Probably bad for both games lol.

Last edited by PuckFokerGo; 08-27-2020 at 06:09 PM.

Quote

08-27-2020 , 06:57 PM

#223

netellersucks

stranger

Join Date: Feb 2007 Posts: 7

Quote:

Originally Posted by Twitter10

Have you found a way to extract your hands from gg into an excel?

Quote

08-27-2020 , 07:36 PM

#224

ejames209

veteran

Join Date: May 2016 Posts: 2,861

Quote:

Originally Posted by grant2

[QUOTE=AndreasAU79;56425474]GG CEO

I was certainly incorrect in saying a "way to make money", though this quote from their CEO is pretty clear that players who make a living are not wanted at GG. Whether players are told this during the sign up process? I honestly have no idea.

Quote

08-27-2020 , 10:23 PM

#225

grant2

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Join Date: Nov 2010 Posts: 9,535

Quote:

Originally Posted by Gzesh

Sure. The casino keeps customer funds in 1 bank account, and their own operating funds in another bank account.

Funds are transferred between the accounts either transactionally, or on a periodic settlement basis.

There'd also be a 3rd bank account for funding known future payout liabilities, e.g., running jackpots.

The "straightforward" part is that all of this record-keeping is a task the Casino theoretically must be doing anyways to operate an honest business.

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