Thursday, May 5, 2011

UB and AP Not Likely To Pay

If you have money on Ultimate Bet or Absolute Poker, it doesn't look good.

"Absolute Poker Finally Comments" was posted at this blog on April 21. Within the press release from Absolute Poker, the company stated, "At this time, Absolute Poker’s top priority is, and must be, the refund of balances to its and UB’s US players." That sounds all warm and fuzzy, but the truth is, Ultimate Bet, Absolute Poker and Full Tilt Poker have yet to begin to pay U.S. players three weeks after the announcement of the indictments.

Here are recent developments:

Calvin Ayre has been quoted as saying, "... rumors are now circulating in the industry that two of the indicted poker rooms do not have the funds to pay out players".
PokerStars has began paying Americans, and players are reporting they have in fact received their balances. If you are a Stars player LEARN MORE HERE
Full Tilt Poker followed suit by announcing they intend to pay U.S. players. Full Tilt has not made withdrawals for Americans available yet, but it has released a few press releases. The most recent was through a popular poker forum by the a representative of Full Tilt Poker. Basically Full Tilt is saying the payout process will begin next week. The forecast for Full Tilt Poker American players is "likely will be paid".

Full Tilt players can LEARN MORE HERE

Absolute Poker and Ultimate Bet have major cash flow problems with no relief in sight. These are companies that suffered through the cheating scandals and somehow remained in the market place. Yesterday, this article reported:

Madeira Fjord of Norway, which represents shareholders in the poker websites’ parent company, Blanca Gaming of Antigua, said in an email to shareholders this week that it planned to file for bankruptcy protection in Norway after being informed that the latter company had “no cash on hand and no prospects for any cash flow for the foreseeable future. Most importantly, Blanca Gaming has provided notice … that it is currently unable to make any payments toward its debt obligations,” it said. “Additionally, Blanca has further advised that there will be no future payments.” Meantime, a source in Costa Rica, where Absolute Poker and UB (formerly Ultimate Bet) have their operations center, told that more than 300 customer support and marketing employees – approximately 95 percent of the staff — had been laid off".

The forecast for AP/UB (Cereus Network) is "cereusly doubtful you will be paid".

It is being reported that before Black Friday, Cereus was months in arrears to it's affiliates. An affiliate recruits players and gets a percentage of the rake from the site. Non-American player withdrawals at Cereus have been capped at $250 maximum. Word is, payments have been slow to process and slow to arrive. It is being reported by that PokerStars has experienced a 26% decrease in traffic since Black Friday. Full Tilt Poker has lost 38% of it's business and Cereus has decreased "a whopping 76%". I would say the writing is on the wall...

1 comment:

Cory Albertson said...

You're right, the writing really is on the wall! Great post. The whole press release where they just say they're not going to pay their debt obligation to Maderia Fjord says it all!