Ipoker lying to their customers

25.09.2010, 06:09 0

The following information is copied from 2p2 forums

Hi, I've not been an active poster at 2+2 mainly posting at FTR and Crushonlineholdem where the main story is being hosted but think that this information is important for all iPoker players to know about.

The information came to light as I was unlikely to get much playing time over the summer and decided to try and grow a minute residual bankroll at VCpoker in the time i did have available just for fun and in a way to force some discipline into my play. Having played a fair few hands , I noticed there was a big difference between my actual bankroll , and my winnings reported by Holdem manager which were also similar for my pokertableratings graph.

The whole story is documented at http://www.crushonlineholdem.com/keith showing the evidence of what I discovered, but it boils down to the fact that if you have an account with an Ipoker room, every time that you play a table in a different currency to your account currency,every single transaction will involve currency charges with rounding taking a small slice of your bankroll each time.This is not only when buying in to a table and leaving a table which has a minor effect, the major effect occurs at the micro tables when auto top up replaces blinds and topping up small amounts. Here the effects of rounding can have a massive effect on a players bankroll and was responsible for all my missing winnings.For me , it halved my win rate, for a breakeven or losing micro player the effects will be even larger as they will be topping up more often and therefore paying these rounding charges more often. This is despite Ipoker claiming that they make no profits from currency transactions.

If you play at iPoker's $ tables , do your bankroll a favour and play at a site that offers $ accounts . Then the only currency charge you will pay is when you deposit to the site and withdraw from it.If you are at a site which has £ as its currency you can minimize the effects of this rounding by buying in for the maximum and not using the auto top up and manually reloading when you deem it will have the least effect.

Unbelievable! Ill never again play at ipoker!

12 replies

_Anonymous_

25.09.2010, 06:13 0

I urge PokerStrategy.com to ask Ipoker for official statement about this issue. Also this information should be posted in the News section because the impact on micro/small stakes players is huge!

peche025

Joined: 14.12.2008

Posts: 1,387

25.09.2010, 08:13 0

Originally posted by silent21
I urge PokerStrategy.com to ask Ipoker for official statement about this issue. Also this information should be posted in the News section because the impact on micro/small stakes players is huge!

+1

This is fairly disgusting IMO and something that should be publicized.

MichaelGotAA

Joined: 23.03.2010

Posts: 90

25.09.2010, 09:50 0

This is so wrong. Everyone needs to stand up to ipoker. My account is in £, but most the tables I play are in $, so I'm being slowly screwed. Not happy at all.

_Anonymous_

25.09.2010, 12:36 0

I don´t remember the the origional post but about a year ago I did write about this. Everytime you buyin/out from a table they charge you exchange rate which pissed me off because it was recomended by them I open a € account. They "forgot" to mention that for every table I open and close there will be xchange rate. I am surprised more players didn´t notice this. Since I found this out I play very seldom there and most times wait till they give me 10-20$ free.

But yes this is true! ♠_mad:

ZhiCheng

Joined: 04.10.2008

Posts: 2,159

25.09.2010, 13:06 0

wow.. that rly is sick

有志事成者竟

Zheelvern

Joined: 29.10.2007

Posts: 718

25.09.2010, 13:14 0

Yep, that's true. That's the one reason more why I fucking hate that shady network.

X:club:X:diamond:

_Anonymous_

25.09.2010, 13:37 0

Hey silent21,

I have to admit that I am currently not aware how other Networks handle this.

What I am going to do is, I get input from our experts first and depending on what they tell me, we are getting in contact with our partner rooms in the iPoker Network and ask for a statement.
In any case I will come back here and inform you about the outcome.
This might take some time so I have to ask for your patience.

niveaformen

Joined: 07.11.2008

Posts: 101

27.09.2010, 10:50 0

update?

tokyoaces

Joined: 01.04.2009

Posts: 1,875

27.09.2010, 21:08 0

This was discussed here on PokerStrategy a few times.

For example this thread:
Different currency tables

Also I'm positive that I originally learned about it from 2+2 back when iPoker introduced their currency feature. It's nothing new and iPoker doesn't even lie about it.

Furthermore it's pretty clear that the website article was written by someone who knows nothing about currency or currency markets. It takes very little math and very little effort to realize that they are rounding the currency for each transaction and it takes even less effort to realize that they always round in their favor.

Finally, as a very mediocre poker player I can tell you from experience that those tables are quite profitable. Maybe iPoker shouldn't be rewarded for such poor business practices but by using a more sensible top-up amount than 1 cents the fishiness of these games more than makes up for both the currency exchange and the excessive rake they charge at the micros.

Keith if you need to save a few pennies while playing poker trying turn down the brightness on your monitor. Drink water instead of soft drinks. Turn of the TV while you play.

Accusing a non-bank entity of rounding to the nearest cent is pretty laughable. Trying to call a company who makes their money from gambling liars? That's just plain dumb. "Caveat emptor, Pal."

eudodo

Joined: 11.05.2008

Posts: 272

01.10.2010, 01:18 0

sad but nothing new

A couple of years ago I had this issue on Titan.
You can change your currency into $. In that way only deposit and withdraw will be converted. Or actually you can use Moneybookers to swap $ between accounts if you do not want to use Ipoker for withdrawing money.