Lock Poker Players Owed More Than $3 MillionOctober 21, 2014 2:25 pm
Until recently it was believed beleaguered internet poker room Lock Poker owed its players around $1 million in unprocessed cashout payments, but according to the latest findings by TwoPlusTwo forum poster ‘IHasTehNutz’ the actual amount the site owes is nearer to $3.2 million, when one considers the funds those players currently have languishing in their player accounts.
In other words, while 394 Lock customers have futilely been waiting between one and two years to receive their cashout requests, at least 205 of those players are in the same boat when it comes to the $2.2 million they still have stuck in their accounts. Furthermore, at least $1.7 million of that tally is believed to belong to non-US players, with the last ‘Rest Of the World’ player to successfully have received a cashout payment dating back to November 2013.
Compounding the cashout situation further is the fact Lock Poker has seen its traffic plummet from several thousand cash game players per week in its heyday a few years ago, to its present level of just 34 players according to tracking site PokerScout. Even then, many of the players counted are likely only there to use the near worthless money they have stuck on the site, and as John Mehaffey from 4flush.com, commented:
“The cash game quality is extremely high. Chips are thrown around the tables like they are worthless. That is, of course, because they just about are. Players have been swapping Lock Poker chips for cash at a rate of about $.06-$.07 on the dollar for months. That means a player at a $200 NL table is really at a $12 or $14 game.”
Given the current situation, no wonder many experts in the industry believe Lock Poker is probably insolvent and is only continuing to operate as a deposit only “Ponzi scheme.” Lock Poker is also believed to owe money to its former network provider the Revolution Gaming Network, and as a company statement explained last year:
“Due to lack of payment to the Network and a large growing debt, the Network had no choice but to eventually segregate Lock players almost entirely from Network cash games. The Network issued an official final demand notice to Lock in October and unfortunately must now pursue Lock to the full extent possible by law to recover all monies owed and damages caused.”
Needless to say, poker players have been strongly warned to stay clear of the site, with the Poker Players Alliance (PPA) even making a stand on the topic.