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Thread: taking $8250 out of the satellite prize pool for Aussie Millions seats worth $7637

  1. #1
    Owner Dan Druff's Avatar
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    Mar 2012
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    2 taking $8250 out of the satellite prize pool for Aussie Millions seats worth $7637

    Thanks to Ari Engel (BodogAri) for bringing this to my attention.

    Read this Pokernews article (which seems to be more of a paid advertisement for 888):

    The relevant part:

    The highlight of the poker festival is the AUD $10,600 Aussie Millions Main Event taking place from Jan. 22 to 29.
    For players not already in Australia, trying to qualify into the Aussie Millions Main Event online, is probably the best initial path. 888poker offers two options, one that is for a seat only, valued at $8,250, and the other for a $10,000 package that includes the buy-in for the Main Event, three-night hotel accommodation at the Crown Promenade Hotel from Jan. 24-26 and $1,000 in cash for travel expenses.
    So what's the problem?

    The current exchange rate of $10,600 Australian dollars to US dollars is as follows, according to Google results right now (12/28/16 at 9:30pm PT):

    Name:  aususd.png
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    This means the seat is not "valued" at $8250! It's actually valued at $7637!

    Keep in mind that the difference ($613) does NOT include any extras such as hotel or travel. That's only part of the more expensive package, which we are not discussing here.

    I am talking about the seat only, which they claim is $8250, when it's actually $7637. On the day the Pokernews article was written (December 23), the exchange rate was very similar, so it's not a matter of a falling Australian dollar. (In fact, the Aussie dollar was worth LESS on December 23 than it is today, so the mistake was even worse on the day the article was published!)

    What's the problem with overstating the seat's value?

    Presumably is taking $8250 out of the prize pool for each seat awarded, PLUS the standard satellite tournament rake.

    This is straight up cheating the players. It's like stealing from the prize pool.

    Ari has asked both Pokernews and 888 for clarification, but has not received a response.

  2. #2
    A couple of notes:
    Partypoker has been doing this for years to a smaller extent. I had an email exchange with them in 10/14 about this issue for wpt Montreal satellites.
    Pokerstars was amazing and settled to the mid-market rate the night before the tournament without any prompting from players. I.e.: they pre-planned to not screw players

  3. #3
    Owner Dan Druff's Avatar
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    Colonel Fabersham called tonight in a humorous segment where we got all kinds of non-answers about the situation.

    However, an hour ago, a breakthrough...

  4. #4
    888 & the PokerStars Polish players situation are important reminders of the value of "light regulation". How fortunate the ROW is that they are protected in this way.

    Public scrutiny and consumer advocacy in the form of sites like PFA get the results and serve the public interest.

    Government skims the rake and taxes your winnings. You will never get value for your money. Big Daddy is never the answer.

    I continue to enjoy the irony of Druff's lust for light regulation when guys like him do the reporting that is more important.

    Humans are a funny lot.
    Last edited by Sanlmar; 12-30-2016 at 08:22 AM.

  5. #5
    Thanks for helping getting this message out, I'm glad this has been succesfully resolved by 888. Listening to the recent podcast about this I had a couple of thoughts. Firstly- the extra money should not go to the person bubbling the tournament, rather should go to the seat winner (as 888 is doing). This is because at the time of the tournament. lets say prizepool had $10k in it.. 1st was awarded $8250 (awarded as aussie millions seat) and 2nd was $1750- that was the ratio listed based on said prizepool, therefore there is no reason 2nd should get $2350 and first $7250.
    Also- you gave 888 some shit for waiting to award the $600 exchange rate difference till the time of the tournament... but that is the same thing Pokerstars did last year- and I have no problem with them waiting and assigning the mid market rate as of the day before the tournament starts. You mentioned a worried about players getting freerolled by this delay.. but i dont see it- they will be going by the new rate regardless of movement.. Actually the reverse is true- there is a small chance of 888 getting freerolled in this spot. If by some chance the exchange rate changes such that 10600 AUD > 8250 USD, players will get to keep the full value of their seat without paying extra to 888. Of course- such a huge change is unlikely in this short period (but possible).

      lewfather: LCHIAM

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