Results 1 to 8 of 8

Thread: Daniel Negreanu's sales of WSOP pieces at zero markup ends in disaster

  1. #1
    Owner Dan Druff's Avatar
    Reputation
    4576
    Join Date
    Mar 2012
    Posts
    31,725
    Blog Entries
    2

    Daniel Negreanu's sales of WSOP pieces at zero markup ends in disaster

    Oh boy... what a mess...


  2. #2
    Owner Dan Druff's Avatar
    Reputation
    4576
    Join Date
    Mar 2012
    Posts
    31,725
    Blog Entries
    2
    While this wasn't an intentional gaffe by Daniel, it's amazing to me that he put this whole package together so haphazardly.

    Looks like he trusted some third-party fail company to do the processing, they screwed up when it hit capacity, and he accidentally way oversold.

    I don't see why he doesn't just prorate everyone's piece to some percentage of what they bought, and then kick back the remainder to each person.

    Instead, he's just completely shutting out and refunding those who bought it after his max was reached.

  3. #3
    Owner Dan Druff's Avatar
    Reputation
    4576
    Join Date
    Mar 2012
    Posts
    31,725
    Blog Entries
    2
    $60k in fees is a joke, too.

    That's 3% of the $1.8m they took in.

    Surely there was a better way to do this without giving up $60k in processing fees and utilizing a fail company which couldn't handle the capacity.

  4. #4
    Bronze mdj1980's Avatar
    Reputation
    48
    Join Date
    Mar 2016
    Location
    Florida
    Posts
    101
    Yeah the whole thing was a huge mess. Of course I tried to buy some of each package because it seemed like a good value. I was able to get one purchase in at 12:01 PT but ended up getting all the purchases, including that one, refunded. Just ended up being a huge waste of time.

    I agree the most fair thing to do would have been to lower the max purchase amount and do some sort of pro-rating to allow more people to get pieces. But as big of a nightmare it must have been to do the refunds manually, it probably would have been 10x as hard to do the pro-rating and partial refunds.

    I don't think the 3% in fees was too crazy, since they were only doing credit card transactions. I think a standard Visa/Mastercard processing fee to the merchant is like 2.2-2.7% plus a small per transaction amount like $0.10, depending on what kind of deal you have. Then again, they probably could have used other payment methods that would have had lower fees.

    I wonder how many people bought, or tried to buy pieces, that really can't afford them and just figured they were certain to win...and if they didn't they were going to have to find a way out of paying the credit card bill.

  5. #5
    Owner Dan Druff's Avatar
    Reputation
    4576
    Join Date
    Mar 2012
    Posts
    31,725
    Blog Entries
    2
    Oh I forgot it was credit card only. Again, fail.

    They should allow it as an option, but why isn't there some fee-free EFT or Zelle way to do this?

    Looks like there was little thought put into setting up the whole thing.

    Just think about it... even if he sold $275k as intended, well over $8k in fees would have been collectively paid. Terrible.

  6. #6
    Gold duped_samaritan's Avatar
    Reputation
    379
    Join Date
    May 2012
    Location
    New York City
    Posts
    2,091
    Shoulda called Khalwat

  7. #7
    Another opportunity to use crypto and basically have zero fees.

    Also would of fixed the capacity problem as I'm guessing a fraction of the people that shipped the 1.8 million had crypto on hand.

    I am not faggy for crypto, just see obvious use cases like this completely ignored. Makes no sense.

  8. #8
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. LOL! DANIEL NEGREANU WSOP
    By TheXFactor in forum Flying Stupidity
    Replies: 3
    Last Post: 06-02-2017, 09:48 PM
  2. Replies: 5
    Last Post: 06-01-2016, 06:38 PM
  3. Daniel Negreanu, WSOP, ChoiceCenter
    By Goodpoop in forum Flying Stupidity
    Replies: 0
    Last Post: 07-14-2015, 06:46 AM
  4. Daniel Negreanu wants certain players banned from the WSOP
    By Dan Druff in forum Flying Stupidity
    Replies: 10
    Last Post: 02-21-2015, 07:46 PM
  5. Daniel Negreanu busto?
    By Baron Von Strucker in forum Flying Stupidity
    Replies: 150
    Last Post: 07-17-2014, 07:04 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •