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r8ed
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06-21-2006, 05:45 PM
Post subject: WSEX withdrawal issue
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#1 (permalink)
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4-of-a-Kind
Join Date: Jan 2005
Posts: 1,524
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I deposited 1k into WSEX (the rakefree poker site) thinking I would make that me new home (from Party) since I could earn over easily 1k in rakeback a month. I logged in a couple times at the times I play only to find no (or only a couple) 6max tables at my limits. I want to play 3+ 6 max tables at a time. So without playing a hand for a couple weeks I figured I would just withdraw my money. Tried it and waited - no result or email (may have been identified as spam). A couple days later tried it again to no avail. So, I used their live help chat. Turns out I was denied because I didn't play any hands. They then told me I had to play a minimum of 1/3 my deposit to withdraw. Um....what? They said they needed to cover the neteller fee. I asked them how much that was and they told me $29. So, I worked it out with them so I would withdraw $971 and they could keep the $29. I understand they have fee associated but I never ran into this with any other poker site and I've deposited and withdrawn without playing any hands more than once. I probably could have bitched hardcore and got my money without a fee but whatever.
This isn't a big deal but keep it in mind before you deposit on an unkonwn site. It's probably best to log in and check that the games you play will be available at the times you play - especially sites with major time differences.
I'll probably play there in the future if they get more traffic and tables. 100% rakeback is goot.
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Warpe
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Moderator
Join Date: Sep 2005
Location: Canuckistan
Posts: 3,905
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I guess it's to be expected that they'll have some cost-controls in place if they're not taking a rake. Is this info up front in their fine print anywhere? If it isn't it should be.
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Rabid Dog
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Flush
Join Date: Jul 2005
Posts: 574
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If they give you 100% rake back, how do they make money off you to cover the Neteller fee to start with? I thought the only money sites make was off rake.
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ItDepends
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Straight
Join Date: May 2006
Posts: 142
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It's a sportbook first
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lonnie
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Full House
Join Date: Aug 2004
Posts: 923
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So how do they make money off of you by being a sportsbook if you play 1/3 of your deposit at poker?
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Nehmer
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Full House
Join Date: Oct 2004
Location: Decatur, IL
Posts: 666
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Quote:
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Originally Posted by lonnie
So how do they make money off of you by being a sportsbook if you play 1/3 of your deposit at poker? |
They take rake during the week and do short term investing with it and pay it back to people every Monday. They also hope that the people playing poker sign up for the casino and lose money there. They also say they make money off advertising, but I've yet to see any advertising so I don't know what that is all about.
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Rabid Dog
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Flush
Join Date: Jul 2005
Posts: 574
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So they take money they are supposed to give back to you each week and risk it on the stock market. Sounds resonable.
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Nehmer
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Full House
Join Date: Oct 2004
Location: Decatur, IL
Posts: 666
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Quote:
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Originally Posted by Rabid Dog
So they take money they are supposed to give back to you each week and risk it on the stock market. Sounds resonable.
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Investing doesn't have to be in the stock market...There are banks, bonds, and other almost completely safe methods of investing. Since they already have the server capacity for the casino, they probably don't have to make all that much money on poker for it to be at least a breakeven venture for them. They definately don't seem to be spending much on good tech support or software 
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Rabid Dog
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Flush
Join Date: Jul 2005
Posts: 574
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Quote:
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Originally Posted by Rabid Dog
So they take money they are supposed to give back to you each week and risk it on the stock market. Sounds resonable.
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It was a joke 
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