Is Our money safe?

[Seahorse]

Poker Stars says this:
Players' funds are always secure with PokerStars

PokerStars players' account balances are held in segregated accounts and not used for any operational expenses. These segregated accounts are managed by the Royal Bank of Scotland plc, one of Europe's leading financial services groups. The arrangements ensure that PokerStars can at all times fulfill its obligations towards Players, and will provide further reassurance that Players' funds are always secure with PokerStars.


I can't find similar assurances on any other site.

[Niediam]

Simply put: no. There is basically nothing anybody can do if a cardroom decides tomorrow to keep your money. Having said that, I wouldn't even worry in the least about any of the 'major' sites. But who knows about FreeMoneyPoker (not an actual site) that started up last month...

[FlFishOn]

Think about it for one second. Where are these sites located? Can you easily and successfully sue for your bankroll if they stiff you?

All your funds are at risk everywhere, all the time, with the possible exception of PayPal.

[IggyWH]

[ QUOTE ]
with the possible exception of PayPal.

[/ QUOTE ]

PayPal holds funds in an FDIC bank so they're about the safest you'll get. It's a shame they bitched out to the gov and don't allow transactions with gambling sites...

[Paul2432]

I don't see how this offers any added protection. Pokerstars still has access to the money no different from if it was in the same account as their operating funds.

Paul

[Rudbaeck]

[ QUOTE ]
Think about it for one second. Where are these sites located? Can you easily and successfully sue for your bankroll if they stiff you?

[/ QUOTE ]

Play only on sites owned and operated inside the EC if you want your money to be safe. It's not like a Gibraltar based firm can elope with your cash. (Well, they can do it just as easily as a Maryland based company, but not as easy as say a Tanzania based company.)

[Yobz]

Simply put: the poker sites have a lot more to gain by being legit, there is no point for them to run off with cash.

[grinin]

You are way out of touch with the offshore gambling industry.

If you amend your statement to:

"the large profitable poker sites have a lot more to gain by being legit"

I would tend to agree. However, there have been and will continue to be:
Startups that turn sour
Market forces that turn a once profitable company into a loser
Management/ownership that snorts all the money away, etc.

Most of these companies had intentions of striking it rich in online gambling in an almost completely unregulated "wild west" environment. However, when they see the writing on the wall, the owners are presented with an opportunity to strike it rich themselves by milking their customers and running off with the money. Keep in mind that many of the owners/operators of these type companies are of the slightly unsavory variety.

I am not saying that the Party Poker, Ultimate Bet, Pokerstars, etc are at risk here (although they all are to some extent). It is the lower tier sites where your money is more at risk than maybe some would like to believe.