This is a discussion on Additional playing fees (888 for example) within the online poker forums, in the Poker Deposits & Withdrawals section; We all know about the deal with rake - it's what we pay a casino or online poker operator to host a game for us.
We all know about the deal with rake - it's what we pay a casino or online poker operator to host a game for us. On balance, the majority probably feel they deserve to make a profit for facilitating our pass-time or career, otherwise we'd have to go fishing or try keeping pigeons for solo fun.
So, why do some operators feel the need to seek additional profit in a somewhat surreptitious way, in ways that you wouldn't maybe notice unless you were really paying attention?
One of these practices is charging customers profit for exchanging local currencies into the prevailing currency of their site. Pokerstars were called out for doing this but do have a policy where it is possible to setup your account in such a way that the funds are kept on the site in your local currency, so deposits and withdrawals do not get exchanged. I am awaiting a reply as to whether a margin is charged on buy-ins and payouts...
I bring this up now as I've noticed a significant loss on my 888 account recently and called them to discuss. First they tried to blame my own bank for imposing an exchange rate. When i got to speak to the supervisor and explained ("oh no it isn't"), they instead relied on an excuse of using "international exchange rates".
Turns out they're charging 4% each way, so a loss of 8% between depositing and withdrawal.
But they aren't a bank, so why are they making a profit on exchanging funds that only ever exist in the ether, on their own website?
Did you realise they do this (it'll be somewhere n the T&Cs)?
SO the upshot is that you don't just have to beat the other players AND overcome the rake (of circa 10%) BUT ALSO lose 4% on deposit AND 4% on withdrawal. You need to be achieving a constant 118BB/100 just to tread water at this site!!!
Anyone have tales of similar practice on other sites?
Or know of other ways sites have for whittling down our winnings?
TheNuts Poker League Flintshire multi-champ.