Bank of Timex Lasts Less Than a Week

This article may be outdated. Get the latest news on Industry here.

Creativity is one of the hallmarks of a good poker player.

So it came as little surprise when Canadian poker pro Mike “Timex” McDonald came up with an innovative way to leverage the current staking marketplace, which he jokingly dubbed The Bank of Timex.

For anyone unfamiliar with short-selling, or the securities market in general, the Bank of Timex effectively serves two separate functions:

  • The first is to offer shares of players who are not selling shares (like Phil Ivey). In these instances McDonald is basically offering a price for different players that he thinks is too high, but setting them at a price he believes other people will buy due to the current overvaluation in the staking market.
  • The second function is to “short-sell” other players’ staking packages. In these cases McDonald is saying that the player’s markup is too high for that person to show a profit. Essentially Timex is betting that the players will not show a positive ROI, even though he is cross-booking at a lower price than they are actually selling at!

The gist: McDonald believes that the staking world is in a “markup bubble” – that players are (intentionally or unintentionally) pricing themselves too high.

Sounds like a great idea right? Fix the poker world while making some cash at the same time?

Yeah, well – spoiler alert – McDonald has already shut it down:

What McDonald is alluding to are people on 2+2 pointing out (justifiably so I suppose) concerns regarding the legality of selling what seem to be “securities” and/or being a sportsbook.

In addition to legal concerns, Bank of Timex also seems like the ideal way to alienate yourself from your peers, so McDonald may very well have shut it down to avoid any potential hassles and/or future confrontations.

- Steve covers nearly every angle of online poker in his job as a full-time freelance poker writer. His primary focus for OPR is the developing legal and legislative picture for regulated US online poker and gambling.
Privacy Policy