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John Mehaffey’s latest monthly payment processing report was released on Wednesday.
The only notable change from last month’s report is that Juicy Stakes, which had received a grade of F for four consecutive months prior, was upgraded to a D.
Merge continues its winning trend, upgraded a half-letter to an A-. Mehaffey cites fast payout speeds and the absence of fees as the reasoning behind the upgrade.
Lock Poker was the only entity listed on the report to receive an F, although I get the feeling that if Mehaffey could award it a worse than failing grade, he certainly would.
On October 10th, an email was sent by the Juicy Stakes Team informing users that it had been acquired by online gaming partner Zagox Management N.V. Later that day, Intertops sent out an email of its own, stating that it would once again share its player pool with Juicy Stakes.
Only two months prior, Intertops announced its decision to segregate itself from the rest of the Revolution Network at cash games NL 100 and above, sit and goes and tournaments with guarantees larger than $1,000.
Now that Juicy Stakes is aligned with a new processor and at least appears to be making an effort to pay players their money, Intertops is back. Coincidence? I think not.
Mehaffey is “putting [his] faith in the fact that Intertops combined its player base with Juicy Stakes.” Intertops’ change of heart bodes well for Juicy Stakes, as it’s the only skin on Revolution that has retained a solid reputation for speedy, reliable payouts. This can be attributed to the fact that it uses a separate payment processor than other skins on the network.
Intertops is currently not accepting new players from the US.
Unfortunately, Zagox Management’s acquisition of Juicy Stakes is not without its drawbacks. Cashouts will no longer be free, and any player that initiated a cashout request will be required to do so again.
Pending bonuses were cancelled, but reps at Juicy Stakes stated that a reload promotion is coming soon.
As a small consolation prize, Juicy Stakes set up four $1,000 freeroll tournaments and according to Mehaffey, is offering “a promotion where a free withdrawal will be allowed if $25 in rake is generated between October 14th and the date a cashout is requested.”
IHasTehNutz’s latest report reveals that approximately $370,000 in pending cashouts requests 60-days or older have yet to be paid out by Lock Poker, with the oldest withdrawal requests dating date back to December 2012. The last payout recorded on the spreadsheet was reported nearly a month ago.
In lieu of this, Mehaffey has assigned Lock a third consecutive failing grade, stating that players waiting months and months for payment “can only hope that there is a white knight like Zagox Management.”
Mehaffey also points out that the value of Lock funds are now trading “in the range of $.10-$.11 on the dollar in the 2+2 player to player transfer thread.” IHasTehNutz’s own VIG report reveals that as of October 12th, Lock dollars are worth about 15 cents, and declining rapidly.
The rest of the report:
Bovada – Stands pat at A.
Winning Poker Network – Also holds strong at A.
Intertops – No change from last month, A-.