No Deposit Bonus : SlotsLv casino currently is offering everyone a $22 no deposit bonus. New Players Only. Fully Cashable. USA and Canadian Players are welcome. Please see our SlotsLv review page for the no deposit bonus info. SlotsLv Review
Best USA Casino Bonus
Big Casino Bonus : All USA Players Welcome: Bovada Casino the #1 USA Online Casino offering all new signups a $3000 table game and slots bonus + weekly cash back. All new accounts qualify thru our link. No codes needed. For full bonus information please see our Bovada Bonus review.
Korean virtual currency only poker Risks
Tuesday October 16,2012 : KOREAN 'SOCIAL' INTERNET POKER HAS ITS RISKS
'Moneymen' paid to lose
The publication Korea Joongang Daily explored the pitfalls of online social poker gambling over the weekend, detailing cases where players found themselves in difficulties even with the ‘virtual currency only’ rules.
The problem arises with players who want more virtual game 'points' than the 300,000 won (around GBP168) a month they are allowed to legally purchase for cash in order to play.
It appears that an illegal 'economy' has developed where players dubbed 'moneymen' are paid by avid gamblers to deliberately lose so that their virtual points can be transferred to the purchaser, usually with a ten percent commission built into the transaction.
Billions of real money Korean won reportedly change hands in these deals.
And many players are now vying to accumulate game points purely to sell them to the 'moneymen' who have illegally monetised this online poker system. The players can also sell their points to other players, which is also illegal.
Gamblers can buy virtual game points with a personal credit card through an account on the sites, but there is a limit to the amount. All Internet social 'not for real money' gaming sites are regulated to limit accounts to 300,000 won per month.
In principle, operators like NHN, CJ E&M and Neowiz ban users from trading game points for cash and vice versa, classifying this as illegal. But in reality, the gaming industry estimates over 1,000 moneymen are making profits by exploiting overly-keen punters.
“Even a beginner in this job could easily earn around two million won a month,” one moneyman told Korea Joongang Daily. “I have seen cases in which some made over 100 million won a year.”
Posts advertising a lesson for 3.5 million won on how to become a moneyman are seen on bulletin boards of Internet business communities.
Moneymen carry the risk of jail time if caught; last month the authorities arrested a moneyman who had made 300 million won in commission from cash-for-game-points trading.
Social online poker is apparently big business for operators, with most taking a one percent rake on each hand, and Korean politician Cho Hae-jin of the ruling Saenuri Party claiming the profit share by the gaming companies accounts for 35-40 percent of the total profits of Korea’s gaming industry, delivering profit margins between 80 to 90 percent.
Gambling News :
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
The Railbird Launched By Americas Card Room #acra -
Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.
Huge Caribbean Hold’Em hit at Bovada Casino -
A progressive jackpot strikes again! This time it was at Bovada Casino, where a Texas player landed the top hand playing Caribbean Hold’Em over the weekend. A grand total of $119,348 was collected from the poker-inspired table game.
Please Note : Gambing might not be legal in your area. We bring you www.recentpoker.com as an information and gambling news site only. We hope that you find all the information and gambling news found in www.recentpoker.com to your liking. Please tell your friends about us and visit us again soon.