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Pokerstars intends to introduce a small margin on foreign currency deposits

Saturday 10/25/2014 : FOREX FURORE AT POKERSTARS
 
Poker forums light up as poker provider introduced charge on foreign currency transactions.
 
The announcement this week by Pokerstars that it intends to introduce a small margin on foreign currency deposits and withdrawals has triggered a slew of player opinions, many of them negative, on the online poker forums.
 
The company says it will charge the margin on all deposits and withdrawals where a financial transaction is conducted in a currency other than that in which the player's account is held.
 
It will impact players who have chosen to hold accounts in one currency, but fund them with another from their country of permanent residence.
 
Pokerstars PR chief Michael Josem defended the imposition of the margin on the twoplustwo forum, confirming that his company has switched from a policy of applying the midmarket XE.com exchange rate to a margin that is more in line with the market, and opining that Pokerstars' previous policy gave a rate lower to that which would normally be available from the banks or processors.
 
"The policy change does move us more in line with the market, but we´re very confident that the new rate applied to your selected currency is still going to be extremely competitive. In fact, we´d say that it´s better than that offered by most banks, card issuers and payment providers," Josem argued.
 
Players were immediately critical of Pokerstars for not specifying in their announcement exactly what the margin to be applied will be, with some calculating that it could be as high as 2.5 percent. Others complained that it would penalise players already smarting from a perceived reduction in the Pokerstars VIP Rewards program.
 
One as yet untested solution suggested by some players may be to create a multiple currency wallet in the PokerStars Cashier.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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