September 17th, 2013 by Josh
I have done several stories about the issues at Lock Poker in 2013, mostly about the slow payouts. I haven’t written about this troubled US poker site in the last couple months because the issues are well known and documented. I have been following Lock Poker payouts in 2014 though. They are still horrid but this post is about more than just that. Lock Poker has hit an all-time low with regards to real money traffic and the value of their poker money. Three months ago people were complaining about Lock Poker funds only being worst $.33 when doing a p2p trade. There were also many complains about cash game peak traffic only being around 700 players, a fraction of what it used to be. In September, peak cash game traffic has fallen below 400 players for the first time and Lock Poker chips are being traded for $.15-$.20 cents on the dollar. That’s right, $1,000 on Lock Poker is only worth $150-$200. Slow cashouts at Lock Poker are only partially to blame. There have been several scandals and controversies about Lock Poker and the Revolution Gaming Network. Some affiliates – those who continue to send LockPoker.eu new players – have been able to get their players paid in a days while everyone else waits 6-9 months.
Lock Poker was larger than any of the other US poker sites just 18 months ago. In September 2013, they are six times smaller than the current leader in American traffic; Bovada Poker. Their fall from grace has left thousands of players out in the cold. Rumors and common sense indicate that Lock Poker is broke. They have a 6+ month backlog on payouts – totaling millions of dollars – yet are only generating a small amount of revenue due to their greatly reduced traffic. As I said before, they have a big poker room’s debt with a small poker room’s revenue. They cannot last.
Lock Poker withdrawal times in September are difficult to judge because they are paying out some players quickly and other players not at all. I just checked the latest payout report for Lock at 2+2 and there are multiple people waiting since January. If they cannot pay someone in 8 months I doubt they ever will.
Lock Poker reps used to be very active on poker forums – trying to keep the deposits rolling in with broken promises and such – but now they are nowhere to be found. If you have money on Lock Poker you have two options:
1. Find someone to trade for another form of money (i.e. $1,000 on Lock Poker for $200 on ACR Poker). The going rate is $.20/$1.
2. Request a cashout and join the Cardschat forum. As of a few months ago CC was able to get people paid quickly. I’m not sure if they are still able to.
If you do not have a lot of money at Lock Poker you could play some crazy poker or place some longshot bets at the Lock Casino. Make it worth your while to either find a trade or request a cashout.
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