Poker Site Wants Card Sharks to Fold So the Rest of Us Can Win … – Bloomberg

PokerStars has a stern, and unusual, message for some of its most passionate clients: Quit winning so much.

PokerStars says these gamblers — semi-professional types who play hand after hand day and night — became a problem after they grew too numerous and have taken advantage of the thousands of novice bettors who account for the lion’s share of all wagers made on the world’s largest poker website.

Sick of being dominated, the amateurs cut back on the hands they play. So for the owners of PokerStars — Canadian company The Stars Group Inc., which ponied up $4.9 billion for the site in 2014 — driving out the sharks is a crucial step in their effort to jumpstart growth in a business that has been sputtering.

Regular players just “want to enjoy the game as a fun entertainment experience that offers many winning moments and the dream of the big payout,” said Rafi Ashkenazi, Stars Group chief executive officer.

To encourage Joe Poker to keep ponying up, the gaming site has started to cut perks and incentives for high-volume players who typically prey on beginners. In July, the company ended a loyalty program that rewarded a select group that had as many as 24 poker matches going on at once. They would receive credits on the house take, or rake, which they could redeem for cash and merchandise or use for tournament entry fees.

PokerStars website

Photographer: Wayne Parry/AP Photo

VIP Status

Stars Group first began rolling out the changes about 18 months after buying PokerStars. Only a small number of players enjoyed the VIP status that returned them a high percentage of the rake. Still, they were winning at such a prolific rate, they were driving off the amateurs.

“We were starting to have too

Read More Here...

This entry was posted in Casino Gambling Stocks News. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.