Bookmaker Give Away Lots of Money!
Back in the early days of internet poker one site was the place for action.
The $25-50 PLO games were legendary, with fortunes being won and lost daily.
And of course where there was action, there were Scandies, gambling it up with the best of them.
Sadly those days are long gone.
That site's poker action is a thing of the dim and distant past.
But something strange happened, and no-one at the bookmakers HQ could understand it.
A group of the Scandie player left huge amounts on deposit even though there was never any games for them to play and they were heavily limited in their potential to bet on sports.
Rumour has it that 7 players left over £1,000,000 each in their accounts.
Had they simply got so much money that they had forgotten about it?
Oh no.
For five long years these guys exploited a loophole that the bookie was too stupid to notice.
If you want to bet in the bookmakers sportsbook you do so in sterling, if you want to play poker it's in dollars.
This site set their exchange rate for the day at 8am.
If during the previous day the pound had strengthened against the dollar the Scandies would transfer their entire roll from the sportsbook to the poker room at 7.45am.
At 8.15, they would transfer back at the new rate.
If the pound had gone up as little as 0.2%, that's £2000 profit on £1million for half an hour.
If we can guess that the pound went up roughly 50% of individual days by an average of 0.05% that is a risk free profit of £456,250 each over the 5 years.
Not bad work if you can get it!
If only they were as generous with their real punters...
The $25-50 PLO games were legendary, with fortunes being won and lost daily.
And of course where there was action, there were Scandies, gambling it up with the best of them.
Sadly those days are long gone.
That site's poker action is a thing of the dim and distant past.
But something strange happened, and no-one at the bookmakers HQ could understand it.
A group of the Scandie player left huge amounts on deposit even though there was never any games for them to play and they were heavily limited in their potential to bet on sports.
Rumour has it that 7 players left over £1,000,000 each in their accounts.
Had they simply got so much money that they had forgotten about it?
Oh no.
For five long years these guys exploited a loophole that the bookie was too stupid to notice.
If you want to bet in the bookmakers sportsbook you do so in sterling, if you want to play poker it's in dollars.
This site set their exchange rate for the day at 8am.
If during the previous day the pound had strengthened against the dollar the Scandies would transfer their entire roll from the sportsbook to the poker room at 7.45am.
At 8.15, they would transfer back at the new rate.
If the pound had gone up as little as 0.2%, that's £2000 profit on £1million for half an hour.
If we can guess that the pound went up roughly 50% of individual days by an average of 0.05% that is a risk free profit of £456,250 each over the 5 years.
Not bad work if you can get it!
If only they were as generous with their real punters...
