Bank of Timex returns and is licensed

[arbboy]

Will he close/restrict anyone's account for winning?   Has this been discussed by him?  If he offers up to 10% of a player can one punter just hoover the entire 10% even if he is a winner and has the best of it?  Are his opening prices 'fixed' until the whole % offered is sold or if a serious judge comes in and backs player A will timex increase the buy price for future punters in the same event who buy subsequently?

I assume he thinks he can price these things up better than anyone else and is happy to take on all comers to begin with.  When reality sets in that some people will beat him long term how will he deal with that?  Not like he can do it quietly like bookmakers do to punters because he will only be restricting shrewdies who will instant post on forums about being restricted so i assume it won't happen right?

PokerShares ‏@pokershares  11h11 hours ago
@JonyMunro 100%. Limits will be larger for people we trust than most users & like a sportsbook we'll cut off people we think are beating us

Limits will be larger for people who lose long term he means then? How is there a trust issue?  Surely you pay for your action before the bet is placed so why does trust even come into it from a customer's point of view.  They are taking all the risk trusting Timex to pay surely?  Secondly cutting high stakes pro A because he is beating you isn't going to stop you seeing his action as he will have 50/100 other high stakes mates who can simply put the bet on for him. 

I think he's referring to the people who you can buy %s of. People he feels won't collude for a shady deal and make the amount bankoftimex pays out increase unfairly.

Fair enough that makes sense when i re read it.

[LeKnave]

He's going to be on the Joe Ingram podcast on YouTube shortly for anyone interested.

[DropTheHammer]

It seems like this could be a great opportunity for relatively unknown, but technically excellent, online players to buy more of themselves at favourable rates. Timex's information will not be adequate enough to price them up accurately because they may not have any significant live cashed yet.

I hope it's successfull for him, but surely just buying property in desirable areas with limited supply (e.g. UK!) would be more lucrative?

[Omm]

Been watching on YouTube and it seems he s pretty much saying that he is just the face of the company and others will be making the prices.

Seems that they are sure people will try and cheat them but if they get caught they risk losing all of their initial money.

[The Camel]

How do they account for final table deals?

[lucky_scrote]

How do they account for final table deals?

This is definitely what is interesting. If I bought 200% of myself in the SM and made a final I would obviously be asking others to deal. You could also shaft timex here if you get HU with a friend or something and offer a private deal HU so that your friend loses on purpose.

I am sure that his margins are so large that this has all been taken into account.

[Longines]

presumably illegal in UK?

They don't seem sure either.

https://pokershares.com/help-area
You may not access any of the services provided by pokershares if you reside in the USA, United Kingdom, France, Spain or Turkey.

https://pokershares.com/termsAndConditions
You are not a resident of the United States of America and its territories; the French Republic and its territories; Netherlands and its territories (including Curacao); Spain; Germany; Singapore; Democratic People’s Republic of Korea; Denmark; the Philippines; Syria; Turkey; and any other country which may prohibit the offering of online gambling to its residents;

[exstream]

Someone has a 0.6 markup in the pca ME

[SuuPRlim]

It's licenced from Curacao, so they are not permitted to advertise to players in those jurisdictions.

In regards to the UK the main legal difficulties are the banking ones. If they wanted a UK licence for this I think they'd get one very easily and pretty cheaply.

UK USA France and Netherlands are the area that they have to steer well clear of.

[shipitgood]

Amazing! You have timex and Phil G, not just great poker players but innovators and entrepreneurs also.

I would love to see Timex do well from this. It's truly astounding, where else in "sport" would you see these successful professionals branching out to the slightly unknown and perhaps  risky? Maybe not so much Phil G, but defiantly for this venture.

[POWWWWWWWW]

It's licenced from Curacao, so they are not permitted to advertise to players in those jurisdictions.

In regards to the UK the main legal difficulties are the banking ones. If they wanted a UK licence for this I think they'd get one very easily and pretty cheaply.

UK USA France and Netherlands are the area that they have to steer well clear of.

What do you mean by this? I've played on/deposited on a few sites licensed in Curacao and never had a problem, and as far as I know the sites didn't.

[Omm]

How do they account for final table deals?

This is definitely what is interesting. If I bought 200% of myself in the SM and made a final I would obviously be asking others to deal. You could also shaft timex here if you get HU with a friend or something and offer a private deal HU so that your friend loses on purpose.

I am sure that his margins are so large that this has all been taken into account.

From what he said on the live chat last night it would go by the official result of the tournament (he mentioned stars etc) and then he became abit all over the place but from what I can make out he was saying that they wouldn't just take people's word for it that they done a deal and for those people that try and pull a fast one it against the terms of Service and if they get caught they risk losing all of their initial stake money, he was also talking in large numbers i.e. He knows their are some people willing to risk losing a million to win an extra £150k by doing some scullduggery heads up but but they have to be prepared to lose the million if they get caught.

Didn't watch all of it but to me it very much came across as it he is not the driving force behind this and he even said himself that he is the face of the company not the CEO or decision maker. He also said that they want this to be massive, not a small operation.

Interesting stuff, pretty certain if this works it will start to change the whole landscape of staking etc.

[pleno1]

Was planning on launching this exact thing later in the year, pretty disappointed he did it first.

[arbboy]

Was planning on launching this exact thing later in the year, pretty disappointed he did it first.

BITB brand worth way more than his surely and if you sort out the legal errors he has made regarding his location to conform to the Gambling commission rules for operating in uk (and whatever it takes to operate in other locations he is struggling with) you could still have an advantage over him i think.  Let him make the mistakes first then do what Sugar does offer a better service at a cheaper price by under cutting him.

[Simon Galloway]

How do you prove/disprove if someone actually played it?