Lock Poker Players Refused Cashout Over Revised Transfer Policy

lockpoker-200x80It is starting to sound like a broken record.  It seems every week there is another issue with players cashing out from Lock Poker.  This week’s situation is unique and is a symptom of the overall problem – Lock Poker cashout speeds are too slow for most players to tolerate.

The latest issue relates to the secondary market for Lock Poker chips.  The Two Plus Two forum allows players to arrange trades for chips at online poker rooms.  Many of these trades involve Lock Poker.

Players at Lock Poker that post in the Two Plus Two transfer thread are willing to sell their chips for 50 cents on the dollar.  This is by far the lowest going rate for any online poker room.  This rate has slowly dropped about 25 cents from its high.  The low value of Lock Poker balances is directly related to the cashout speeds of 2-4 months being reported by Lock Poker’s US players.  Even rest of world players, often referred to as ROW for short, report Neteller and Skrill cashouts speeds of over one month.

Players that make these trades often request direct deposits into their bank accounts or a prepaid debit card in exchange for their Lock Poker funds.  This situation created a major problem for one player’s cashout.  He decided to complain about it in the Lock Poker sponsored forum at Two Plus Two.

The player in question, known as Thejuggernaut, requested a $10,000 Skrill cashout in March.  The player received an email rejecting his cashout request about one month later.  The player was told that he was trying to cashout funds that were the product of trades and not from actual play.  The player went on to post a screenshot showing that he was up $30,000 in 2013.  He also posted a transfer history that showed several transfers in and out of his account.  Others came forward with similar situations after Thejuggernaut’s post.

Imjustshane is the Two Plus Two rep for Lock Poker.  He has been the subject of much abuse from players over cashouts and other issues surrounding the struggling poker room.  To his credit, he takes most of it in stride and continues to communicate with players in threads that other poker rooms would have avoided.

Shane claims that there was a large ring of players that manipulated Lock Poker trading prices.  His reasoning has been debated tirelessly but the company seems to be sticking their guns in this situation. He claims that this player has received more transfers than the ones included in the screenshot.

Unfortunately for Lock Poker, if the secondary market is truly the reason for these problems, it was brought on by the cashout speeds that have plagued the poker room since its move to Revolution Gaming.  Another common complaint is that it took a month for the player’s cashout to get rejected by the site’s security.  It is hard to justify a wait this long for a ROW cashout, much less the time that it takes for security to even review the cashout.

Calvinayre.com has taken a very pessimistic position on Lock Poker.  The blog that represents the interest of the Bodog founder has never been shy about their opinion of Lock Poker or their founder and CEO Jennifer Larson.

They state in one theory:

Lock could be working an extremely long con, in which the grifters abandon any pretense of ever paying their players, causing the value of Lock deposits to plummet to near-zero, after which they themselves use sock-puppet accounts to repurchase most of their unfunded liabilities for 5 cents on the dollar, wipe the slates clean and start the con anew.

While not likely, it is hard to defend the situation at Lock Poker.

This is yet another issue related to the overall problem that Lock Poker lags behind other US facing online poker rooms in terms of cashout speeds.  Unlike some other struggling US processing speeds, Lock Poker also cannot seem to get their rest of world cashout speeds down to a reasonable level.  Issues like this will continue to surface until this problem is resolved.

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