Global Poker’s proprietary game format is available across the US, and it has built its player base by offering what other operators have been unable to do: ring game online poker with winnings that can be cashed out.
Right from inception, Global Poker only offered PayPal as a means of both depositing and withdrawing. The company spent a long time on due diligence to reassure PayPal that the business model was legal in the US but the single payment method was limiting for players.
CEO Laurence Escalante referenced explained why the company was making the change:
“One thing our customers have made clear to us is that they would like more choice when it comes to payment methods. Worldpay’s extensive network and vast expertise allow us to give our players this choice.”
WorldPay offers a huge variety of payment and withdrawal options which should mean that existing players will not have any difficulty with the transition. However, PayPal was lauded for the speed and efficiency of its service, so WorldPay has big shoes to fill in taking over the responsibility.
One player’s post on 2+2 provides a typical experience:
“Did my first cashout from global (and no, I didn’t reach $5K, just needed the $500 for my trip to my kids graduation for her master’s of economics)
From request, to requesting docs, to approving docs, to the money sitting in my PayPal account, less than 24 hours. So cash out was legit pokerstars level service. I wish the software was pokerstars level, but still very happy overall with the site, and it hasn’t been shut down, so that’s a plus!”
For players outside Nevada, Delaware and New Jersey who didn’t want to take the uncertainty of playing at offshore unlicensed poker rooms, Global Poker has been a lifeline that has allowed them to experience the fun of online poker without financial risk.
The Global Poker Sweepstakes Model
Global Poker offers cash games and tournament poker in two on-site currencies; $weeps Coins and Gold Coins.
Gold Coins work in the same way as play money on a traditional poker site. Players who want more chips can buy additional Gold Coins. As with play money, winnings from playing at the Gold Coin tables can never be cashed out.
The Global Poker difference is that every purchase of Gold Coins credits a player’s account with an amount of $weeps Coins. This can be used at the $weeps Coins tables to play ring games and tournaments. Winnings at the $weeps Coins tables can be cashed out.
$weeps Coins is considered to be “bonus sweepstakes prizes” and so Global Poker avoids being classified as gambling.
No purchase is necessary to play
Regular promotions on Global Poker’s Facebook page offer the chance to win $weeps Coins directly, and players who don’t want to wait to win their stake can write directly to Global Poker and be given some $weeps Coins for free.
Global Poker is owned by an Australian company
Global Poker is owned by Virtual Gaming Worlds (VGW) which launched Chumba Casino in 2012 using the same sweepstake model.
VGW’s audited interim accounts for the six months to December 31, 2017 show company revenue soaring to $155.6 million compared to $37.8 million in the same period in 2016. Profits for the second half of 2017 came in at $4.7 million, and the company is now looking at an IPO with a listing on the main ASX stock exchange.
The business model may be unusual, but it’s certainly working. Leaving PayPal may make players concerned about the loss of a familiar name, but with WorldPay as a partner Global Poker is looking for even more growth in 2018.