Ultimate Poker has converted all Nevada tournament tickets into cash and the news is not good for players. Tickets that were for specific events with a buyin were converted at the value of the tournament entry. Freeroll tickets did not receive the same consideration.
All freeroll tickets held in accounts displayed a value of $.11 in the cashier when the site was operating, regardless of the actual value of the seat. This included entries for the weekly VIP freerolls and monthly events. All of these freeroll tickets were converted into cash at a rate of $.11 per ticket after the site closed.
The $250 Green Chip VIP freeroll tickets held a value of less than $1, but more than $.11. The $1,000 Black Chip VIP freeroll tickets had a value of a couple of dollars each. Both were considered to hold the same value and all tickets for both events were converted into $.11 in cash.
Promo A tickets are one example where the amount paid is nowhere near the actual value of the entry. These were issued for entry into the $7,777 freeroll that was offered to players that won three Lucky 7 sit and gos in a month. The last Lucky 7 freeroll, held on November 9, had a value of about $35 per entrant. The value of these seats were often in that range. These tickets were also converted into $.11 in cash.
Players with U-Points were especially hit hard. Some players were saving up points to purchase cash awards or tournament tickets. All of these items were removed from the Ultimate Poker VIP store on Friday upon the announcement that the site would cease operations.
The only items left in the store after that point contain the Ultimate Poker logo. These include hats, hoodies, shirts, cards, chips and a card protector.
Compare to PokerStars Exit
When PokerStars left the U.S. market, it was under extremely difficult circumstances. PokerStars still allowed U.S. players to convert FPPs into cash. The company even went so far as to prorate VIP Stellar Rewards and Milestone Cash Credits.
Not Reflective of Ultimate Poker’s Overall Performance
It is clear that times are tough at Ultimate Poker. The company probably wants to wrap things up and move on. Ultimate Poker will be remembered for how it took care of players with the best support in regulated U.S. online poker, even if its exit did not follow that same path.