Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
According to the a Poker Blog, Absolute Poker and Ultimate Bet’s total outstanding debt to players is $53.7 million, but their cash on hand is only between $5 million and $6 million.
These numbers came from a reliable source inside of AP management and have been corroborated by a different person inside a different department in the company. Cereus’s total outstanding debt to US players is $29,5 million, while the debt to non-U.S players is $24.2 million.
The Poker Blog also reveals, that the total US player debt is artificially lowered by players’ attempts to transfer their money to non-US players. Pokerstars has stabilized their operation since "Black Friday", while both Full Tilt Poker and Cereus are still in turmoil.
I always said Cereus will go down since the majority of their players were from united states, full tilt poker it's not out of the woods yet, but i'm sure they'll recover eventually. Pokerstars now it's the best quoated poker site since they paid all the money to their us players
Joined: May '08
Location: Germany
Age: 59 (M)
Posts: 6786
Wow. Only 10% of the money available?
Good luck trying to get the money back. Short of a miracle this will be the end for Cereus. Hellmuth jumped ship at the right time. He really can dodge bullets.
Joined: Mar '11
Location: Germany
Age: 55 (M)
Posts: 1242
Olala, this is not a quite good balance sheet. I am happy that I don´t have money on these sites, because I don´t think players will get back their dollars. Wish all of you GL who have an account at these sites, hopefully you will get at least something from them.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
thats quite a lot of money to repay. i doubt they will ever give it back. even with the transfering amongst players dont think anything will change. and i bet that all the delays in FT is for the same reason. they cant find the money needed.
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
5-6 million is funds available to them, but i think they have some funds frozen in US accounts which they wont be getting back soon. they are in big trouble now and dont think many people will be willing to deposit there anymore.
Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
Supernoob, no one even wants to play there, as for deposits they can't even think about that, and yes, if i remember correctly one of the full tilt poker representants said that full tilt poker is now increasing their capital in order to have enough money to pay the united states players. As i said i don't think full tilt poker is clearly out of the woods say but i think you canbe pretty sure they'll get this ting solved eventually Cereus made the huge mistake to get players from unitred states ans canada mainly, of course they were the most profitable players since they play a lot and most important deposit out of their money. On the other hand full tilit poker and pokerstars really had huge campaign in europe before the black friday, so there a lot of players that are from Europe that keep playing and generate rake dollars
Joined: Apr '09
Location: Portugal
Age: 44 (M)
Posts: 4827
Its not hard to believe in this numbers. But when we compare this millions to the billions owed by FTP and PStars, oh boy, they have nothing in common. Its like asking $5 to everyone alive and then having to deliver 25% to Federal Tax Company, and still needing to free the same money to the owners. At first time, one can think the best way would be to giving players the chance to play their money waiting for the generated rake to be enough to pay for all the debt. Easy acounting? Is the rake enough to pay taxes? It sure has to be, no poker company would advance with the business without having their profit besides taxes.
Joined: Feb '10
Location: Portugal
Age: 43 (M)
Posts: 998
The money is already laundered, nobody will find it anymore and Cereus owners dont need to work anymore. The company will declare bankrupcy and it will put a really bad image of online poker. The players will loose theyr money and iam happy i dont play there for long time.
Now what makes me really curious, its how a company with around 20K players everydays generating rake can declare bankrupcy? Doesnt make any sense, or i have to think that the site is a complete fraud.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
I guess its the same way like FT having 40-70k per day and taking like a month in many cases to give the money to the players requesting cash outs. And i still havent heard about enabling moneybookers for cash outs again. Anyone knows anything about this or got paid by MB?
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
there are around 4-5 k players still playing, maybe they dont know the condition of the network lol. or they are too optimistic or just playing for fun
Joined: May '11
Location: Canada
Age: 34 (M)
Posts: 979
full tilt is just trying to delay long as possible while they make their money from rake/ads etc which is all eventually going to go to paying off the players, in cereus' case, their f*cked.
Joined: May '10
Location: Serbia
Age: 45 (M)
Posts: 128
Posted by SuperNoob: there are around 4-5 k players still playing, maybe they dont know the condition of the network lol. or they are too optimistic or just playing for fun
I sent a cashout request but some 10 or 20 $ couldn't be processed because there is limit of 250. So I played there for a while. I believe that is the case with most players now. Btw, I'm waiting for the payout for 3 weeks now and I'm starting to lose hope.
Joined: Oct '10
Location: United Kingdom
Age: 63 (M)
Posts: 442
Posted by SuperNoob: there are around 4-5 k players still playing, maybe they dont know the condition of the network lol. or they are too optimistic or just playing for fun
In fact some non-US players have been/are being paid. There are probably a number of people with under $100 who are trying to get this up to $100 as this is the minimum cashout.
Having said that anyone with a big BR is porbably in serious trouble. I read on another forum that Cereus have imposed a max withdrawal of $500 per week. On the same forum there was a guy with a $65k BR who was wondering if they will last the 130 weeks he needs to get his money
Joined: Feb '11
Location: Germany
Age: 31 (M)
Posts: 1859
Posted by SuperNoob: there are around 4-5 k players still playing, maybe they dont know the condition of the network lol. or they are too optimistic or just playing for fun
Some people still play there because they want to support the site. Also,with the max. cashout limit they're rather player with the leftover cash instead of leaving it on the account. Rumors say that if you keep playing on AP/UB while having a pending cashout you'll get paid faster.
Joined: Jan '11
Location: Romania
Age: 32 (M)
Posts: 167
According to the a Poker Blog, Absolute Poker and Ultimate Bet’s total outstanding debt to players is $53.7 million, but their cash on hand is only between $5 million and $6 million. Only... ) it is enogh
Joined: Nov '09
Location: Australia
Age: 37 (M)
Posts: 715
Posted by shokaku: Wow. Only 10% of the money available?
Good luck trying to get the money back. Short of a miracle this will be the end for Cereus. Hellmuth jumped ship at the right time. He really can dodge bullets.
AMEN
I just hope this don't happen to us aussies on pokerstars I think in a few months time US players will be welcome back as soon as there govement fixes things up just my opion
