When the Unlawful Internet Gaming Enforcement Act (UIGEA) of 2006 was enacted, the goal was to prevent online gaming enthusiasts from financing their accounts. With credit cards unusable and online processors such as Neteller no longer accepting gaming transactions, online poker players looked for other outlets to finance their accounts. In the time since then, PIC Club has stepped up to fill that void.
PIC Club is an online payment processor created last year that allows a player to invest in the company while playing poker at several different sites at the same time. One dollar is deducted from each deposit and put in a special account and represents the player’s investment in the company. A player can put their bankroll on PIC Club and, depending on where the best games are, move their money to different rooms with little or no delay. Over 130 different sites accept transfers from PIC Club for players to use in cash games and tournaments. In addition to offering a deposit option, the service also boasts Team PIC Club, a group of top professional poker players such as former World Series of Poker (WSOP) Main Event Champion and recent Tournament of Champions victor Tom McEvoy, the legendary T.J. Cloutier, and Poker Hall of Fame member Barbara Enright.
In a recent e-mail to members, PIC Club stated that its business arrangement with the Merge Gaming Network would be terminated. The Network is made up of over 40 poker rooms, including Carbon Poker, Poker Nordica, and ACED, and is currently the 17th most populated worldwide according to PokerScout.com. According to PIC Club, “Transactions to or from the rooms on the Merge Network will cease at 11:59PM (Eastern Time) on October 18th, 2009.”
The e-mail, signed by PIC Club Chief Executive Officer Chuck Kidd, addresses several issues that may face players who remove their money from Merge Gaming Network rooms: “If you choose to withdraw funds from any Merge Room back to PICClub, they will remain in a pending status, subject to review and approval by Merge management and if approved will only be released from the pending status when we receive the funds from the Merge Gaming Network to cover your withdrawal.”
No reason is given in the e-mail for the ending of the relationship, but Kidd’s statement seems to put the onus on the Merge Network: “We regret the dissolution of this business relationship. However, we believe it is in the best interest of PICClub and our Valued Members.” Kidd also states that PIC Club will enter negotiations with the individual rooms on the Network to provide PIC Club’s services to them directly.
I heard that Merge terminated the deal with Pic Club because they were not processing player withdrawals etc. I’d stay away from Pic Club if possible.