On October 31st, 2008, Fleet Street Games, a subscription-based online poker site, shut its doors. The company, which was founded by a former PokerStars executive, cited the “chaotic economy” as the reason for its departure from the market. Now, Dan Goldman has teamed up with his former employer to send former Fleet Street Games customers to the popular online poker site.
Citing issues with cashouts, a statement posted on the company’s website claims, “This has taken much longer than we expected, but we have great news for you – you will be able to cash out your balance soon via the world’s largest online poker site, PokerStars.com.” The statement has Goldman’s signature at the bottom. He was a former Vice President at PokerStars and also served as the Vice President of Marketing for Duplicate Poker, which has also since ceased operations.
The statement adds that player balances have been moved to PokerStars for withdrawal. An e-mail to each Fleet Street Games member from the world’s largest online poker site is expected this week. In it, customers will discover “how to complete the transfer of your balance.” Players who have already set up accounts on PokerStars must log into Fleet Street Games. Then, they’ll be asked to verify their account details as a security measure. Players without accounts on PokerStars are advised to register for one as soon as possible. PokerStars accepts players from the United States.
In a Shutdown FAQ given on Fleet Street Games’ website, the company notes that “cashouts are going to take longer than normal because the volume of cashouts is very high right now.” The minimum players could cash out when the site closed was $15. If a player held less than that, they would instead receive a membership to PokerSchoolOnline. Cashout requests were due on November 30th and the company had expected a two to four week turnaround time. Fleet Street Games charged $19.95 per month and ran $150,000 in monthly tournaments. Sites like it are legal in the United States due to their subscription-based revenue model.
The World Poker Tour (WPT) owns and operates ClubWPT, which is also a subscription-funded online poker site. The site is currently offering members entry into the WPT Celebrity Invitational, to be held at the Commerce Casino in Los Angeles on February 28th. The event takes place at the conclusion of the L.A. Poker Classic Main Event, a tournament that begins on Saturday. ClubWPT tournaments air on Fox Sports Net, which also shows the seventh season of the WPT. ClubWPT members can also take advantage of tournaments that feature the hosts of the “Best Damn Sports Show Period.” Membership is $19.95 per month.
ClubWPT is joined in the marketplace by Pure Play, which claims it stands at 1.7 million members. In January, Pure Play announced that it had doubled its player base last year to become 10 times as large as its closest competitor. The San Francisco-based site turns four years-old this year. Pure Play offers a VIP membership for $19.99 per month and eGaming Review named it as “Innovator of the Year” in September.
Duplicate Poker’s business model involved players in the same position at different tables competing against each other. In essence, each table played out using the same cards. However, a player’s skill determined how they would fair against other players who were dealt the same hands. Duplicate Poker closed at the beginning of October citing the “global financial crisis.”
Zosoz, a subscription-based site, shut down on December 14th, less than two months after setting up shop. The reason given for the abrupt withdrawal was “circumstances beyond our control.” The company, which was based in White Bear Lake, Minnesota, charged $19.99 per month for membership.
