Rakeback Takeback

PokerNow has apparently been forced to stop offering rakeback.

This move has many people worried about the future of Internet gambling: Will my rakeback be taken away? Will the other Party Poker skins follow suit? Why was rakeback taken away?

Here's my understanding of the situation.

The parent company of Party Poker, IGM, decided to do an audit of PokerNow, perhaps in preparation for its initial public offering. The audit found that many players were participating in rakeback deals, which are against the Terms of Service of all the Party skins.

Apparently the PokerNow auditors found evidence that the site was not enforcing its Terms of Service. Payments due to affiliates were suspended pending the decision on the audit, expected March 17.

Rakeback is an awesome benefit for those of us who receive it. It gives back about a quarter of our rake in cash, which really adds up.

I don't think the sky is falling.

I believe rakeback will remain valid at most of the other Party skins. As long as affiliates and their customers don't blatantly disobey the anti-rakeback rules, the status quo will likely continue.

Poker sites can't track payments that affiliates may make to their members unless they deposit that money directly into their poker accounts.

So no big deal. Affiliate programs and rakeback are not coming to an end.

But PokerNow rakebackers are still screwed.

Links:
More PokerNow info
PokerNOW post
Make your own South Park dude