Home / Poker News August 2013 / LiveAce – A New Take on Real Money Online Poker
LiveAce – A New Take on Real Money Online Poker
Posted by: Jo Martin - Thu, 2013-08-15 10:26
Even as some online poker operators struggle to carve themselves a small slice of the US
online poker market, the legalization and regulation of which is forever delayed, other operators are looking for ways around the legal quagmire.
LiveAce Poker for instance feature real money action (well, kind of) and they’ve already launched in 32 US states. Not only that, but according to their legal representatives, the site is perfectly within the bounds of the law from every angle.
Now then, how is it possible for one operator to circumvent the law like this? Simple: LiveAce don’t actually offer games in which real money changes hands in any way. To begin with, they only offer cash games (no tournaments) and players only play for chips, not real money.
Players can buy chips for real money, but once taken to the tables, these lose their monetary value. Chips won during a session are called “live chips” and players can use these chips to take part in real-money auctions which are held on a daily basis. During this auction, what players have to do is to determine how many chips they want to bid on how big a cash prize. This results in a chips-to-dollars ratio, which will be used to determine the winners of the auctions. The higher this ratio is, the more likely the player who placed the said bid is to win the auction. The auctions are not of the “winner takes all” variety. When the winner takes his share out of the auction pool, there will be money left behind. That money will be used to pay those who come in second, third etc. Players who fail to win any money in the auction have their live chips returned to their balance.
If you’re looking for square real money poker action, open an account at PokerStars now and hit the tables right away.
