Party Monster Cash Conversion

[BennyMac]

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I am also writing them that I do not accept the payouts, and am expecting to be paid the difference in short notice.

ToT

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You were smarter than I was.

I stupidly converted and requested a cashout before it occurred to me that it may be construed as a binding acceptance of the wrong value for my freerolls.

I have 1 Final, 5 Monthlies & 2 weeklies so I may have screwed myself out of a small chance at the extra $5,000+ they were really worth. [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/crazy.gif[/img]

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Though to be fair, your monthlies and weeklies weren't really worth that much since you wouldn't have actually been able to get any more entries into the Monster Final. The Monster Final was worth quite a bit more as your calculations point out.

[NewGuy]

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I have 1 Final, 5 Monthlies & 2 weeklies so I may have screwed myself out of a small chance at the extra $5,000+ they were really worth. [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/crazy.gif[/img]

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Thinly veiled brag?

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Nah, this post wasn't. I'll fess up to making a not-at-all veiled brag post in BBV saying "all your Monster rake $s are belong to me" [img]/images/graemlins/smile.gif[/img]

I just pointed out the # of entries becuase some reponses have been "oh we should be happy we got anything" and I wanted to show I got screwed out of a LOT of $s not just a few bux. By my count, I lost ~$5,500 in EV when they opted to divide by 8,000 for the number of Grand Final seats instead of ~2,000 (the correct value).

[NewGuy]

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Though to be fair, your monthlies and weeklies weren't really worth that much since you wouldn't have actually been able to get any more entries into the Monster Final. The Monster Final was worth quite a bit more as your calculations point out.

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I agree BernieMac. The calcs I used were simplified and they undervalue the Final seats at the expense of overvaluing Monthly seats EV for those people who already won a Final seat.

My rationale? I pictured the programmer at Party trying to do nested condition logic on "if player has 1 Final seat, then", and "if player has too many Monthly / weekly seats, then reduce weekly seat EV by x since no player can play in >8 Monthlies" and having his head explode.

But you are definitely correct, the TRUE EV calc would have to cap each players maximum share of the Final proze pool by excluding a portion of EV in Monthly/weekly for people in Final.

[BennyMac]

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Though to be fair, your monthlies and weeklies weren't really worth that much since you wouldn't have actually been able to get any more entries into the Monster Final. The Monster Final was worth quite a bit more as your calculations point out.

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I agree BernieMac. The calcs I used were simplified and they undervalue the Final seats at the expense of overvaluing Monthly seats EV for those people who already won a Final seat.

My rationale? I pictured the programmer at Party trying to do nested condition logic on "if player has 1 Final seat, then", and "if player has too many Monthly / weekly seats, then reduce weekly seat EV by x since no player can play in >8 Monthlies" and having his head explode.

But you are definitely correct, the TRUE EV calc would have to cap each players maximum share of the Final proze pool by excluding a portion of EV in Monthly/weekly for people in Final.

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Actually, instead of the programmer, picture the customer service rep. trying to find the form letter to send you and you have an even stronger case for simplifying.

[MGM]

had I known the true value of these freerolls I would have played a LOT more of the 10 STT's. In effect 10 monster STT's had a prize pool of 115.00. I guess the jackpot table players were making up the difference??

[EndPlay]

Anyone got a response from PP in relation to the under payments?

[Hyperion]

Dear Timothy,

As mentioned in our PartyAccount section we have refunded the complete $14,405,786 to our players who have Monster freerolls available.

If you had any unused Monster Freerolls, you can log in to your PartyAccount to convert them into cash and see how the amounts were calculated.

We came up with what we thought was a fair and equitable distribution for each unused freeroll. Thus the determined values of the monster freerolls will not be changed

Praful
PartyPoker Customer Care

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So yeah, they stole our money we won't get it back I'm never playing there again even though I'm Aussie. From reading Party Gaming's financial reports and infering what damage recent events have done to them, there are actually in quite a [censored] financial position at the moment. They needed to cancel the monster (and steal our money) and then cancel their shareholder's dividends to maintain their cash liquidity. I never knew Party doesn't keep players funds seperate and they don't even have enough cash to pay all their players immediately. With their awesome cash generating ability gone, they are not a good place to play at.

Honestly, I hope they go bust.

[BennyMac]

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Dear Timothy,

As mentioned in our PartyAccount section we have refunded the complete $14,405,786 to our players who have Monster freerolls available.


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That's almost certainly false. You should ask them to back that up. That is, they should tell you exactly how many weekly, monthly, and Final entries they paid out for.

[Soulman]

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Dear Timothy,

As mentioned in our PartyAccount section we have refunded the complete $14,405,786 to our players who have Monster freerolls available.


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That's almost certainly false. You should ask them to back that up. That is, they should tell you exactly how many weekly, monthly, and Final entries they paid out for.

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They won't.

FWIW I don't feel screwed at all, shrug. 3x$350 for folding a lot for 2 hours on the side of my regular MTTs? Uh ok, I'll take it. And no, I don't care they said they paid it all back.

[NewGuy]

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Anyone got a response from PP in relation to the under payments?

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One of the 4 form letter responses I got. Typical Party.

Hi xxx,

I completely understand the apprehension and the displeasure expressed
over the entire issue related to the Monster payouts, please understand
a lot of thought and understanding has been put in to make the payout
of the freerolls as close to the utmost degree of accuracy and fairness.

I also understand that the previous response has affirmed the same
however, I am sorry but the determined value will not be changed.

However, it has and will be a constant endeavor from our end to provide
our players with the best of the online gaming and services, hence
please understand, the significance of your concern is important for us to
address the issue in the most comprehendible manner, at the same time
the breakup listed for the Monster Freeroll refund has been finalized
after a lot of thought.

We appreciate your understanding in this matter.

Regards,

Shashidhar
PartyPoker Customer Care