Will Dutch Boyd pay back the money he owes now that he won an event!
Russ "Dutch" Boyd has won his first ever World Series of Poker bracelet, but more importantly he won $425,000 and what is he to do with those winnings. If you remember all the madness that was going on in the poker world a few years back when Dutch Boyd and Pokerspot.com hit rock bottom, its time for that to reappear. It will be interesting to see if he does in fact pay back those players that lost money on his site due to his inability to run an efficient business. I guess time will tell but it is definitely a story to keep posted on.
For those that don't remember what happened, here is a little reminder from this great article written by Eric Rosenberg:
Russ "Dutch" Boyd to Open a New Online Card Room
The former owner of the now defunct PokerSpot.com has announced plans to open another online card room, a move that is getting strange looks from much of the poker playing community.
This story begins on August 17, 2000, when a post from "WJR" appeared on the poker newsgroup, rec.gambling.poker (RGP), stating that he was having trouble receiving his cashout from PokerSpot.com, a new online poker room. Shortly after, the post was replied to by Russ Boyd, CEO of PokerSpot. Boyd wrote, "...we did not receive your cashout request. I am not sure why, and we are still investigating, but we have no intention of keeping your money. This is a very isolated incident, and I think you'll find very few complaints regarding our customer service."
Ahh, but as time would tell, this was not an "isolated incident" and there were not "very few complaints", there were many.
The posts on RGP started to build up. One after another complaining (and warning others) that their cashouts were not getting processed. And just as quickly as the complaints rolled out, so did the excuses from PokerSpot support, excuses like, "We are reworking our entire cash out system, and this has delayed all cash outs by a week or two."
One PokerSpot member, John Buchanan, who played under the username "MS Sunshine", claimed that Russ Boyd and PokerSpot owed him and his wife "over $56,000".
What was going on at PokerSpot? Did Russ Boyd and company run off with the money? The players wanted to know.
In February of 2001, Russ Boyd finally came forward with another address to RGP:
"As many of you are aware, we've been faced with some recent problems at Pokerspot. ... Due to a situation with Net Pro Ltd., the company that until recently processed our credit card deposits, a large amount of our funds, which includes player funds, has been stalled." Boyd went on to say, "As far as money owed to players, Pokerspot will make good on all pending cashouts."
But PokerSpot never did "make good" on all pending cashouts as Boyd promised. Some that did receive checks were out of luck when they reported that their checks failed to clear the bank.
In a recent email interview, Boyd said, “Net Pro told us that they hadn’t gotten the funds that they processed for us from their bank.” He says that after six weeks, Net Pro eventually avoided his calls and PokerSpot never saw any of the money that players had deposited. Boyd went on to tell us that many of the 1000 or so players were able to charge back their credit cards, but there was no way for them to claim any winnings that may have occurred.
This was not a new story. In fact, it was similar to the post that he had made in February 2001 on RGP. Boyd says that he is aware that much of the poker community doubts his story, “A lot of people naturally assume that I took all of that money and partied, buying a big house in the Caribbean and breast implants for a blonde girlfriend. But that isn’t true. When Pokerspot failed, it ruined me. I didn’t have a way to pay my rent, I didn’t have a job anymore, and I had no idea how I was going to turn it all around.”
Boyd says that he had filed a law suit against Net Pro to try and recover the funds, but claims that the company was judgment proof, “They didn’t have any money to collect.”
In our interview, Boyd never did discuss why he wasn’t up front with the players in the first place. He did not mention the excuses about not receiving cashout requests or his customer support team saying that the system was being reworked. Now, nearly three and a half years after we heard the first complaint about PokerSpot, Boyd is trying to get back into the online poker spotlight with the launch of a new card room called RakeFree.com.
While working as a consultant to a sportsbook who wanted to implement poker tables, Boyd says that he came up the new idea of a rake free card room, “I tried to get the sportsbook behind it, but they didn’t see the business sense in giving up a potential $50 million a year in rakes. But I thought it had a lot of potential, so I came back to the states to work on it in May.”
While the idea may have potential, Boyd realizes that he has an uphill battle to retake his place in the online poker world. Boyd said, “I can’t promise that Rakefree.com is going to be successful. I have a lot of critics who have made it clear that they would never play [at] a site I was involved in.”
Having graduated from law school when he was barely old enough to legally play poker, some believe that Russ Boyd is boy genius. He never did tell us whether he thought he was a that was true or not, but he did say, “I sometimes get real moments of clarity that even surprise myself.”
Perhaps it was one of those moments of clarity when Boyd tried to put himself in the shoes of his critics and said, “If I was on the outside looking in, I’d be skeptical too. And I wouldn’t be rushing to deposit money at Rakefree.com.
Article by Eric Rosenberg
Here are some commments on the subject over at 2+2.
Has anything been done on this situation to rectify it or has it slipped through the cracks. With all of this new found money that Dutch Boyd has earned thanks to his performance at the 2006 World Series of Poker thus far, it looks to me as though he has a little bankroll now to pay back all those that are still owed some money from the days of pokerspot.com. Dutch Boyd said in his own blog that he would do what he could to pay those back. Let's see if he does what he said he would do. Or is this just another broken promise. We'll have to wait and see how it all shakes down.
For those that don't remember what happened, here is a little reminder from this great article written by Eric Rosenberg:
Russ "Dutch" Boyd to Open a New Online Card Room
The former owner of the now defunct PokerSpot.com has announced plans to open another online card room, a move that is getting strange looks from much of the poker playing community.
This story begins on August 17, 2000, when a post from "WJR" appeared on the poker newsgroup, rec.gambling.poker (RGP), stating that he was having trouble receiving his cashout from PokerSpot.com, a new online poker room. Shortly after, the post was replied to by Russ Boyd, CEO of PokerSpot. Boyd wrote, "...we did not receive your cashout request. I am not sure why, and we are still investigating, but we have no intention of keeping your money. This is a very isolated incident, and I think you'll find very few complaints regarding our customer service."
Ahh, but as time would tell, this was not an "isolated incident" and there were not "very few complaints", there were many.
The posts on RGP started to build up. One after another complaining (and warning others) that their cashouts were not getting processed. And just as quickly as the complaints rolled out, so did the excuses from PokerSpot support, excuses like, "We are reworking our entire cash out system, and this has delayed all cash outs by a week or two."
One PokerSpot member, John Buchanan, who played under the username "MS Sunshine", claimed that Russ Boyd and PokerSpot owed him and his wife "over $56,000".
What was going on at PokerSpot? Did Russ Boyd and company run off with the money? The players wanted to know.
In February of 2001, Russ Boyd finally came forward with another address to RGP:
"As many of you are aware, we've been faced with some recent problems at Pokerspot. ... Due to a situation with Net Pro Ltd., the company that until recently processed our credit card deposits, a large amount of our funds, which includes player funds, has been stalled." Boyd went on to say, "As far as money owed to players, Pokerspot will make good on all pending cashouts."
But PokerSpot never did "make good" on all pending cashouts as Boyd promised. Some that did receive checks were out of luck when they reported that their checks failed to clear the bank.
In a recent email interview, Boyd said, “Net Pro told us that they hadn’t gotten the funds that they processed for us from their bank.” He says that after six weeks, Net Pro eventually avoided his calls and PokerSpot never saw any of the money that players had deposited. Boyd went on to tell us that many of the 1000 or so players were able to charge back their credit cards, but there was no way for them to claim any winnings that may have occurred.
This was not a new story. In fact, it was similar to the post that he had made in February 2001 on RGP. Boyd says that he is aware that much of the poker community doubts his story, “A lot of people naturally assume that I took all of that money and partied, buying a big house in the Caribbean and breast implants for a blonde girlfriend. But that isn’t true. When Pokerspot failed, it ruined me. I didn’t have a way to pay my rent, I didn’t have a job anymore, and I had no idea how I was going to turn it all around.”
Boyd says that he had filed a law suit against Net Pro to try and recover the funds, but claims that the company was judgment proof, “They didn’t have any money to collect.”
In our interview, Boyd never did discuss why he wasn’t up front with the players in the first place. He did not mention the excuses about not receiving cashout requests or his customer support team saying that the system was being reworked. Now, nearly three and a half years after we heard the first complaint about PokerSpot, Boyd is trying to get back into the online poker spotlight with the launch of a new card room called RakeFree.com.
While working as a consultant to a sportsbook who wanted to implement poker tables, Boyd says that he came up the new idea of a rake free card room, “I tried to get the sportsbook behind it, but they didn’t see the business sense in giving up a potential $50 million a year in rakes. But I thought it had a lot of potential, so I came back to the states to work on it in May.”
While the idea may have potential, Boyd realizes that he has an uphill battle to retake his place in the online poker world. Boyd said, “I can’t promise that Rakefree.com is going to be successful. I have a lot of critics who have made it clear that they would never play [at] a site I was involved in.”
Having graduated from law school when he was barely old enough to legally play poker, some believe that Russ Boyd is boy genius. He never did tell us whether he thought he was a that was true or not, but he did say, “I sometimes get real moments of clarity that even surprise myself.”
Perhaps it was one of those moments of clarity when Boyd tried to put himself in the shoes of his critics and said, “If I was on the outside looking in, I’d be skeptical too. And I wouldn’t be rushing to deposit money at Rakefree.com.
Article by Eric Rosenberg
Here are some commments on the subject over at 2+2.
Has anything been done on this situation to rectify it or has it slipped through the cracks. With all of this new found money that Dutch Boyd has earned thanks to his performance at the 2006 World Series of Poker thus far, it looks to me as though he has a little bankroll now to pay back all those that are still owed some money from the days of pokerspot.com. Dutch Boyd said in his own blog that he would do what he could to pay those back. Let's see if he does what he said he would do. Or is this just another broken promise. We'll have to wait and see how it all shakes down.
posted by Brad aka The Kid at 8:09 AM
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