Now this just can’t be right – that’s what you are most probably thinking! Poker? Not for profit? After all, doesn’t that defeat the entire point? Well, before the emergence of the Equity Poker Network, this may have been the case.
It appears that the actual Equity Poker Network will be more of an auditing firm for its member poker operators. This means Equity will administer various practices in an effort to ensure financial transparency with respect to each operator’s accounting and other aspects of business, while implementing many other aspects to improve the gaming experience for players. This will include a “shark tax” for members that are able to draw ‘fish’ or less experienced poker players to the network. This is a positive aspect for online card rooms, as it is the fish that are the most profitable for the card rooms themselves.
As of now, there are five operators, which have agreed to be a part of this network. They will each be contributing a minimum of ten thousand dollars per month in order to help support and maintain the Equity Poker Network.
Based out of Costa Rica, the network claims that, as a nonprofit, it will effectively redistribute any and all profits to its members. According to Clive Archer, the COO of Action Poker Network, “(The) $10,000 per month is used to pay for the operation of the network.”
Additionally, Archer explained that the voting power of each member will be entirely based on the volume of business they make up for the entire network. Exactly how this will all pan out remains to be seen, as this type of network claiming to be a nonprofit in this particular industry is somewhat unprecedented.
Archer initially worked as a consultant for eGaming before moving on to take the COO position, as well as becoming the CEO of BetOnline. Action Poker now operates under the new name Chico Poker Network, which has received mixed reviews online, being ranked #31 compared to all other online poker rooms due to reports of nonpayment or being slow to pay out winnings to its members. However, you look at it, the advent of this new nonprofit network could lead to the eventual disbandment of Chico Poker. This could be due to either the success of the network, rendering Chico Poker no longer a necessary entity, or the failure of the network to gain any solid traction, resulting in an eventually strain in available resources to keep the online poker room solvent.
The network’s members will also support online games such as slots and blackjack in addition to poker.