PartyPoker recently notified its customers that they should not redeem their Party Points at this time. No, PartyPoker is not having financial problems (despite the millions PartyGaming is shelling out to the U.S. government) and there is not a problem with the website. The online poker room is actually getting ready to update its PartyPoints program to make it more attractive and to make points more valuable. So spend the points now and you will be losing out when the changes take place at the end of June.
Currently, PartyPoker has five rewards levels, which correspond to PartyPoints earned per month or quarter, depending on the level. These levels are Bronze, Silver, Gold, Palladium, and Palladium Elite. At each rewards level, players can trade in their PartyPoints for either an immediate cash infusion or a bonus that is released in increments. Additional PartyPoints must be earned to clear both; the difference is that the former is given to you right away and cannot be cashed out until the points are earned, whereas the latter is released gradually as points are earned.
At the end of June, PartyPoints will go farther for many PartyPoker players. At the Bronze and Silver levels, nothing will change. At the Gold, Palladium, and Palladium Elite levels, however, things will get better. For Gold players, rather than needing 12,000 PartyPoints to exchange, it will now only take 4,000. The cash and bonus amounts are lower, but they still work out to a better exchange rate. Cash goes from $500 to $200 and the “buy-a-bonus” goes from $1,000 to $350, but if you do the math, you’ll see that for the same 12,000 points that the current deal requires, you will be able to get $600 in cash or $1,050 in bonuses.
Palladium members can currently use 30,000 points to purchase $1,500 in cash or $3,000 in bonus money. When the system changes, there will be two different point levels from which Palladium players can choose: 10,000 and 20,000. The 20,000 point exchange will earn exactly the same monetary rewards as it does now, so that’s obviously better. The 10,000 point exchange will buy $600 in cash or $1,200 in bonuses. So, that one will be better than the current exchange rate ($1,800 cash or $3,600 in bonuses), but combined, the two new points exchange levels will be even better – $2,100 cash or $4,200 bonus.
Finally, Palladium Elite players will be able to exchange 100,000 PartyPoints for $15,000 in cash, cheaper than the 150,000 points required today. And whereas today, there is no bonus available at the Palladium Elite level, there will be a $20,000 bonus available for purchase for the same 100,000 points.
One quick note: PartyPoker is changing the name of the levels from “package” levels to “key” levels. It is not quite clear yet what the difference really is, but it appears that these are actually status levels, rather than just simply labels for each rewards package. While the Silver and Gold packages already existed, the Silver and Gold “key” levels are new, requiring 400 and 1,000 points per month, respectively, to achieve. Players will be able to redeem points for cash and bonuses at levels equal to or below their key level.
PartyPoker bills all of this as a sort of rakeback system, but it’s not really as tremendous as they say, considering the cash and bonuses must be earned through continued PartyPoint accumulation.
Additionally, PartyPoker is making it easier to reach both the Palladium and Palladium Elite levels. The quarterly requirement for Palladium will be reduced forty percent, from 15,000 PartyPoints to 9,000 PartyPoints. The Palladium Elite requirement will be chopped by one-third, going from 75,000 to 50,000 PartyPoints.

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