Deputy Editor
ClubWPT Gold was supposed to remove Gold Coins today, but has pushed the date for the change back by a week, leaving customers wondering about the next steps for the popular site’s business model. The change may skirt bans on the “dual currency” model of sweepstakes gambling, but would leave players temporarily without any way to acquire large numbers of Sweeps Coins, which are necessary to win cash. ClubWPT Gold has promised that something will replace the Gold Coin system, without specifying what.
In an announcement posted a couple of weeks ago, ClubWPT Gold revealed it was discontinuing the site’s Gold Coin (GC) account-funding system. ClubWPT Gold said the site would unveil a “game-changing new feature” while discontinuing the GC system on Sept. 17.
Now, ClubWPT Gold has extended that deadline to Sept. 24.
Under the current system, players purchase GC used for free-to-play games. The site then awards them a corresponding number of Sweeps Coins (SC). Players can then cash out their SC for dollars after participating in online poker games against other players using SC.
The legal workaround employed by sweepstakes sites has come under intense legislative scrutiny. A number of states have banned sweepstakes gambling, including poker. The most devastating blow appears poised to come from California, which has gotten a sweepstakes ban to the governor’s desk.
Given that legal pressure, it appeared ClubWPT Gold’s announcement portended some kind of fundamental change to the business model. Without the ability to buy GC and receive SC, players have no way of funding their accounts. Because raked poker is a negative-sum game, the number of SC in circulation would dwindle until the liquidity dried up.
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ClubWPT Gold Promises Update ‘Soon’
When Sept. 17 arrived with no corresponding announcement from ClubWPT Gold, players clamored for answers. Right up through Sept. 16, the ClubWPT Gold X account has continued to respond to queries by promising they’ll provide an update “soon.”
Instead of a public reveal of the supposed game-changing feature, all that’s been posted on the company’s X account is an engagement-bait calling out Ossi “Monarch” Ketola, a controversial figure making waves for high-stakes matches and racial slurs.
The postponement of the change also immediately follows the site’s withdrawal from two more states.
ClubWPT Gold instead quietly updated the site’s initial GC announcement on Wednesday afternoon. Everything appears the same aside from the date. The new Sept. 24 GC deadline has been italicized and bolded.
Some uneasy players on Reddit have said they’re cashing out most or all of their bankrolls over the past couple of weeks. However, for the moment, it appears that business goes on as usual at ClubWPT Gold.
