Chip Dumping and its consequences
As an online poker platform, we want all our users to have the best experience while playing poker. Unfortunately, some users bring down the enthusiasm of playing poker online by resorting to unfair means to win a quick buck.
Chip dumping is one such practice that violates the spirit of the game and can be disappointing to other user’s gaming experience.
Here’s an overview of online gaming chip dumping. What it is, how it happens, and why it is the worst malpractice done on online gaming platforms.
What is Chip Dumping?
Chip Dumping is the practice of one or more players colluding and purposely/ intentionally losing to another player, transferring their poker chips to that player.
Why do cheaters do chip dumping?
The main reason behind chip dumping is to attempt fraud against the gaming platform and to withdraw their bonuses. Some of the primary reasons behind online chip dumping are:
1) Bonus fraud– Most online gaming companies like Poker Magnet have many bonuses going on as promotions quite often. These include sign up bonuses and other deposit promotions or contests. Almost all of the promotional bonuses are for users to play with and not to withdraw them. So to cash out these promotional bonuses, many users deliberately give away chips into another account generally their friends. This way they assume that they can withdraw their bonus easily.
Poker Magent has a 24×7 game monitoring system which keeps a close eye on such activities.
If anyone is found engaging in such attempts to fraudulently claim monetary benefits otherwise meant to reward user loyalty and improve experience shall result in blocking of accounts and eventual freezing of withdrawals.
2) Money laundering– Another significant challenge for online portals is some people attempt to use these platforms for money laundering. To better comply with regulations, Poker Magnet (like many international platforms) does not allow any player to player transactions.
Along with this, there are strict deposit and withdrawal limits, along with further government compliances that ensure that monitors such practices.
We encourage fair play and concerning this, Poker Magnet reserves the right to take strict legal action against those who follow such practices.