Players React to Changes in PokerStars Currency Exchange Rate Policy

Last week, PokerStars officials announced changes to the site's currency exchange rate policy, which has drawn the ire of many members of the community. Let's start with the change itself, which Michael Josem outlined on TwoPlusTwo: "PokerStars has historically applied the mid-market exchange rate from XE, and before that Reuters, for exchanging between USD and GBP, EUR, and CAD. That rate of exchange is simply not one you would have had from any financial institution or processor."

Josem noted, "The policy change to introduce a margin on these currencies does move us more in line with the market, but we're very confident that the new rate applied to your selected currency is still going to be extremely competitive." The change only applies to deposits and withdrawals and not transfers within PokerStars. You're only hit with a fee if you have to change currencies, and there appear to be plenty of ways around that.

A report on PokerRealMoney said the margin was roughly 2.5%, although PokerStars officials did not overtly detail what amount was being taken. As a poster on TwoPlusTwo put it, "It's just another money grab by PokerStars. Really bad move to not openly disclose the percentages."

The policy change came several months after PokerStars and its sister site, Full Tilt Poker, were sold for $4.9 billion to the publicly traded Amaya Gaming. Some have speculated that Amaya is under intense pressure to recoup the monstrous amount it spent on the two online poker sites. One poster wrote, "This is the first post-Amaya thing to really worry me: that Amaya is out for quick money and may sacrifice the long-term market position of Stars to do it."

The introduction of lottery-style Spin and Gos has raised the eyebrows of many players in recent weeks. Add to that the change in currency policy and you have a litany of upset patrons. One person on TwoPlusTwo vented, "Executives sitting around the table thinking they're brilliant for coming up with this cost-cutting activity or for bringing games which are not beatable to generate rake shows a lack of understanding of what made PokerStars."

One poster went so far as to compare the exchange rate he was getting on PokerStars with the rates available on XE.com and Transferwise. On the latter two, 1,000 GBP equated to $1,603, but on PokerStars, 1,000 GBP equated to only $1,563, or $40 less.

Others on TwoPlusTwo called for a concerted migration to other online poker rooms. However, many wondered what it would take for other sites to be a vital alternative to PokerStars in the long-run: "A certain amount of blame has to be given to sites like 888 and Party who have had years to get a good poker site up and running. They may not be able to match the volume of players, but offering better software and support they could at least try and compete a little and give players an alternative to playing in Stars."

We'll keep you posted on the latest. Visit PokerStars for more details.

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