Belated August summary

Usual story, really. Started the month with a horrific cooler, recovered late to be well ahead and finished a little bit on the cool side.

Bankroll started at $8286, and finished on $8333. That takes into account the fact that I had to transfer $253 from my bankroll to a new "losses" column owing to the collapse of Eurolinx. It's possible I will one day see some of that money, but I somehow doubt it.

The gain in "total profit" was a pretty measly $301. Most of that probably came from bonuses and rakeback.

My biggest problem at the moment is that my lucrative sites have dried up. The NoiQ rake races which once were fantastic have turned into wimpy weekly bonuses worth 10% at best (for me). The RedStar rake race turned into a "rake chase" which is a complete waste of time. Eurolinx, of course, has died completely, taking with it a rake race which has paid amazing dividends for most of the last year.

My main objective for this month, then is to find a new decent long term room with decent rakeback and something extra like a race or regular bonus. In the meantime, I might also look for a quick kickback or two.

Mid-September update:

I now have a pretty good rakeback deal on Purple Lounge, which allows me to continue cashing in on the Microgaming fish. Continuing to play on Microgaming sites is a bit risky, since they obviously do not have adequate protection for punters. I will protect myself as much as I can by minimizing my roll on the site as much as I can. On the whole I think it's worth the risk. Just.

I also decided to do the Regalos PokerTime kickback bonus. This bonus looks very attractive, at around $200 and 200%RB equivalent. The problem is that PokerTime (previously on the Microgaming network) is now a stand-alone room - a fact I was unaware of when I signed up. They now have barely twenty tables running at any one time, all no-limit holdem, and only 3-4 at NL50 or above. I am still going to finish the kickback, as it is very easy and the players on the site are laughably bad. The biggest downside is that almost everyone on the site is short stacking - probably because they're all doing kickbacks at >100% rakeback. This site is going nowhere fast, and I am going to finish the deal and cash out as soon as humanly possible.

In other news, I have burned a whole stack of cash on Full Tilt attempting to do their "take 2" promotion. Yuk.

Dodging bullets: Eurolinx bites the dust

The following message appears on the Eurolinx website:

• MALTA – The Linx Media Group has today announced that it is seeking to put its businesses into liquidation and will cease trading with immediate effect. As yet, the Linx Media Group does not know how long this process will take, but it will provide updates on the situation as and when information becomes available and when liquidators are appointed.

This is a tragedy for the online gaming industry. Eurolinx was a popular cardroom on the Microgaming network. It had a reputation for running really good promotions and for looking after its players.

The warning signs came as early as April, when some players started reporting delays in withdrawals on 2+2.

I have played on Eurolinx for nearly a year, and did very well out of the rakeback, bonuses and a series of lucrative rake races via Rake the Rake. I noticed the 2+2 thread around the beginning of June, and was surprised as I had received a withdrawal without problems at the end of April. The thread concerned me enough to request a withdrawal of just about half my balance. After a number of emails, I eventually got my money in early July. The problems were appearing to persist, so I withdrew a further substantial part of my bankroll immedately. The latter withdrawal was received in early August after an email to RTR. It now looks like I may have been one of the last players to receive money from Eurolinx, and some of the players that were waiting since April never received their money. As it happens, I busted the few hundred dollars I had remaining on Eurolinx and so my balance at the time of liquidation was just $250 due to some rake races and rakeback. There is no doubt that I have been very fortunate to escape from this situation - at the time that I became aware of the problems I had nearly 25% of my bankroll on the site.

Some players are reporting losses in excess of $250,000. Some players had their entire bankroll on Eurolinx. Many are being put in very difficult personal situations due to this loss of money.

What lessons can be drawn from this debacle? Firstly, it is essential to diversify online money. It is a mistake to keep your entire bankroll in any one place, even Neteller or reputable sites like Pokerstars. I think I will be pulling a few $000 offline in the coming month partly to protect it, and partly to get it working earning interest.

Secondly, there are now legitimate concerns being raised about the way Microgaming is run. It is evident that Eurolinx was 'investing' player deposits on real estate and stocks, and was irreparably damaged by the financial crisis. One wonders how Microgaming is set up that its skins can be allowed to operate in this way without liquid reserves sufficient to cover player deposits. A number of Microgaming skins connected with the Tusk company collapsed last year, so there are now some serious concerns about the viability of Microgaming overall.

Running good is awesome.

Played the $5k guaranteed on Cake on Friday ($10 rebuy, 162 runners). Had another deep run, accompanied by the most incredible "run good" I have ever experienced in a tournament. At the 25/50 level I had 310 big blinds at one stage. Then, after donking off half my stack in a fit of stupidity (see the AKcc hand below) I went on an unreal winning stack, until I was chipleader with nearly three times as many chips as second place, and with 15% of the total chips with 30 odd players left. Unfortunately despite that I only managed to finish 5th for $280 rather than 1st for $1000 odd.

The finish was pretty disappointing. I lost a chunk to a preflop reshove with AQ vs QQ. I figured that he could have been stealing, but actually I should really have been playing smaller ball versus an early position raiser. After that came two just bad beats which put me out (flopped set < rivered straight and AQ < KJ AIPF). Winning either would have placed me well within shot of winning, but it wasn't to be. Bottom line is that you really need to run good for the last hour, not the middle hour.