According to CalvinAyre.com, a new U.S. based social poker website called LiveAce.com has officially launched. The site offers a unique twist on traditional free gambling. It is focused on rake-free ring games, not tournaments. But the real kicker is that you can auction off your virtual chips for real cash.
LiveAce.com chief executive officer Adam Stein-Sapir says that traditional poker sites are “plagued with poor play because the chips have no value.”
The newly launched site enables gamblers to play for free, purchase extra chips or gain access to hand histories and the ‘HandMaker odds calculator’ by becoming a ‘premium member’. To sign up for premium access costs $19.99 per month but it does offer “unique daily auctions” that enable players to turn their virtual chips into real money.
Chips that players win while they play poker are tagged “live” chips. Each day, LiveAce, will designate a pool of real money up for bidding. Players make bids by specifying an amount of their live chips they’d like to trade for a portion of the real money. Behind the scenes, the site calculates a ‘bid rate’ unbeknownst to the player. The player with the highest bid rate at the end of the auction gets the amount of real money they bid for. The next highest bigger gets their money. The process continues until the cash allocated for the pool is gone.
The site is offering players a free week to try out its premium memberships.
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