With all the regulation in the US in regards to depositing money at online poker sites, many US based players are still looking for alternative ways to deposit funds. PIC Club, or the Players Investment Company, claims to offer an easy, UIGEA legal way of depositing at many online poker rooms. How they do this is where it may become a little confusing.
PIC is a private investment company, which technically sub-contracts players to play poker on the site of their choice (assuming it accepts PIC players). So when you deposit with PIC, you are actually buying shares of the company equal to the dollar amount of your investment, minus $1 per deposit, which is pooled together in a common investors’ account. You may then choose a poker site to play on and PIC will sell your shares to that site. The proceeds will then be deposited into your poker account. Since the PIC club is located outside of the US (Uraguay) and money received from the player is invested in the company and not directly deposited to any poker site, PIC claims it is legal and can even stand up under the UIGEA.
They also say that even losing players could make money with PIC. This is because when a player wins money and would like to withdraw it back to their PIC account, one-half of one percent of those winnings are deposited into the common investors’ account. This account collects interest and grows in value, eventually paying dividends to stock owners. Therefore, you can benefit from someone else’s winnings.
So, is PIC a sound alternative for US players looking to deposit on poker sites that may not otherwise have a valid option? It would seem so. The concept is interesting and the more successful it is, the faster it will grow and more poker room options will become available. However, they are currently fairly limited as to the selection of poker sites that do accept PIC. Doyles Room and the Merge Gaming Network skins are some of the more well known sites (they are all listed at PIC’s website). Also, as with any investment, you should be cautious to make sure you understand all of the risks involved. Do your research, visit their website and make sure all of your questions are answered before depositing any money.