Cake Poker Gold Cards Worthless?

The Cake Poker Network has offered a unique promotion since their launch in 2006 called Gold Cards.  For every $20 in rake taken off of the table, a Gold Card is randomly drawn and awarded to the next player at the table that is dealt that card.

These cards were used in several promotions.  The most notable promotion was using these cards to enter exclusive daily satellite freerolls only available to holders of a certain rank and value card.  Other promotions include the Gold Card 500 that awarded points to players based on the rank of the Gold Cards awarded during the week.  The top players in terms of points divided the prize pool.  Players can also exchange cards on the Gold Card Exchange.

No Gold Cards on Lock Poker

Lock Poker took over the Cake Poker Network and moved their players to the network on May 31, 2012.  The network was renamed Revolution Gaming.  I noticed right away that Lock Poker players did not receive Gold Cards and that there were no mentions of Gold Cards in the Lock Poker promotional information.

I noticed that Cake Poker and other older skins still had Gold Cards mentioned on their sites and they were awarded at cash game tables.  I assumed it was just a promotion still offered on the legacy skins.  I did not research it more at the time.

Gold Card Freerolls Stop

It recently came to my attention that while Cake Poker players are still receiving Gold Cards, they are useless.  There have been no Gold Card freerolls since about the time Lock Poker joined the network.

The Gold Card Exchange is still open.  This exchange operates much like a commodity or stock exchange.  Cards are divided up into rank, suit, and year.  The oldest Gold Cards date back to 2006.  Players place a bid order if they wish to buy a Gold Card and place an ask order if they wish to sell one.  Once two people agree on a price, the transaction is made.  The network takes a 10% commission on all trades $.10 or higher.  Players do not receive rakeback on this commission.

The trouble is that while Cake Poker and other skins advertise that Gold Cards can be used to enter daily events, they cannot as there are no tournaments available and have not been for nearly two months.  While Gold Cards appear to be worth $0, the network still allows the Gold Card Exchange to operate where they rake 10% on trades between people that are giving up on the value of their Gold Cards and people willing to speculate that they have some use in the future.

Gold Card prices have crashed on the exchange.  Some of the more recent Gold Cards have only lost a small amount of value.  Older cards have collapsed in value.  Here are some comparisons between prices from 18 months ago and today on several 2006 and 2007 cards.  The first number is the current bid for the card.  The price in parenthesis is the price I sold the same card at the bid price in November 2010.

  • 2006 2 of Spades – $.53 ($2.70)
  • 2006 2 of Hearts – $.45 ($2.39)
  • 2006 2 of Diamonds – $.20 ($2.23)
  • 2006 2 of Clubs – $.36 ($2.22)
  • 2006 3 of Clubs – $2.75 ($6.22)
  • 2006 4 of Diamonds – $3 ($8)
  • 2007 2 of Spades – $.10 ($1.03)
  • 2007 4 of Diamonds – $.06 ($3.20)
  • 2007 8 of Diamonds – $5 ($15.07)
  • 2007 8 of Spades – $5 ($17.06)

As you can see, Gold Cards have collapsed 60-98% for older cards.  Players are reporting most of these high value price collapses have been since the Gold Card freerolls stopped.

While players at Cake Poker and skins like Red Star Poker can at least still trade their Gold Cards, Intertops players have complained that they do not have access to the Gold Card Exchange and have not in about two weeks.

Lock Poker has been asked publicly to discuss this.  Lock Poker has remained silent on the matter.

Sell Gold Cards – Too Much Risk in Losing More Value

I advise selling all Gold Cards.  I do not have faith that these cards will be worth anything if the release of Gold Cards stop.  The longer there are no Gold Card freerolls, the lower the value all cards will have.  Since Lock Poker is not using Gold Cards, I predict that at some point they will cease to exist and lose all value.  In the meantime, they still rake in a commission on Gold Card trading.

 

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