Bank of Timex returns as PokerShares

Mike McDonald launches a new betting site where you can back any player in the world, which might change the world of staking forever.

Mike ‘Timex’ McDonald, the player behind Bank of Timex and former European Poker Tour Player of the Year, has rebranded, expanded and relaunched the same idea in the hopes that the updated business model fares better than the last.

For those that don’t remember, Bank of Timex, like the new scheme, PokerShares, is a way to bet on your favourite player’s performance in a listed tournament. You essentially buy a piece of them as you would if you were staking them in real life, but you pay the site's mark-up rather than the one the player sets.

The original plan launched in 2013 but lasted only a day due to regulatory restrictions, but now, however, McDonald believes the updated version will be a success.

The official website, this time regulated in Europe but not the US, claims punters can “bet on all things poker”, including offering decent prices for player performances and request-a-bets, undercutting the seriously high mark-ups the players tend to offer on themselves.

McDonald said;

“The poker investment economy is scary for buyers. The most desirable horses are generally well outside the buyer’s network. Sellers pick whatever rates they want and sell even if the vast majority of buyers think they’re unfair. Plus, the buyer has to trust they are going to be paid.”

Do you think it will work this time, will you be buying, will this change staking?