InsuredPlay.com, a service that offered all-in equity insurance for online cash game hands, is closing down, the company informed customers Tuesday.
All player balances remain safe, and everyone will be repaid their balances in full, the company assures. However, players have only until September 30 to submit withdrawal requests, and as of today, InsuredPlay no longer offers insurance.
The company cited only “a number of difficulties that we have not been able to overcome” for the reason for its closure.
InsuredPlay was the first of its kind when it launched in April 2012. The system allowed players to pre-purchase insurance for cash games hands in which they were all in as a favorite.
For a small fee, players received protection from all-in “bad beats,” which reduced variance and, for some, reduced some of the stress and tilt issues associated with online poker.
A small software program monitored cash game activity at these sites and reported back all-in hands. Then a web-based interface allowed players to review qualifying hands and deposit and withdraw funds as required.The service debuted with support for PokerStars, Full Tilt, iPoker and PartyPoker.
The service garnered significant interest among online poker players, leading to a long-running debate into the pros and cons of such a service. A similar “bubble protection” system has been offered by online poker tournaments, though InsuredPlay was the only such system for cash games.
The site went through various iterations of its fee table, adding and changing features in response to customer feedback. In April 2013, the service removed support for all sites except for PokerStars with no reason given for the move. In June, support for Full Tilt returned.
Customers with an InsuredPlay balance should immediately log in to their account to process a withdrawal.