Beleaguered online poker room, 5050 Poker Holding will be liquidated it was announced today, following a controversial few weeks. The Microgaming powered poker room said that it was unable to meet the level of guarantees demanded by its regulator, the Lotteries and Gaming Authority (LGA), and was therefore going through the liquidation process.
The poker room said that it was unable to save its assets and pay back its players who were waiting to see the fate of their funds. The site posted a message stating that it was its belief that the liquidation of 5050 Poker would best serve the players’ interest during the current circumstances. The group said that it would seek out the possibility of putting the site up for sale in order to save as much shareholder value as possible.
5050 Poker has been involved a war of words with Microgaming ever since it accused the online casino software group of dropping it from its network with no prior warning. As such, the poker room alleges, players withdraw their money en masse. Soon after that the Lotteries and Gaming Authority of Malta suspended 5050 Poker’s operations.
Reports reveal that 5050 Poker has been fined by Microgaming in recent months for withdrawing from players’ accounts in order to meet expenses and run the company. Auditors for the company had been given false information regarding the size of 5050 Poker’s assets.
It was also reported that the Managing Director of 5050 Poker was fired from his position, following accusations by the directors of the site that management had not been honest about the true state of the company.
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