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Following the abrupt closure of 5050Poker last month, the shuttered online poker company has revealed that affected customers will only be entitled to 15 percent of their funds back, and they’ll be lucky to even get that.
A statement from the company read:
“The operational cost of 5050 Poker Ltd has for a long time exceeded the revenues, resulting in players’ funds being used in the operation of the company,” writes the shareholder statement (embedded below). “Board of Directors [of the parent company] has been presented with false information on the size of the players’ fund, the costs of operations as well as the size of the company’s assets. There is no reason to believe that the payback ratio will be higher than 15% of the actual balance of the players’ funds.”
5050 Poker cited a Microgaming network policy change limiting two tables per player for the shutdown. 5050 Poker is claiming “discrimination”, suggesting the rule change only applies to certain skins. Indeed, some other Microgaming skins do not have “ 2-table cap” (i.e. Ladbrokes). Microgaming later confirmed in a company statement that it had terminated its contract with 5050 Poker.
5050 Poker’s parent company trades on the NASDAQ OMX exchange in Sweden. The company is licensed out of the online gambling jurisdiction of Malta, which of late has received a black eye following the Everleaf Gaming Network’s inability to pay back US customers.
- Aaron Goldstein
