5050 Poker Plans Liquidation

5050 Poker Plans Liquidation July 9, 2012 Mario Alfonsi
Mario Alfonsi by Mario Alfonsi  |  Published on Jul 9, 2012  |  Updated on Jul 9, 2012

The strange case of 5050 Poker seems to be coming to a close. As we reported last month 5050 Poker had found itself in open hostility with the network it was a part of – the Microgaming Poker Network. Now, after having been removed from the network and having ceased operations, 5050 Poker has announced that they will seek to liquidate the company’s assets in an effort to return at least some of the funds that their players held in their account balances.According to 5050 Poker, the move became necessary after a series of decisions by Microgaming. The network had decided to move to a more recreational player-friendly model, limiting the number of tables players can play at and changing their rake structure in order to incentivize sites to attract newer and more casual players. 5050 Poker was home to mainly serious winning players, and thus was hurt by the changes.Microgaming denies that 5050 Poker was ever targeted by them, and says that the site has been misleading when reporting the facts of the matter. According to Microgaming, the €150,000 in fees that 5050 Poker claims to have paid is actually an amount the site lost over several months in a “rake reconciliation” process, which has to do with how rake is distributed among the various sites on the network. Microgaming also pointed out that 5050 Poker and other operators were given amble warning about the change in policy regarding playing multiple tables, and that no money was ever taken from 5050 Poker’s player balances.Unfortunately for players at 5050 Poker, the liquidation of the site’s assets won’t be nearly enough to cover their entire account balances. According to published reports, this is likely to be enough to cover less than 15% of all outstanding player balances, meaning 5050 Poker players may only receive a small fraction of their balances when this process is completed.

Hi Poker Enthusiasts.. My name is Mario, and I have been around the poker scene for the last 15 years, and is a dear passion of mine. I will be bringing you the best the poker world can offer in terms of news and offers