A little over a week after it announced that it had suspended the operations of 5050Poker due to a breach of contract, the Microgaming Poker Network announced that it has severed its contract with the poker site.
A press release by the Microgaming Poker Network announced the move, saying that: "The decision was taken after giving 5050Poker Ltd over a week to redress a material breach of their contract, being the non-payment of monies owed to cure their overdrawn network clearing account."
"Although 5050Poker Limited was given the opportunity to rectify the breach so that the suspension could be lifted, they have failed to respond. As such the Microgaming Poker Network had no choice but to terminate the contract."
Players with a current positive balance at the site may be secure, as the site states that "5050poker guarantees all players funds and all funds are audited by a third party auditor from Deloittes."
5050Poker is owned by 5050Poker Holding AB, a public company whose stock is listed on the Nasdaq OMX First North Exchange. The company is headed by Patrick Sjögren and Meta Martinsson, the firm's CEO and CFO respectively.
Founded in March 2007, 5050Poker was a member of the Microgaming Poker Network since August 2009.
No statement has been issued by 5050Poker as of the publishing of this article.