5050 Reveals How Bad Its Poker Situation Is

This story was published more than 11 years ago.

A statement released by 5050 Poker Holding AB revealed some information about the company's recent issues, and the statement is quite bleak for players of the site.

According to the advisory, 5050 Poker Ltd will be liquidated or sold because of Malta's LGA requesting guarantees at a level that exceed the amount of assets within the company.

Additionally, the company's Managing Director Patrick Sjögren has been fired and Cem Yeter and Olle Langenius have been ordered to conduct an investigation into the debacle while trying to save as much of the company's value as possible.

The company claims that Microgaming's suddenly imposed table limits and fines it was given as well as the fines levied against 5050 Poker caused the site's customers to withdraw funds, leaving 5050 Poker unable to cover all of its player's balances.

An investigation by 5050 Poker Holding AB has also revealed that 5050 Poker Ltd's operational costs had exceeded any revenues being brought in, causing the firm to use player funds to pay operation costs for the company. The investigation also points out that more than €150,000 had been taken out of players' accounts to pay the fines imposed by Microgaming.

The company also announced that players will be paid back with a proportional ratio, although the board said that: "there is no reason to believe that the ratio will be higher than 15% of the actual balance of the players’ funds."

The full statement released by 5050 can be read at: http://www.5050pokerholding.se/en/press/46-information-to-the-shareholde...