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5050 Poker Limited DONE
Tuesday June 26, 2012 : MICROGAMING SWITCHES OFF 5050 POKER
Financial problems at the heart of contract termination
Just over ten days on from its press release announcing it had suspended activity on licensee 5050Poker, the Microgaming Poker Network has announced that it has terminated its contract with 5050 Poker Limited.
"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," the Microgame press release reveals.
"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."
Observers have remarked that player funds could be secure, if the 5050Poker site "guarantee" is to be believed.
The website assures players that "5050poker guarantees all players funds and all funds are audited by a third party auditor from Deloittes."
5050 Poker Limited's website shows the owner as 5050Poker Holding AB, whose stock is available on the Nasdaq OMX First North exchange. The company was founded in March 2007, based on the concept of offering loyal players shares in the company.
Management is listed as Patrick Sjögren (CEO) and Meta Martinsson (CFO), with the operational base in Malta supervised by the regulator LGA.
5050 Poker has been a member of the Microgaming network since August 2009.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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