Microgaming Suspends 5050 Poker Limited License

Monday June 18, 2012 : ONLINE POKER SITE'S SOFTWARE LICENCE SUSPENDED BY MICROGAMING
 
Operator in ‘material breach of contract'
 
The Microgaming Poker Network has suspended the operations of licensee 5050 Poker Limited, claiming in a public statement that the operator is in ‘material breach of contract', and that the directors of 5050 have been aware they were in breach since June 14 this year.
 
The network does not appear to have completely written off its licensee off, however – the statement notes that: ‘Game play will be reinstated once the breach is satisfactorily rectified.'
 
No details of the breach have been given.
 
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.
 
The website lists management as Patrick Sjögren (CEO) and Meta Martinsson (CFO), with the operational base in Malta.
 
In August 2009 the company licensed online poker from Microgaming.
 
It operates online poker, casino and sports betting services under LGA Malta and Curacao licensing