Dark days have befallen 5050 Poker, as a recent decision by its Board of Directors calls for liquidating the subsidiary. The decision came in when the company’s representatives stated that the company feared giving in to the demands of the Lotteries and Gaming Authority (LGA), as it would cause serious setbacks in paying their players.
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It is said that the Lotteries and Gaming Authority, has been demanding 5050 Poker high levels of guarantees, which has put the company in a dicey situation. In view of LGA’s demands, 5050 Poker has decided it is best to save its assets and protect its players’ interests, than having to endure LGA’s policies.
The company issued a statement for its shareholders and players, on its site saying, “It is our belief that a liquidation of 5050 Poker Ltd will best serve the players’ interest during the current circumstances. The Board of Directors will pursue the possibility to sell the company in order to save as much share holder value as possible.”
Recently, 5050 Poker was on the news for a different reason. The Microgaming Network had decided to drop its allegiance with the poker site, owing to breach allegations. 5050 Poker blames Microgaming site, for having brought such a terrible fate upon the company. Microgaming Network’s decision to drop the company resulted in many of its players withdrawing their money for fear of losing it. This resulted in a negative balance and a negative image that has seriously damaged 5050’s reputation. Following Microgaming Network’s decision to blacklist 5050 Poker, LGA followed suit and suspended the site’s operations.
According to the site, for more than a year, 5050 Poker’s operational costs have exceeded its revenue, resulting in the usage of players’ funds to run operations. To further complicate the issue, Microgaming had been fining 5050 Poker to an excess of €150.000, which was incorrectly withdrawn from player funds. The serious mistake has been attributed to the incorrect information submitted by the management and the auditors of the company, on the size of players’ fund, company’s assets and operation costs.
The Board of Directors are in fact unsure, as to how such a blip in the company’s operations could have gone undetected by both 5050 Poker Ltd. auditors in Malta and 5050 Poker Holding AB auditors. 5050 Poker’s Directors, CemYeter and OlleLangenius have been assigned to investigate the issue further.

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