Dispute Between Microgaming and 5050 Poker Continues
- 07/20/2012By Pamela PattersonGoogle
- The saga between top rated online casino games platform, Micrograming, and 5050 Poker continues. The company excommunicated 5050 from the Micrograming Poker Network and suspended its license after reports circulated that the poker room was in liquidation and failed to pay players. This past week, Microgaming issued a statement contesting 5050 Poker's claim that it paid €150,000 in fines to the network.
The statement read, “5050 Poker did not pay €150,000 in fines. From April 2010 to June 2012, a system of reallocation of funds between Operators, called “Rake Reconciliation”, was used on the Network. Rake Reconciliation corrected the imbalance that occurs in a poker network ecosystem when rake is the only valuation metric. Similar methods are in use on other networks and are industry standard."
The Microgaming statement continued, “It is this system of funds reallocation that is referred to in 5050 Poker’s statement, not “fines”. It is important to note that the reallocation of funds takes place between Operators within the Clearing House bank account, which at no time holds player balances from any Operator on the Network. MPN cannot access an Operator’s player accounts. “The suggestion that MPN imposed a simultaneous table restriction on 12 June 2012 without prior warning is incorrect.”
5050 Poker responded, "The operational costs of 5050 Poker Ltd has for a long time exceeded the revenues, resulting in players’ funds being used in the operations of the company. This has been enhanced by the fact that Microgaming, has been fining 5050 Poker Ltd. In excess of € 150.000, that incorrectly has been withdrawn from the players’ accounts."
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