Online poker site PKR announced last Wednesday it would shut down due to financial difficulties. PKR, which powered by Microgaming software, is owned by PKR Ltd. and PKR Technologies LTD.
PKR launched in 2006 and developed a small but devoted following in the 3D poker field. Despite being smaller than many of the top competitors, PKR should have been a lucrative business. Some signs pointed to trouble, though.
PKR’s Financial Death Spiral
Those familiar with PKR’s recent business operations might have seen this coming. In 2016, PKR migrated its site to the Microgaming Poker Network, hoping to boost player liquidity after it left several key gaming markets: Italy, Spain, and France.
Around the same time, several key executives left PKR’s management. In short, the company had all the earmarks of a poker site in trouble, despite attempts to spin the facts. The company’s website told players that it had “experienced recent financial difficulties and are in the process of taking professional advice.”
Court of Administration Filings
After that announcement, only a handful of update were posted. One state that PKR Ltd and PKR Technologies LTD had filed applications with the Court of Adminstratrion, and those applications would be heard on May 8th. A later post noted that contact details “for players and creditors” would be posted at a later date. Other than that, the site’s social media accounts have remained silent.
The lack of information leaves players with more questions than answers. It would be wise for players to make withdrawals from the site, though PKR’s cashout rates might not allow for a player’s account to be emptied before the site closes for business.
Microgaming Poker Network Statement on PKR
The Microgaming Poker Network released a statement on Friday saying it had received a notice from PKR asking for a suspenion of play on the site. Microgaming said it would relay information to players as soon as that information became available, but appeared to be in the dark about what was happening at PKR.
To boost revenues, PKR had added several non-poker gaming options on the site, including virtual sports. The online card room also appointed two new directors, which in retrospect were a bad sign. One of those directors was an accountant. Egaming Review noted that employees had been sent home earlier in the week, another sign of trouble.
PKR Customers Give Their Opinion
In online poker forums, posters claiming to be current or former customers claim they have had trouble with PKR in recent months. One suggested he was “treated like a criminal” by them, while another said he was suing the company due to their policies.
A third claimed that he had made payments using PayPal and had been able to dispute a payment he made within the last 180 days through the PayPal dispute department. Those who would do such a thing might read the PayPal terms and conditions, because they do not like to handle gambling transactions and you might do not want to have your account red-flagged.
