email from 5050

i ****ing hate online poker

This sucks so bad.

on 5050's website

5050 Poker Ltd is operating under a full license issued by the Malta Lottery & Gaming Authority (LGA/CL3/337/2007). 5050poker guarantees all players funds and all funds are audited by a third part auditor from Deloitte.

So if there is a problem with funds someone is negligent or fraudulent.

Purple lounge was regulated by those crooks as well.

meh hopefully players see something

this seems different to Purple Lounge i think.

PL used player funds to pay salaries (disgusting)

5050 have announced they have been taken off the Microgaming network due to rules breach, clearly they have had a big falling out with Microgaming over the number of tables new rule.

5050 aren't saying though that players funds are in jeopardy, only that for now they can't withdraw - presumably due to:

- issue with being kicked off the network meaning they need to find a new withdraw solution

- or more likely, 5050 are planning to sell their site to one of the bigger microgaming sites, or possibly find another network, and don't want players to be able to withdraw their funds.

i may be wrong and whilst it def sucks, hopefully isn't as bad as the disgusting PL situation.

5050 had lots of rb grinders

once the new policy went into place limiting these smaller skins to 2 tables for their RB players i imagine everyone tried to withdraw at once and collapsed the skin

hopefully the fact that is publicly owned and has a sportsbook component helps somehow

I was just arguing that thinking your money is safe cause they are regulated by the Malta regulators is delusional, after purple lounge it's easy to see they don't do a single thing for players.

But still it should be a bit different with 5050 as their economical report from January showed that they had 1,4m€ player deposits on one account, 2m€ on another and 5m€ in investments... also that they are listed at stock market means that they can't just do what ever they want with the money...

Just really hoping that they will sort everything out and we will not lose our money...

bump, anyone heard anything positive?

Do we not have any rights at all then? Over 90% of the roll I had on there I put on there myself. Once we've deposited they just start spending it and when it comes to us cashing out our own money they decide if they want to pay us or not and we can do nothing if they just say no?

Press release from the 5050 Poker Holding AB

2012-06-20

Due to network Microgaming unethical conduct, the players confidence in 5050Poker damaged with major negative consequences. The ability to conduct business in a decent way on short term is extremely restricted.

The above put together means that the company's assets and liabilities are not in balance. Thats why the board decided to delay all further payments to establish the balance sheet.

The board further decided to investigate the posibility of making financial demands on microgaming corresponding to the damaged caused to 5050Poker.

Board of Directors

5050 Poker Holding AB is listed on Nasdaq OMX First North Tenberg & Kinde Fondkommission AB, 031-745 50 00, som Certifed Adviser. Brokerage Ltd, 031-745 50 00, which Certifed Adviser.

Let's torture the players! Yeah,why not....

Their financial report Q1 2012 shows they have covered all player funds on march 31st 2012. So this is absolutely no financial issue.

I can understand that they try to sort things out before giving up. I have good hope this will end good.

Every day new sites get shut down damn this is a mess, I wonder what sites other than stars that are still safe to play on.