LiveAce Poker Shuts Down After Just 16 Weeks

Poker site LiveAce.com launched in August this year, but after just 16 weeks of operation has decided to suspend its operations, saying it was no longer economically viable to continue.
LiveAce.com initially launched in over 30 states, and offered its free-to-play-online-cash games to US residents, who for an extra subscription price of $19.99 per month were then able to receive considerably more chips and place bids in daily auctions for prizes and real cash, thus circumventing US legislation.
At the time of its launch, LiveAce explained its decision to only offer ring games, stating that it believed “that poker players prefer the autonomy and flexibility of ring games. Tournaments are extremely time consuming.. [and] have very few winners.”
Two-time WSOP bracelet winner Andy Frankenberger (photo) was subsequently signed as LiveAce’s first sponsored pro, but just as the site was approaching its one millionth hand, it appears that the business was unable to cope with its operating costs and was therefore forced to close its doors. Commenting on the situation, a statement posted on the LiveAce website, explained:
“We have worked tirelessly over the past two years to bring competitive, legal, rake-free online poker to the US. Unfortunately, despite support from our passionate user base, we haven’t been able to generate revenue sufficient to cover our operating costs.”
The notice then goes on to assure customers that unused subscriptions will be refunded, and that those accounts containing cash balances from auction will also be honored up until March 1st, 2014. Full instructions on how to cashout or claim refunds can be found at www.liveace.com, and it appears that payments will be made via Dwolla or in the form of a cheque sent to the player’s address.