PKR Poker Files for BankruptcyMay 8, 2017 11:05 am
In August 2016, PKR took the poker scene by storm with its innovative next generation 3D poker software, and over the years has collected numerous industry awards, including at the British Poker Awards and the EGaming Review (EGR) Operator Awards. Just over a decade since its initial launch, however, and the brand has now been forced to call it a day after admitting to running into financial difficulties.
As a result, the iconic online poker brand has now filed for bankruptcy, and anyone visiting its website is greeted by the following message:
“Further to earlier announcements, PKR limited and PKR Technologies Ltd have filed applications to Court for Administration orders, which will be heard in the week commencing 8th May 2017.”
PKR then goes on to explain that it will provide further information as to its situation post-hearing, including contact details for players to have their concerns addressed. There will be plenty of those, too, as a freeze has been placed upon player bankrolls, who will likely be treated as unsecured creditors while the court administered case proceeds.
In Febraury of 2016, PKR moved away from being a stand-alone poker room to joining the MPN poker network in an effort to provide a boost to its waning traffic. It even started offering a 2D version of its site, but unfortunately player numbers continued to dwindle, while its games also continued to get tougher, leading to its present predicament.
In the meantime, PKR had stated that it had kept player funds segregated from its operational funds. Nonetheless, Microgaming has highlighted that this doesn’t mean that players can now expect to have their money swiftly returned, “or at all”. As a MPN statement read:
“Microgaming does not hold any player funds whatsoever. Player funds are held only by PKR and it is now the duty of PKR’s administrator to return the funds to players.. PKR’s administrator will ultimately decide how to return money to players.”