Online Poker loses legacy name as PKR enters administration

Online Poker loses legacy name as PKR enters administration

Tuesday, May 9, 2017 Posted by Luke Massey

Following weeks of speculation, online poker operator PKR has confirmed that it has entered administration after no longer being able to finance its day-to-day operations.

PKR, one of the oldest online poker rooms, issued the following company statement on its website:

“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. Further information will be placed on this website following the hearings.”

Prior to its statement, PKR platform partner Microgaming had informed the market that it had switched off the operator’s services on the request of PKR management, who were seeking ‘professional independent advice’ relating to its financial difficulties.

This week, Microgaming has issued a further statement detailing that PKR management ‘has repeatedly assured us that player funds are held in a segregated client account’, acting in accordance with the licence obligations of the United Kingdom and Alderney.

Launched in 2016 by video games developer Jez San (founder), PKR aimed to bring a 3D dimension to the static online poker market. At the time, the standalone 3D poker room received industry prizes and recognition for bringing innovation to market and diversifying its poker product. 

Nevertheless, PKR’s growth was significantly impacted by online poker’s downturn as the operator struggled to create a constant player liquidity within its poker room.

Following a management restructure in 2015, which saw Chris Welch appointed CEO, PKR would merge its standalone poker platform with Microgaming network provisions.

Taking leadership of PKR, Welch had outlined that the company would seek to diversify its product range adding casino and a potential sportsbook product, since as a single vertical operator PKR was no longer appealing to modern consumers.

However, PKR’s recovery plans appear to have been immediately hit by financial constraints.

Totally Gaming says: Sad news regarding PKR, a gaming operator that created a ground-breaking industry product (beyond the igaming sector) and developed an effective 3D community. Perhaps an operator or competitor can look to buy the technology and differentiate its poker offering.

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