PKR Poker Players To Claim Refunds From PokerStars 

Posted by Gerry Poltorak on Jul 08, 2017 Posted in Poker News | No Comments »

More Than 60,000 PKR Poker Players Will Be Able To Claim Their Refunds From PokerStars 

Over the years a number of online poker websites have been forced to shut down because they were unable to run a successful operation. PKR became the latest online poker room to shutdown on May 3 after Microgaming decided to suspend PKR once it became clear that the online poker room was facing significant financial constraints.

PKR Technologies and PKR Limited sent out a brief note to its players and informed them that they had sent in applications to the Court for Administration orders. The independent UK online facing poker room migrated to the Microgaming network in 2016 but has struggled to compete in the fast paced online poker market.

The online poker room has now been closed for nearly 2 months and thousands of players have not been able to withdraw their funds. Based on UK gaming regulations, PKR had a protection level that was ‘basic’ which means that player deposits would be considered a part of the PKR business. This business model makes it risky for online poker players as their money can be lost if the online poker room as in the case of PKR goes bust.

Online poker websites like Unibet and 888 have their level of protection set at ‘medium’ which means players have some recourse in case the company becomes insolvent. PokerStars and Full Tilt Poker have their protection levels set at ‘high’ which means they maintain separate accounts for operations and player bankrolls. This is the best scenario for online poker players as it gives them full protection in case the online poker website shuts down.

PokerStars, the biggest online poker website in the world will come to the rescue of more than 60,000 PKR players as the online poker giant has confirmed that it will reimburse in full all PKR players. The reimbursement process has already begun and PokerStars has put together a PKR Funds Retrieval: Frequently Asked Questions page to help PKR players withdraw their outstanding funds.

Amaya Inc, the parent company of PokerStars put out a statement asking PKR players to be patient as they have put together a system with the Administrator to ensure all accounts are credited. PKR players who have existing PokerStars accounts will find their funds credited to their PokerStars accounts and they will be able to withdraw them with no strings attached. Players who do not have an account with PokerStars, will have to open a new one. Player accounts that do not get credited automatically, will be reviewed by the customer support team and will be manually credited.

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