Thousands of players of online gaming website PKR.com will be able to recoup losses they incurred when the business collapsed, following the sale of assets by the Administrators.
David Taylor and Matthew Wild were appointed as Joint Administrators of PKR Limited and PKR Technologies Limited (together “the Companies”) by the High Court on 11 May 2017. The companies operated PKR.com, an online poker site with around 60,000 active poker accounts with balances. The site serviced customers both in the UK and overseas.
Following a marketing exercise, the Administrators have completed the sale of the player database to Amaya Group Limited, operators of the PokerStars website, which is licensed and regulated by numerous regulators including the UK Gambling Commission.
Under the terms of the deal, subject to certain limits, conditions and regulatory requirements, players will be given the opportunity to get a credit equal to the balance held with PKR.com when the Companies went into Administration.
In order to receive the credit, players will either need to have an existing PokerStars account or open a new PokerStars account to which the credit can be made. Crediting the account remains entirely at the discretion of PokerStars and as above is restricted by certain conditions and regulatory requirements. If either the credit is incapable of being made or players do not take the necessary actions to obtain the credit, they will remain as unsecured creditors in the Administration.
David Taylor, one of the Joint Administrators from RSM said:
‘The collapse of PKR.com left many thousands of players out of pocket. The sale of the player database to PokerStars provides those players with an opportunity to access the credit they thought they had lost, and it also delivers the best possible outcome for other creditors.’