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Defunct Online Poker Room Sues Excapsa For $200 Million
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One of the most sensational poker stories of 2005 was the brief rise and crashing fall of fly-by-night online poker room, PokerShare.com. Now Poker Share has filed a lawsuit for the astonishing sum of 100 million pounds (close to $200 million), claiming that Excapsa deliberately caused their downfall.
Excapsa, the company that provides Ultimate Bet with its poker software, is expected by many poker industry pundits to go public as a company this year, and the last thing that potential IPO needs is an ugly lawsuit.
Poker Share started off very strong thanks to their novel marketing twist whereby their players were made "owners" of the company thanks to a rake-back scheme. They might have started off too well. A British newspaper reports that Poker Share was taking away clients from Ultimate Bet, and ruffled a few too many feathers in the process. Ultimate Bet complained, Excapsa banned US players from using Poker Share and then stopped their network support altogether, and Poker Share crumbled overnight.
It will be tough for Poker Share to prove that they were damaged to that extent, after all $200 million suggests that they were a huge poker room, which was not the case. But, they might get Excapsa to settle out of the public eye simply to avoid all the bad publicity that this will surely generate in a key year for the poker software giant.
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