The MGN Network room best known for its 3D animation, PKR shut down because of financial issues back in May – ever since then all the players who had funds on their PKR accounts have been anxiously waiting to see whether or not they can get a hold of their money. Last week the biggest room on the market, PokerStars announced they are taking charge of the issue.
PokerStars had faced some backlash recently from the online poker community for some of the changes they are issuing, such as increasing rakes, cutting back on rakeback and introducing new game products that are less skill-based like "Beat the Clock" – it seemed that Stars’s popularity index was at an all time low. But now, they decided to make a move that is reminiscent of the great deed they did back in 2011, when they decided to buy Full Tilt and foot the bill for the lost player funds after the infamous Black Friday.
They acquired PKR’s domain and the brand of the company, neither of those things does PokerStars plan to do anything with in the future. But they do allow formerPKR users to access their funds now. According to Poker Industry PRO, the total player liability was near $2 million. PRO also writes that players report that the transitions are going smoothly.
The PokerStars blog post announcing the decision wrote:
"The recent insolvency of online poker room PKR left tens of thousands of players short-changed, and left waiting alongside all of PKR’s other creditors. This is what happens when players aren’t protected as they should be. It isn’t fair, it isn’t right. We’ve decided that we’re going to make those players whole and have signed an agreement with the court appointed Administrator to do so. Beginning today, we’re making players’ PKR balances available dollar-for-dollar in PokerStars accounts, with no strings attached."
