Defunct poker room, PokerShare.com, is suing Excapsa for a whopping £100 million, it has been revealed. A former member of the Excapsa network, PokerShare.com is alleging Excapsa withdrew vital technology from the poker room and forced it to shut down after just two months because its innovative player equity scheme was attracting players away from UltimateBet, the network's biggest and most successful poker room.
PokerShare.com introduced a revolutionary concept to the online poker world when it launched in the fall of 2005 and offered players 40% equity share in the company's profits. Shortly after, reports indicated the company was earning upwards of $50,000 a day in revenue, and it became clear the poker room would be a major success. Then, without warning, players began receiving emails informing them their account had been closed and they would be receiving a cheque with their balance from Excapsa in the near future.
At the time, the poker room was operating as a white label version of UltimateBet, with both sites operating on the Excapsa network. Rumor has it Excapsa ordered the shut down of PokerShare.com because the network's sites were not prepared to deal with such a successful venture, especially UltimateBet.
Both sides are expected to appear in court in the coming weeks to address the allegations. The lawsuit comes just as UltimateBet and Excapsa have hired Canaccord Capital to advise on the possible launch of a Â£200 million float on the London Stock Exchange this year.