Cash is King Poker Closes

[lkport]

Most of you probably have never heard of Cash is King Poker. They are the poker site that EasyPlay Poker migrated their non-US players to when EasyPlay abruptly closed their doors. Well, its a case of deja vu all over again for Cash is King.

Cash is King e-mailed a short statement out to their players:
"Important Notice: 22nd April 2010 17:30

It is with deep regret that the Management have to announce the closure of Cash is King Poker with immediate effect. This has been a very hard decision but due to circumstances beyond our control the Poker Room can no longer operate.

Players can email our Finance department, finance@cashiskingpoker.com, with your username and registered email address and withdrawals will be processed manually accordingly.

We would like to thank all the players who played with Cash is King Poker and hope you all find a new home to play poker."

Again with the no warnings and abrupt shuttering of the poker site. To refresh your memory, here is what happened when EasyPlay Poker did something similar.
EasyPlay closes to US Players

Those of you who transferred to Cash is King accounts are encouraged to send the e-mail to finance@cashiskingpoker.com immediately in the hopes you can get your hard earned money back.

Holdem Poker Chat has never promoted Cash is King Poker

[lkport]

The former Cash is King Poker website has only this same message that was e-mailed out.

[Tomturkey46]

It was a good thing I had my money transferred to another site!!!!!

The Turkey

[UnknownFlush]

I didn't have so much money, I just read this in my email adress. xD

[Sheidar]

I often wonder how pokersites can go bankrupt given they have above a certain pool of regulars to start with. They do after all get 10% of the buyin for hosting the game. If it wasnt a very profitable venture they wouldnt be so quikk to offer player rakeback.

[lkport]

well, they have to pay the network they are on. Basically either under capitalized or poorly run is the answer. They got into it without enough money to pay the network while they built their player base up, or they just never had a plan to build that player base so their rake and fees never got above their operating costs

[Fonzi]

It would seem we're getting pretty good at spotting sites that are about to go down the drain. We had decided to pull EPP about a week before this came out. EasyPlay closes to US Players

[Fonzi]

Originally Posted by Sheidar

I often wonder how pokersites can go bankrupt given they have above a certain pool of regulars to start with. They do after all get 10% of the buyin for hosting the game. If it wasnt a very profitable venture they wouldnt be so quikk to offer player rakeback.

Usually it's not enough money to start with or a poor marketing plan or a combination of the 2. I've seen a couple of sites that started with virtually no funding grow into decent size sites because they had a solid marketing plan. And I've seen sites with tons of money go nowhere. I can think of a couple that are operating right now (don't worry they aren't listed on HPC).

[allstarbob]

seems like a little market saturation
not that there are too many sites, but too many sites offering the same exact things
seems like pstars and FT, being standalone sites, may have figured out how to do it without franchising yourself out of business<not that i am a big fan of the super size sites>