PokerShare will be closing it's doors at 9AM ET on November 14. PokerShare, an online poker site running on the Excapsa platform, offered their clients a 40 percent share of it's profits. Apparently the closure was triggered by complaints from other skins, including UltimateBet, that PokerShare's innovative business model resulted in unfair competition.
On November 1, Excapsa already closed down all North American PokerShare accounts, without informing PokerShare in a timely manner. All players were sent an e-mail notifying them and their bankrolls were quickly refunded. Soon various internet poker fora were buzzing with rumors that Excapsa had been pushed to make it's extraordinary move by UltimateBet, one of it's largest customers.
PokerShare has now announced it will also be closing the remaining accounts of all players from outside the US.
PokerShare is considering legal action against Excapsa. This is a quote from an e-mail they sent to one of their players: "...as of 1st November 2005, Game Theory Limited, our licensor, has closed the accounts of all North American customers that play on PokerShare.com. We are in dispute with Game Theory Limited and its parent company Excapsa. We do not accept that the license has been validly terminated and our lawyers are currently reviewing the position."