- LiveAce has posted a notice announcing that the site has suspended operations.
- LiveAce launched in August using a subscription based model that allowed it to offer online poker to US residents.
- “Cash redemption requests will continue to be honored until March 1.” Redemptions can be made either to cash processor Dwolla, or be sent by check to players’ registered addresses.
- The notice explains that the site failed to achieve financial viability.
LiveAce has posted a notice on its homepage announcing that the site has suspended operations.
Live Ace launched in August using a subscription-based model that allowed it to offer online poker to US residents.
LiveAce innovated on the free-play model with a unique “auction” concept. It offered free-chips cash games where winnings could then be used to place bids for prizes in daily auctions. Players could pay an optional monthly fee for extra chips.
Although the format garnered interest among some online poker communities, it did not attract sufficient subscribers to offset its costs.
“We have worked tirelessly over the past two years to bring competitive, legal, rake-free online poker to the US,” reads the statement posted on the LiveAce website.
“Unfortunately, despite support from our passionate user base, we haven’t been able to generate revenue sufficient to cover our operating costs.”
Cashouts requests will be honored until March 1. Redemptions can be made either to cash processor Dwolla, or be sent by check to players’ registered addresses.
World Poker Tour and two-time WSOP bracelet winner Andy Frankenberger was signed as the site’s first sponsored pro, and LiveAce only recently reported that it was approaching its one millionth hand.
At the beginning of December, players who did not pay the monthly subscription were restricted from reloading chips daily to weekly. A week ago a new policy reduced the value that players could obtain by auctioning their chips.
