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The short-lived Live Ace online poker room has shut down after a disastrous run utilizing a business model it claimed was within the proper legal framework for operating from the US.
The site claimed on its website that they “suspended operations” because it was unable to “generate revenue sufficient to cover our operating costs.”
Live Ace operated from New York State, where real money Web gambling is not yet legalized. They got around that law by offering a subscription-based platform or “Sweepstakes Model’, which offered monthly cash prizes for tournament wins.
The company insists all customers will be paid back in full. Gambling911.com intrepid reporter Thomas Somach has covered the US-based subscription model online poker room landscape extensively in recent months.
- Ace King, Gambling911.com
