LiveAce Poker has just shut its doors after being in operation for just four months. The subscription based poker site opened in August 2013, and offered a range of poker services, including free-to-play online poker for players in the United States. The site was available in 30 different states, but the operators have come to the decision that it was not economically viable to keep the site in operation.
The owners issued a statement saying “We have worked tirelessly over the past two years to bring competitive, legal rake-free online poker to the US. Unfortunately, despite support from our passionate user base we have not been able to generate revenue sufficient to cover our operating costs”.
The LiveAce revenue model was unique in the world of online poker. Unlike competitors, the site offered only cash games, but the games had free buy-ins. The winnings from the cash games were credits which could be used to make bids in daily auctions, so players could get prizes, ranging from physical objects to real cash. This model circumvented the legal restrictions that ban real money poker play in many sites, and allowed players to enjoy No-Limit Holdem, Limit Holdem poker and Pot Limit Omaha poker for real prizes.
LiveAce Poker was due to hit its one millionth poker hand soon, but that milestone was just out of reach, and the operating costs mean that the company will officially close its doors soon. Current players have until March 2014 to request any cash withdrawals, and have the option of getting cash via a check or through the Dwolla service.
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