PokerShare filed lawsuit against UltimateBet for 100 million pounds

UltimateBet online poker web site, which promised to return a 40% share of its profits to players', was shut down in November 2005, just a few months after it took off. PokerShare.com introduced a new and exciting concept in the online poker market by offering its players a 40% equity share in the company's profits.

All was looked good and the company was reported to be making in the region of $60,000 every day! It was reported that players were sent a communication to let them know that their accounts were being closed and that the outstanding balance would be settled from Excapsa.

As PokerShare.com were using a white label version of UB Poker with both poker rooms operating in the Excapsa network, it is reported that Excapsa ordered the shut down of the poker room as the other sites which made up the network were not prepared for this kind of success.

As this would be taking custom from some of the more established sites, PokerShare.com closed its doors.

A lawsuit has been filed by PokerShare for $100 Million dollars and both are expected to appear in court in the next month.