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GamblingSoftware.com Makes 15% Payout to Players of Defunct Casino

PFC accumulated an unrecoverable debt to players by offering simultaneous radical promotions targeted to new players over a period of two months. As the owner of his own business, the owner of PFC requested access to the backend bonus administration, which GS allowed. When the bonus programs PFC initiated resulted in bankrupting their account, and it became clear that PFC was unable to meet its obligations, GS shut down the site on October 26th, 2000.

The contractual agreement between the owner of PFC and GS stated that PFC owned the casino and was liable for all player debts, and GS agreed to license software and contract services.

Upon becoming non-operational, PFC did not honor any debt owed to players, including redemptions for players' original deposit amounts. GS honored all deposit redemption requests, and has since sent out 15% of winnings to the 189 players owed as a gesture of goodwill and as an effort to compensate for the funds owed to customers by PFC.

Although clearly not contractually responsible for this outstanding debt, GS has taken this action based upon their performance-based compensation for ongoing services, as defined in the contractual agreement with the owner of PFC.

GS has since informed their licensees of the consequences and risks involved with aggressive promotions, and has implemented more restrictive policies and procedures regarding promotions for all casinos licensing their software.

GS is committed to consumer protection and the further promotion of the Internet-based gaming entertainment industry, and believes that these efforts will create greater responsibility and accountability on the part of the licensee, preventing future similar incidences.

For further information, please contact: Mark Waters / Gamblingsoftware.com / The Millennium Building, Gore Street / St. George's, Grenada, W.I. / mark@gamblingsoftware.com / 1-473-438-4263.

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