PokerHeaven Closes Due to Heightened Regulations
The world of online poker has lost an valuable and sizable market player, as PokerHeaven.com has shut it’s doors yesterday. While the news isn’t wholly unexpected, this online poker brand which has operated for 10 years was finally strangled by the increased regulation, new taxes and one ring-fence after the other in the European market. Players have got a week, until the 19th of November, to withdraw any funds they may still have at PokerHeaven.com.
The industry of online poker is ruled by giants. For example, PokerStars has got a higher market share than the next ten largest online pokies combined. It comes as no surprise that sites like PokerHeaven.com come under immense pressure, both from within the industry and from the outside. For the last five years or so, European governments have launched an offensive on online gambling and have successfully managed to kill off small and medium-sized brands, PokerHeaven now included.
Why Is it Closing?
To put it very simply, the European governments have gotten the better of PokerHeaven. Since this site catered for European online poker players, the avalanche of new regulations and taxes have been quite detrimental to PokerHeaven. You may remember that back in 2010, France introduced online poker industry regulations. Next year, three more countries followed suit as Italy, Denmark and Spain also chose to interfere in the market and implement regulatory structures.
This meant that online poker sites not only needed licences which cost them a lot of money, but they also needed to pay new taxes. A direct effect of that was market consolidation, as the margins of small and medium sized online poker brands were squeezed too hard. Larger brands survived, but were also not unscathed.
The final death blow, so to speak, was dealt by the UK’s Place of Consumption Tax, which was introduced and came into effect last year. PokerHeaven was no longer able to legally operate in the UK without paying the huge amounts of tax it was obligated to and thus missed out on a lot of British customer business.
So, PokerHeaven has closed its doors after being in operation for nearly 10 years, offering outstanding customer service and many lovely online poker experiences too.
What Happens Now
As we already said, the players have got the next week to withdraw their funds and the money will remain safely in a ring-fenced account until the 19th of November. After then, it will still be possible to claim any money you may have had on the site by emailing [email protected], but you might have to wait longer for your cash.
Those players who wish to carry on with their poker business as usual can opt to register at Betsafe, which has been chosen as the continuing partner of PokerHeaven. Since Betsafe uses the exact same poker software, there shouldn’t be much difference to your gameplay. In fact, they’ve even put together a neat welcome package for all the lost souls of PokerHeaven, so there is a silver lining to its closing after all.
In fact, the welcome package is so good that we definitely would give Betsafe a try. You’ll get a €2000 added Freeroll exclusively for former Poker Heaven players on 22nd November, a €500 Welcome Bonus, 10 free spins on Starburst and 30% VIP cash back every month. See you there!
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