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Mike McDonald's PokerShares Poker Betting Platform to Fold in 2024

December 30, 2024 Jon

Sofen Senior Editor U.S.

PokerShares, known as the 🏵 prominent sports betting platform,

will cease to exist in January, the company announced in a five-part Twitter thread

Wednesday.

The website 🏵 was founded by former poker pro Mike "Timex" McDonald, an avid

gambler and investor. PokerShares allowed players and fans to 🏵 wager on various poker

events and tournaments such as the Doug Polk vs. Daniel Negreanu heads-up challenge,

along with high 🏵 rollers and more.

All Good Things Must Come to an End

McDonald launched

the site in early 2024, and the main purpose 🏵 for PokerShares was to give fans and

investors an opportunity to have some skin in a poker contest even when 🏵 they weren't

playing. Users could purchase virtual shares of a certain player in a tournament. The

gambling platform was also 🏵 useful when it came to wagers traditional bookies didn't

offer, such as Polk vs. Negreanu and all the other heads-up 🏵 challenges from the past

couple of years.

But after five years, McDonald decided it's time to fold. PokerShares

announced its decision 🏵 to call it quits starting sometime next month, but didn't

provide specific details as to why, just a general comment.

It 🏵 has been a rewarding

experience to help make the poker staking market more efficient, give fans at home more

ski… 🏵 //t.co/1jnbMIXSUd — PokerShares (@pokershares)

The @pokershares Twitter

account continued: "As time has progressed our team has grown more focussed on other

🏵 ventures, and grown further removed from the ins and outs of top-level poker, as well

as found regulatory limitations have 🏵 limited our ability to continue growing our

business effectively."

The site will discontinue accepting wagers and staking effective

in January, but 🏵 customers can still cash out any remaining funds through the month of

March.

McDonald, one of poker's most successful investors and 🏵 prop bettors, is

apparently more focused on his numerous other ventures, such as NFT's and

cryptocurrency.

Max Silver, who won a 🏵 World Series of Poker (WSOP) bracelet in 2024,

joked about the downside to PokerShares shutting down.

What a great day for 🏵 medicore

regs who once won a named tournament //t.co/zLChMH3RE9 //t.co/9fTuksXZI5 —

Max Silver (@max_silver)

Nikolai Yakovenko (@ivan_bezdomny) wrote, "Thanks for having

🏵 this up for our enjoyment," as a quote tweet in response to the PokerShares

announcement. At the time of publishing, 🏵 there weren't many other comments of note

related to the news.

Sharelines Find out details on the @pokershares closure in this

🏵 article.