Eu tinha o mesmo problema.
Windows XP não consegui fazer funcionar de jeito nenhum.
Ai instalei Windows 8 e coloquei o PS, o HM, e o HMhud pra rodar sempre como administrador e funcionou.
"Please update to the latest beta - http://www.holdemmanager.net/hmbetaupdate = 1.10 beta 6!
For W7 and Vista you must set \holdem manager\dbcontrolpanel.exe, holdemmanager.exe and hmhud.exeare started as administrator. Run the windows explorer and navigate to your Holdemmanager installation directory. Right click the executables and select properties---> and find "Run as admin" from the compatibility tab. If you have Vista and the checkboxes are greyed out and you can't select it, please turn UAC on, reboot, and then set the files to run as administrator."