Online poker has effectively changed the face of the industry as a whole. Ever since its arrival, it has sparked both joy and controversy.
Traditionalists despised the idea because it eliminated the human factor – calling out someone’s bluff. On the other hand, techno-enthusiasts loved it because they could now partake in the game from the comfort of their own home.
Regardless of which side you’re on, you can’t deny online poker’s impact on the economy. The first online poker match to be played on real money took place on the 1st of January 1998. But it wasn’t until 2003 that people started taking online poker seriously.
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From humble beginnings
After the first real money tournament in 1998, major online poker sites started organizing tournaments that would gain serious players access to real life poker tournaments.
However, the majority of people still didn’t take online poker seriously. Someone needed to prove that online players were just as good as their table-sitting counterparts.
Enter Chris Moneymaker. The now-legendary figure made headlines around the world in 2003. He won the World Series of Poker main event after qualifying as a participant from a PokerStars tournament.
This went on to create a poker boom, with the WSOP 2004 tournament featuring three times as many players as the previous year. Four of the players at the final table were qualified from an online tournament. And ever since then, online poker has only been growing.
A money-making industry
Ever since Chris Moneymaker’s historic win, more companies started to see the industry’s potential. As such, in 2004, Sportingbet acquired ParadisePoker.com for a whopping $340 million, marking the first time a public company owned an online poker room.
Then in 2005, PartyGaming went on the London Stock Exchange, with an initial market value of over $8 billion. The following year, they bought EmpirePoker.com for an undisclosed amount of money. Nevertheless, they kept growing and growing, with online poker representing around 92% of their revenue.
By 2010, there were over 500 online poker websites across the globe. With so much money at stake, the already-gigantic PokerStars started acquiring numerous sites and increasing its market share to 56%. And in 2014, it officially became the largest publicly traded company in the industry.
Recent events
Many betting software companies started improving on the formula to make online poker more user-friendly and less prone to hackers, cheaters, and other unwanted elements.
EveryMatrix, BetConstruct, and BetProviders are just a few of the names that have taken a stab at reshaping online poker. As an example, BetConstruct Poker software is optimized to run on any device and supports game history video playback.
Other competitors also offer enticing features for those who want to start their own online poker business. Leaving software aside, the recent coronavirus pandemic has made online poker grow even more prominent than it was before.
The indefinite closure of physical casinos has directed both professional and recreational players to the online medium. We don’t know the official numbers yet, but some estimate more than ten times the revenue that you would regularly see in the past.
Is it a worthy future investment?
The competition is fierce, with sites like PokerStars holding more than half of the industry’s shares.
However, even small iGaming websites still turn a pretty profit from online poker alone. Even during an economic depression, gambling and betting always manage to keep people’s interest.
It was not long ago during the 2008-2010 economic crisis that this type of websites saw a fairly significant growth. It is safe to assume that they will keep turning profits even in the harshest economic depressions.
And you don’t even need to learn advanced economics to understand why. You only have to look at the human factor. People need something that gives them hope. Online poker is one of the easiest ways to earn money with just a few logical skills.
Because of this, there will always be players willing to risk their cash on poker. Plus, you’re not limited to a particular location. Almost anyone in the world can easily access a poker website. The implementation of blockchain has made this even more straightforward because it allows users to perform transactions in any currency through any payment method.
Final thoughts
Is online poker a worthy investment for a businessman? Yes, it is. With the right software and tools, you can get things going in no time. Return on investment is practically guaranteed at this point.
About Carson Derrow
