Poker players and others are taking a hard look at online poker and are asking themselves: “What should I spend my poker money on?”
There are more than 1,300 poker websites out there, but what exactly are they all doing?
According to research conducted by The Poker Blog, which was founded by Andrew Pachter, one of the world’s leading poker analysts, poker is becoming a big business.
“Poker is now a $3.2 trillion industry worldwide and with online poker, there’s a lot of money being made in both revenue and in profits,” Pach, who is based in Perth, said.
“And if we’re being honest with ourselves, the internet has changed the way we spend money and it’s changing how we spend the time we spend with our family and friends.”
The poker industry is now so big and has such a rich history that it’s a bit of a shame it’s not more mainstream.
“Mr Pachters research found that while online poker has become a lucrative industry, a lot more money has been spent on marketing, product, and other online services than what is actually being spent on online poker.”
There are now more than 2.5 million online poker sites out there and online poker is probably one of Australia’s most popular and lucrative online sports, so there’s money to be made there,” Mr Pach said.
Mr Pache says the best bet for poker players is to spend their money on poker products and services, rather than online poker itself.”
Online poker is a very lucrative business, with an estimated revenue of around $3 billion a year.
“But the industry needs to think about its core strategy and strategy should be online poker rather than poker itself,” he said.
Online poker has had an impact on the industry and is having a huge impact on online gaming, according to a report released last month by the Interactive Brokers Institute (IBI).
The IBIS report said online poker had created a “virtual bubble” in the gaming market and “has caused a significant shift in the industry to an industry dominated by online poker.”
“We believe that the bubble will burst in 2018 and that a lot will be lost and lost is lost,” IBIS said.
According to the IBIS, online poker accounted for more than 20 per cent of online poker transactions in the second quarter of 2018.
Online gambling has also been linked to the rise of poker sites like Betfair, where online players can buy, sell and hold virtual chips on the site.
Betfair has been criticised for charging high fees and failing to adhere to Australian laws regulating gambling.
However, the report noted that online gambling has seen “a significant surge in the past few years”, with online gambling spending up 25 per cent between 2015 and 2016.
Online Poker is the third most popular gaming online activity after poker and blackjack, according the IBis report.
The online poker industry will be a big part of the growth of poker in the years to come.
“For the poker industry, this is an exciting time and we’re hoping that we’re able to continue to see an increase in the growth and success of the industry as the industry matures,” IBIs chief executive, Andrew Pisch, said.
“But the reality is that poker is only going to continue growing and there’s only so much money that you can make in the poker business.”