Driven by internet penetration, technological advances, player preferences, and the acceptance and use of cryptocurrency, online poker is constantly evolving. These factors have improved the overall gameplay experience and ensured adequate fairness and security, attracting global interest. 2003 and 2006 were the boom years for poker until 2012, when its decline began. However, it has bounced back somewhat since 2020, when live poker was prohibited due to global lockdowns and people looking for alternatives. Considering recent developments in online poker, here is a review of the present state of the poker industry and what analysts have to say about it.
Evolution of Online Poker
Poker has evolved, with players now able to choose from a range of online poker rooms in the USA to enjoy a game of poker from the comfort of their homes instead of frequent visits to brick-and-mortar casinos. Before the global lockdown of 2020, online poker had about 40 million users – 6.8% of the world’s population. With physical casinos and card rooms closed down, online poker became the go-to for gamers. Not only did that number skyrocket by nearly 43%, but the number of first-time poker players also witnessed an incredible 255% surge. In 2023, the Custom Market Insights (CMI) report showed that the Global Online Poker Market was estimated at USD 96.2 billion. That figure is expected to hit USD 170 billion by 2030, with a compound annual growth rate of 12%.
Regional Overview
Europe has been projected to be the largest shareholder of the online poker market. The revenue from the European online gambling market is expected to reach at least $46.74 billion in 2024. With a cumulative annual growth rate of 4.44%, the market is expected to hit $58.06 billion by 2029. Most of its growth and projections are attributed to the legalization of online gambling in countries such as Spain, Malta, Italy, Poland, Germany, and the UK. In addition, the amount spent on leisure, the growing popularity of online gambling, and high disposable income contribute to its regional market growth. IMARC Group estimates that the Asia Pacific region can achieve USD 52.2 billion and a high compound annual growth rate of 9.9% between 2024-2032. This gives online poker a fighting chance to climb to the top as Asian governments look to relax their online gambling rules and regulations. North America is also expected to progress tremendously as secure mobile solutions and growing digitalization continue to contribute to its regional growth. New Jersey, Pennsylvania, and Nevada have gambling regulations that drive the market app demand, making their residents more open to online poker gaming platforms. One such instance was the release of Gambling Responsibly America in July 2021, created by EPIC Risk Management and RG24. The application was designed to give users access to the educational resources they need to protect themselves from fraudulent gambling.
Online Poker Market Dynamics
One factor that contributes greatly to the growth of online poker in the online gaming market is its acceptance of cryptocurrency. Other factors include Internet penetration and access and the growth in the number of people who use mobile phones to access online games. Unlike in previous times, people today are more aware of the risks and benefits associated with online gaming. Online poker players now more often choose platforms with appropriate gaming regulations and policies and accessible exits for players who have had their fill. Leading players in the online poker market are geared towards introducing constant innovations that distinguish them from competitors and personalizing their brand offers for their loyal and potential users. Forecasts show that key players like Tencent, Bovada, and BetOnline will infuse partnerships, mouth-watering offerings, and mergers and acquisitions to keep users engaged.
Obstacles to the Growth of Online Poker
One of the most significant challenges that states like California face in legalizing online gambling is legal pressure from native tribes. Home to numerous native tribes, these tribes operate their casinos under several compacts with the government. These compacts decide the terms on which tribal casinos can operate and the type of games allowed within the casinos. A recent bill, Proposition 27, was introduced, and Nathan Click, one of the spokespersons for the Yes on 27 campaign, reported that the initiative would enact “the strongest problem gaming safeguards for online sports betting in the country” and gaming platforms would require well-trained employees capable of spotting and curbing problem gambling. Until issues such as taxation and regulations and how to manage the addictions and negative behaviors that stem from gambling are resolved and common ground is found, California is unlikely to experience the economic benefits of online gambling. Apart from California, countries like UAE, Qatar, and Russia have imposed bans on gambling, negatively affecting online poker’s market growth in these regions. Their decision follows the increased risk of problem gambling projected.
Key Players of the Online Poker Market
These are the online poker websites that have dominated the global online poker market:
● Bovada
● Everygame
● BLITZPOKER
● PokerStars
● Partypoker
● GGPoker
● Ignition Casino
● Tencent
● The 888 Group
● Playtika LTD
Frequently Asked Questions (FAQs)
1. What are the driving factors of the online poker market?
The driving factors of the online poker market include but aren’t limited to, the acceptance of cryptocurrency, expanding internet access and penetration, and increasing the number of people who use their mobile phones to play online games.
2. Which region is more likely to dominate the global Online Poker Market?
Due to the recent developments in the region, Europe is more likely to dominate the global online poker market in the 2022 – 2030 forecast period.
3. What is the current size of the Online Poker Market?
The Online Poker Market was valued at USD 76 billion in 2021 and is estimated to climb to USD 170 billion by 2030.
Conclusion
Recent reports have shown that online poker is trending much more than it did in recent years. With players from several countries worldwide enjoying the game from the comfort of their homes, online poker has significantly increased in popularity. It is projected to remain so even until 2030. So, the answer to the question ‘When will online poker become popular again?’ might be NOW.
Disclaimer:
CBD:
Qrius does not provide medical advice.
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India. CBD oil, manufactured under a license issued by the Drugs and Cosmetics Act, 1940, can be legally used in India for medicinal purposes only with a prescription, subject to specific conditions. Kindly refer to the legalities here.
The information on this website is for informational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or another qualified health provider with any questions regarding a medical condition or treatment. Never disregard professional medical advice or delay seeking it because of something you have read on this website.
Gambling:
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman, and Sikkim, prohibit gambling. Land-based casinos are legalized in Goa and Daman under the Goa, Daman and Diu Public Gambling Act 1976. In Sikkim, land-based casinos, online gambling, and e-gaming (games of chance) are legalized under the Sikkim Online Gaming (Regulation) Rules 2009. Only some Indian states have legalized online/regular lotteries, subject to state laws. Refer to the legalities here. Horse racing and betting on horse racing, including online betting, is permitted only in licensed premises in select states. Refer to the 1996 Supreme Court judgment for more information.
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