It is approximately two hundred years since poker has been introduced but the poker that is being called online poker is a recently introduced phenomenon. Though online poker is of recent origin, it has gained popularity at a very fast pace and is now played all over the world with a new perception.
Online sportsbooks were the first to be introduced in the internet and they were followed by many, one among them being online poker. Online casinos were also introduced in the mid 90s, the same time when sportsbooks reached the internet. Microgaming, that came up in the early 90s is a good example and has now become a casino software developer.
In 1998, Planet poker entered the scene and was the first to create an online poker gambling rooms. It was the first and the last of its kind for quite long. With passage of time, many new and big poker sites reached the net carrying a maximum rate of about 3 dollars with an initial rake of five percent. The industry was recognized only in 1998 but it noteworthy that the rates have been almost the same.
In 1999, Paradise Poker was created and this has now become the leader in industry. It was around this time that Dutch Boyd created Poker Spot.
Though Poker spot is the pioneer in running poker tournaments online, they faced whole lot of problems. The group did not collect the deposits of the players from its credit card partners. The company did not remit the winnings of the players as all deposits it held, were not returned. This resulted in their fall.
The introduction of the Netellers e-cash system has reduced the repetitions of the problems encountered by the Poker spot group in other poker players. The online poker groups are provided with funds from the Neteller system. The Netellers e-cash system frees the players from the trouble of using the wire transfer or credit card to deposit money in order to enter the poker group. This has helped in the minimization of frauds and improved the credibility of the company.
In the year 2001, online poker industry welcomed the entry of the two giant firms, Party Poker and Poker Stars. Paradise was on the lead until 2003, when they were overtaken by Party Poker due to the latter?s strategic advertising. The launch of World Poker Tour along with the Party Poker Million strategies attracted a lot of people and drove the group to success.
Chris MoneyMaker also contributed a lot to the popularity and growth of online poker. He was charged with 40 dollars to enter the poker room. He won the satellite tournament conducted by the Poker stars and was qualified for the final and the main event. He won the topmost prize of 2.5 Million dollars in a game considered to be one of the biggest of the World’s Series of Poker tournaments and in which about 839 participants had contested.
The creation of the site made online poker more accessible to all people especially to those who were new to the field of online poker. In 2004, that is one year after the launch of the site, the game became very popular with the fascinating story of Mr. Moneymaker adding another feather to its cap. The companies pocketed huge amounts and there were other entrants like Noble Poker and the Full Tilt Poker to the industry as well.
Sportingbet, a listed sportsbook acquired Paradise Poker and this contributed to the growth of gambling industry. A lot of companies considered listing in the stock market as it helped them get funds to aid expansion of their business.