Online Poker enjoyed a meteoric rise in popularity in the early to mid-2000’s but has since plateaued somewhat over the last decade or so, mainly due to a highly regulated environment. However, forecasts show a strong growth going forward. It’s expected that online gaming will grow to a USD $50 billion market where poker plays a significant role. This multi-billion-dollar market has been growing at 5-7% percent each year. It is estimated that online poker today accounts for USD $2.5 billion of overall online gambling expenditure. That figure does not account for the plethora of play money on poker apps on Facebook and other social media platforms as well as free poker played at traditional online poker rooms.
Considering the number of free money players, the market, on a per-customer basis, is likely to be considerably higher. Forecast projections, are strong with expenditure over the next 3 years expected to reach a staggering USD $7 billion by 2023 in the US alone. The main reason for the predicted increase in expense, and trend reversal, is due to some positive legislative reforms in established markets and continued growth in emerging markets. It’s expected that more than 20 U.S States will legalize online poker over the next few years.
In addition to the renaissance in the U.S, the market is expanding in emerging geographical regions such as Asia (including India, China and other parts of South East Asia), as well as Latin America and Brazil, which is expected to be the next big “boom” region as access to payment processing gets resolved. The evolution of blockchain technologies is set to be a “game changer” for online poker too, as the technology has the potential to solve many key historical problems that are so far prohibiting the expansion. That’s where Mystic Poker comes in - our blockchain applications solve these issues!