Poker has expanded across the world ever since it made it to the online world—there many who start poker with just the curiosity around the game and try their luck in casinos like SCR888. Then, the second group plays it for fun to take their mind off their monotonous life. However, the third category is the worst. These people play poker like it’s their meal and play it throughout the day. If you play poker, try not to turn it into a drug. This turn from curiosity to regularity to addiction takes place very quickly, even without your knowledge. One platform that has played a significant role in the expansion and growth of online poker is PokerStars. It was one of the first poker sites and has grown to become the most prominent real money poker platform globally. It has a big influence on the real-money online poker market and controls over two-thirds of the market. The platform has gone through many ups and downs but has dealt with everything to reach the numero-uno position. The story of PokerStars with its entire vicissitudes is worth telling.
Beginning: Reaching New Heights
PokerStars launched its beta-site on 11 September 2001. However, it was only until December that the platform started with real money wagering. The Israeli Scheinberg family held the majority shares of the company. The platform organized an online satellite tournament in 2003 known as the World Series of Poker. Chris Moneymaker won the tournament, and it played an essential role in the rise of the platform and online poker in the world. It had a significant impact on the poker boom in the mid-2000s which popularly came to be known as the Moneymaker Effect. By 2006, the company was roughly valued at $2 billion, making it the highest valued privately-owned poker platform globally. PokerStars beat PartyPoker when the latter exited the US market after Congress passed the Unlawful Internet Gambling Enforcement Act of 2006.
Fall Of PokerStars: Effect Of Unlawful Internet Gambling Enforcement Act Of 2006
In 2006, the US was tightening its laws and policies regarding online gambling. As a part of this, Congress passed the Unlawful Internet Gambling Enforcement Act, which took a significant effect on PokerStars. While its competitor PartyPoker decided to leave the US market, PokerStars agreed to stay and capture the market left by PartyPoker. However, it somehow backfired for them. In 2011, the PokerStars’ website and Full Tilt Poker and other sites were seized by the Department of Justice of the US. The department claimed that these online sites were violating Federal bank fraud and money laundering laws. PokerStars was given back its domain only to return the money of its US users. The company finally settled with the government where they had to pay $225 million. The terms included PokerStars acquiring Full Tilt Poker. With this, the platform exited the US market change in gambling laws. That turned many poker players form the US to look for new poker rooms in Asian casinos that called โป๊กเกอร์ there. Other actually tried their luck in Cambodian casinos as poker is still one of the most popular games there.
Comeback After Setback In The US
PokerStars decided not to look back at the setback in the US. With the exit from the US market, it decided to look ahead at the rest of the world. By the start of 2012, the company came up with an app for iOS users to download from iTunes. Android users were not kept waiting for long as the Android version was released a month later. It began its expansion activities after 2012. In 2014, PokerStars and its parent company were acquired by the Stars Group, which is still the platform’s owner. The company was acquired at a valuation of $4.9 billion. In 2017, as a part of its expansion plans, the PokerStars decided to take over its competitor PKR. It further expanded its operations in India by joining hands with the gaming company Sugal&Damani.
Conclusion
The changes in the US law might not have worked out for PokerStars. However, the company bounced back from its setbacks and worked ahead for its expansion. Today, there is no online real money poker platform that can match PokerStars. It has built trust with its members which have eased its process of acquiring new users. The rise, fall, and an even bigger rise of PokerStars is an inspiring tale of becoming the best by not looking back and marching ahead.
