When online poker was first conceptualized, no one in their wildest dreams had imagined that it would become a billion-dollar industry one day. From its humble beginnings, where only one or two sites were functional, today, the game format has evolved and diversified and is being offered by millions of sites online.
The history of online poker, although short, is quite intriguing and gives us an insight into how the game shaped to become what it is today. If you have ever felt the curiosity to explore the history of online poker, you may find the next section quite useful. So continue reading as we walk you through some of the most important developments that have happened since online poker started.
The late 90’s
While most individuals started noticing online poker around 2002, people used to play free poker games on the IRC chat protocol in the early 90s. The concept was developed by Tom Mummert.
The first online version of poker with real money was introduced in 1998 by Planet Poker. It was Mike Caro, the mad genius, who launched the planet poker site. The business model was successful, but software crashes often hindered the operations.
Paradise Poker entered the market in the following year and introduced unique and innovative features in the game format. Some games that became popular during that time were Texas Hold'em poker, three card poker, Caribbean stud etc. As a result, Paradise Poker successfully drove substantial traffic to its site.
The early 2000’s
In 2001, Poker Stars and Party Poker launched their operations. These sites focused on expanding their operations through advertisement and hosting poker tournaments. On one of these tournaments on Poker Stars, Chris Moneymaker won and then went on to win the World Series to earn a prize worth $2.5 million.
This led to the poker revolution, resulting in a massive influx of players and enabling people to build large fortunes through poker.
2006- The UIGEA
The flourishing industry experienced a blow when in 2006, UIGEA (Unlawful Internet Gambling Enforcement Act) was put into effect to regulate the online poker industry. According to the new regulation, it was illegal for banks and financial institutions to process gambling-related payments and transactions. As a result, many publicly traded poker sites left the country, and only a few remained, including Poker Stars and Party Gaming.
2011- Black Friday
In 2011, the DOJ indicted three main sites under the UIGEA, and their earnings were declared illegal. These sites were Poker Stars, Absolute Poker and Full Tilt.
Absolute Tilt collapsed, and later Poker Stars bought the site. Poker Stars also paid a heavy fine of $1 billion and became the largest publicly traded company in the online poker industry in 2014 and continued to operate successfully.
The present
The online poker landscape has evolved tremendously over the years. The industry experienced incredible growth as conventional casinos were shut down during the pandemic.
An increased focus on industry legislation, the closure of land-based casinos, the cancelation of major sporting events and both seasoned and recreational players turning to online casinos have put the industry on the progressive path again.
The upward growth trend is expected to continue in the coming years as more players enter the market and more technological features are introduced in the sites.
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