Poker rooms are always on the hunt for new markets and one of the lucrative markets that are being eyed at is in India.
Here the start up ventures is being valued at over hundred million, which makes it a promising destination for several online poker companies. There are several startup companies that are slowly putting a foothold in the country and they estimate revenues around $110-120 million.
The startup companies that have started to make their presence felt is Spartan Poker, Poker-Baazi and Adda52. These companies have been operating for some time in this market and make five crore rupees on an average as annual returns. This is as per Economic Times publication in the country. The startup companies as a result have gone up in their valuations as well. Recently the founder of Spartan Poker was in the news and the co-founder as well asserted that the model that they follow is working as they are seeing a rise in revenue growth over the years. As per their feedback, the online poker rooms work well here as it cuts down the setup costs as is involved in setting up any establishment.
The participation rate is around fifty thousand of these websites and about ninety five percent of the people who play poker at a professional level in India are male. Three states in India have legalized poker as a game that includes skill and strategy. However, there are no laws that restrict players from other states from playing as well. Clear laws need to be formed if restrictions or regulations need to be put on the online poker rooms. In this present scenario Adda52 has generated about 47 crores in the past year, also because the company has been bought over by Delta Corp and it has undergone considerable revamp after that.