It is not evident how much online Poker rooms make on an annual basis, because of the privacy of the websites. But an approximate $24 billion was generated in 2004 according to Wikipedia. Using these figures, we can only assume how much more was generated in 2018, 14 years later.
This projection is enough to showcase how much money is in this line of business. To help you start your own poker room, we are going to look at the important things you need to have as you start up.
Get a USP
The first thing you need to understand about the online poker industry is that it is highly competitive. This should not be taken as a hindrance, because what you need to do is to identify gaps that exist in the market place and plan to fill them. To help you come up with a unique selling point, here are some ideas you can use:
- Social media: create a social media poker game by charging chips or offering an annual subscription.
- Specific country: identify a country without a poker room and find the reasons behind it.
- Bitcoin: you can target a country like the USA where bitcoin is a bit mature compared to other markets.
Licensing and regulation
Identify the countries where your customers reside in order to get the approvals and regulations. Every country has different licensing requirements. For instance, the UK is on top when it comes to strict regulations compared to a country like Costa Rica.
You have two choices when it comes to the software, you can either go for a white label or you can create a custom platform. The simplest solution is white labelling as the custom solution is more complicated and expensive.
This is a huge part of running a successful poker room. As you create a budget for marketing, you also have to know how you plan to advertise. If you plan on targeting the US, stick to content marketing and direct media buys instead of Facebook or Google.
How to get good enough to live on poker
To grow your game, you need to log into training sites to watch how great players play and learn their strategies. To choose the correct training site, check out the following:
- Ensure professionals are the ones making the videos.
- Ensure the site you are using is updated.
- Check the quantity of content that has already been uploaded.
Join a network of players
Be friends with great players where you can share ideas and learn how you can improve on your weak spots.
Read a lot of books so as to come up with a good strategy and tools that you can use to become a strong player.
Play as much as you can as you improve consistently on what you are building on.