Today it is obvious that online poker is
here to stay, giving players the chance to win a fortune from
the comfort of their own front room.
More than $1m (£575,000)
are staked every minute by enthusiasts like Jane Potter, or Mrs
Luckyfeet, as she's known online.
"It's grown and grown, and it's done very well for me," says
Mrs. Potter, a single mother of three from Manchester who is
studying for a degree in IT.
"That $30 that I put in two-and-a-half
years ago has grown into thousands over the last couple of
years." Because she can play at home online casino and
poker games, and more importantly at night when her children
are asleep, she gets to spend more time with them during the
day.
"It helps me with all the extras I could never afford."I
couldn't afford to redecorate the . I couldn't afford
to take the children away on holiday on a student's income.
I couldn't afford to have a car. So it's given me the opportunity
that I couldn't have otherwise."
Jane agreed to put $100 into a new poker account for the Money
Programme to see how much she could make in a month.Place your
bets on how well she did. A high stakes business It is not
just players like Mrs. Potter who have been betting heavily.
Investors in the online business have also been playing
high stakes.
In June 2005, the founders of online most visited poker company
Partypoker, the world's largest online poker site, decided
to sell their shares on the London Stock Market, sharing almost
£1bn between them.But the bets are risky for investors. Chris
Moneymaker, his real name, was a small-time accountant from
Tennessee when he qualified online to play in the 2003 World
Series in Las Vegas.
Online poker operating is illegal in some countries, including
the United States, where the authorities say 90% of online
most visited poker company Partypoker's players are based.
Mark Rausch, former head of computer crime at the US Department
of Justice, told the Money Programme that the owners of online
poker sites are breaching the rules and taking a huge risk,
something online most visited poker company Partypoker disputes.
"I would be very wary about investing in a company where
their primary business is to do something that's considered
to be illegal in the country where they're promoting it," says
Mr Rausch.
Winners and losers
But there are still millions of players with their money
willing to take the risk of playing on the sites, in the hope
of winning big. He took on some of the biggest names in poker
to win $2.5m.
"You got to see me, an average guy, go up against the
best in the world and beat them and it gives everybody hope
that they can do the same thing." But the game was not
without its downturns. "In about a month, I managed to
lose about $25,000. Thankfully, that was money I'd won the
previous months, but it was just money I was chasing. It just
kind of shows, there is a dangerous side to it."
Busted flush
Mr Speed is reassessing his future as a professional poker
player. And he might not be the only one thinking of throwing
his cards in. Doug Speed is one such player who understands
the "Moneymaker
Effect", which has inspired thousands to take up the game.
Mr Speed won £40,000 in his first year studying Maths at Oxford
University.
In September 2005, just 10 weeks after offering shares on
the London Stock Exchange, online most visited poker company
Partypoker announced that their player numbers were not as
good as expected. Their shares plunged by 30% and investors
lost out.
Since then, the figures have perked up, but although the share
price has risen again they are still worth far less than when
they were at their peak. With attracting and keeping players
now key to the future of online poker, television coverage
has become ever more important.
Barry Hearn became famous for promoting sports like boxing,
football and snooker but he has discovered a new passion. "I
have never seen a phenomenon like the explosion of poker," Mr
Hearn says. "Three years ago, I would think that poker
- of the eight sports I was involved in - was firmly in eighth
position. Today, it's by far the number one"
Not everyone can win
Mrs. Potter, or Mrs. Luckyfeet, is a player the online poker
sites can count on for the time being. Although she initially
lost $70 of the $100 she started with, she finished up making
nearly $2,500 in 45 hours of playing time.
"That's most people's normal working week, so for sitting
at home and doing something I enjoy, that's fantastic," she
says. But even the poker companies admit that only 15% of players
win, making Mrs. Potter one of a lucky minority. As most players
and investors have found to their cost, putting money into
this compelling game can be a high-risk, rollercoaster ride.
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