New Online Poker Software Delayed
Published: Friday, May 06, 2005 Online-Casinos.com
NEW POKER SOFTWARE DELAYED
Red Felt wants to be sure before launching
Another industry initiative based on the opportunities afforded by UK online
gaming regulation surfaced this week when Internet video games provider CYOP Systems
International Inc. announced it is to launch a poker software licensing subsidiary
titled Red Felt Software Ltd. based in the United Kingdom.
The Canadian
company has engaged a London firm to form and register the new subsidiary in Britain,
and licensing the poker game through this medium will become part of the business
strategy of the CYOP.
Mitch White, the CEO of the company says that more
than 200 online poker sites collectively are generating about $2 billion a year
in revenues, equal to 40 percent of last year's $5 billion in gambling revenues
from all of the Las Vegas "Strip".
An estimated 1.7 million
players are active online, meaning they've played in the past six months. And
about 150,000 people play on an average day, according to PokerPulse.com, which
tracks the online poker market. Americans are thought to account for more than
70 percent of all players.
The ease of internet wagering has led to the
ongoing rise in gambling at a rate of about 30 percent per year, and the company
believes that this is still a very small percentage of the online gambling population
that is actively playing online poker. CYOP also has plans to launch into the
Asian market.
White says the company had planned to launch its poker
game software on May 1, 2005. "However, we have made the decision to delay
this to ensure it is 100 percent market ready with beta testing complete, translation
complete and all integration issues resolved prior to launch and marketing on
the SINA network. While a delay is regrettable, we believe in the long run there
is more value as confidence in product and operations is paramount in the online
gaming sector. Being nearly ready is not the same as ready."
