The trend of regulations toward online poker operators continues; we saw Partypoker recently leave Croatia, Russia, Moldova, and other European countries. Starting on July 1, 2024, Pokerstars will stop its operations in the Czech Republic.
This ban was started because of regulatory changes in the Czech Republic starting from June 20, 2024.
On Tuesday, June 4, players received an email stating they could play games as usual until June 20. However, as of June 6, new deposits will no longer be accepted. Players are urged to withdraw their balances by June 20 to avoid account restrictions or closures. Any remaining balances will be refunded to their registered bank accounts.
Pokerstars also stated that there are no plans to return to the Czech Republic market. This leaves Czech players with only two local online operators.
Why are Countries in Europe Implementing Poker Regulations?
There are several reasons why counties implement regulations on live and online poker. One reason is to protect their citizens from unfair gambling or underage gambling. The other reason is that governments want to tax the lucrative poker industry and make a contribution to the public.
When the government legalizes the industry, it gains control and can easily monitor its operations, preventing illegal activities and money laundering. Countries also have to comply with international agreements set by the European Union or international gaming associations. If the government controls the industry, it can control its economic benefits, create jobs, attract investments, and invent.
What is Happening With Partypoker?
The UK-based gaming conglomerate announced the completion of a strategic review of its assets, which was initiated in January. It identified its Crystalbet brand as “non-core” and indicated its intention to sell it soon.
However, Entain did not directly mention PartyPoker. Instead, the company, which holds a 50% stake in BetMGM, emphasized the importance of focusing on its strategy to achieve organic revenue growth, expand margins, and succeed in the US market, suggesting potential plans for PartyPoker.
A few months ago, rumors circulated that Partypoker’s selling price was £150 million, which was shocking considering it was valued at $10 billion in 2015. Considering the industry’s technological advancements and growth, that is a significant drop in valuation. Was it bad management, or did other sites like GGPoker take too big a share of the cake?
GGPoker was established in 2014. Initially, it focused on the Asian poker market, but in 2017, it expanded into Europe by getting a gaming license from the UK.
News source: Pokerindustrypro
