PokerStars was founded by an Israeli senior programmer for IBM Canada, Isai Scheinberg. He began to write the software that would form the basis for PokerStars in the late 1990s and formed Rational Enterprises, originally based in Costa Rica, to operate his new poker site.
On September 11, 2001, the site was launched in beta version for play money only. A few months later, in December, the real money version was opened.
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After a few years operating in Costa Rica, PokerStars announced a move to the Isle of Man, a British Crown dependency, in 2005. Scheinberg's decision to shift to this location was influenced by the 0% corporate tax rate and the island's policy to remove all bans on companies that were accepting poker bets from US players.
The site was granted an eGaming License by the Isle of Man Department of Home Affairs under its Gambling Regulation Act of 2001.
'The decision to relocate to the Isle of Man was unanimous,' said the Director of Communications for the site, Nola Dolla.
Online poker experienced a dramatic rise in popularity in the mid-2000s, and this can largely be pinpointed to one single event: Chris Moneymaker's victory in the World Series of Poker (WSOP) event in 2003.
Moneymaker was a full time accountant and part time poker player who enjoyed dabbling with the game in his spare time. Moneymaker entered a $39 satellite tournament at PokerStars and won himself a seat into a larger satellite. He went on to win that one too, earning entry into the WSOP.
What happened after that was nothing short of miraculous.
Amateur poker players were suddenly flocking to online poker sites around the world, trying to emulate the rags to riches story of their new poker hero. PokerStars in particular benefitted enormously from what became known as the 'Moneymaker Effect'.
After Moneymaker's victory in 2003, PokerStars was on a roll in terms of WSOP qualifiers. A year later, the site qualified 315 players for the $100K championship event, 15% of the total tournament players.
At the time, the Vice President for Marketing of PokerStars, Dan Goldman said:
In January 2006 the Scheinberg family enlisted NM Rothschild, a large merchant bank in London, to explore options for floating or selling the company. At the time PokerStars was valued at around $2 billion.
Potential buyers included the Rank Group and William Hill and there was also speculation that a merger could take place. It was widely believed that PokerStars would choose to float on the London Stock Exchange, following in the footsteps of some of its rivals such as PartyPoker.
Later in 2006, the UIGEA was introduced in the United States, making it illegal for financial institutions to process transactions from US residents that were related to online gambling. As a result, many gambling sites made the decision to pull out of the lucrative America market.
Those that were publically traded had no choice as they were answerable to their shareholders. As a privately owned company though, PokerStars could make its own decisions.
PokerStars declared that it would not be seeking its previously planned IPO in the near future. The flotation that had been planned for the spring of 2007 was delayed indefinitely.
The company made a strategic decision to continue serving North American players, filling the niche left in the US market by so many poker sites leaving.
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It would face consequences for remaining active in the US in later years though.
Pokerstars Story
No history of PokerStars would be complete without a mention of the World Championship of Online Poker (WCOOP). This was launched by PokerStars in 2002 and has grown to be the biggest online tournament series in the world.
Below is a brief timeline of how this competition has evolved over time.
- 2002 – The first WCOOP began offering nine events and $730,000 in prize money.
- 2003 – Eleven events were offered, drawing the crowds who wanted to see WSOP winner Chris Moneymaker in action. A total of $2.7 million in combined prize money was up for grabs.
- 2004 – An extra event was added to this WCOOP, and prize money reached $6 million.
- 2005 – Prize money during 2005 was doubled to $12 million, and 15 events were scheduled. Nearly 20,000 took part.
- 2006 – Eighteen events ran during WCOOP 2006, with $18,700,000 in prize money.
- 2007 – This year saw the introduction of short-handed tournaments for the first time. $24 million in prize money was available to more than 40,000 players who took part in the 23 events.
- 2008 – Just under $40 million in prize money was offered over 33 events.
- 2009 – This year's event broke the record as the biggest online tournament series staged. Players from 140 countries took part in 45 events over the course of 18 days to compete for the prize pool of over $50 million.
- 2010 – More records are beaten and over $63 million in prize money was paid out in 62 events taking place over 23 days.
- 2011 – The Main Event featured over 1,600 players and a first prize of $1,260,018.
- 2012 – The number of events was up to 65 and over $55 million in prize money was awarded.
- 2013 – Prize money was back up to over $60 million and a total of 66 events took place.
On April 15, 2011, the PokerStars website was shut down by the US government, along with other poker sites still serving the US market. PokerStars had no choice but to suspend its poker services for US customers, although it remained open in other regions.
This day became known as Black Friday in the online poker industry. On April 20, PokerStars reached an agreement with the Department of Justice to regain use of their website in order to distribute account funds to there US customers.
PokerStars began to pay out funds to US customers almost immediately and, the following year, the company reached an agreement with the American government.
They admitted no wrongdoing for its past activities in accepting US customers and it was acknowledged that they would be able to apply for licenses to operate in the US once the necessary legal framework was in place. As part of the agreement PokerStars purchased the assets of its previous competitor:Full Tilt Poker.
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Today, despite no longer operating in the United States, PokerStars remains the largest poker website in the world. It's already active in attempts to legally return to the US as the nation begins to regulate online poker.
Isai Scheinberg and his son Mark are winners, hands down, when it comes to online poker. In 2000, Isai, who worked for IBM in Canada and Israel, founded PYR, a software development company. In 2001, Isai and his son started PokerStars, the one and only one client of PYR. PYR's primary job is to develop and maintain all of PokerStars online gaming software.
PokerStars has grown into the world's largest online poker site. It has 35% of the world market share, and to date, is home to more than 26 million players across the globe. PS has the biggest tournaments and some of the softest competition on the Internet. Over the years, PokerStars.com has made the poker dream of winning big or playing in a live tournament, such as the annual World Championship of Online Poker (WCOOP), a reality for so many players. They have sent the most players to WSOP, WPT, and EPT events combined and continue to payout some of the largest jackpots every weekend via their Sunday Millions tournament. Based in the Isle of Man, UK, the company has built a reputation that other online sites envy.
It is generally accepted that Isai and Mark own the vast majority of shares in Rational Entertainment Enterprises Limited. PokerStars, owned by REEL, is in not a publicly traded company; therefore, details about the firm's structure are not known to the public, as privately held companies aren't required to disclose information.
You don't get as far as the Scheinberg's do in gambling industry by not taking risks. Isai and his son Mark are shrewd and gutsy businessmen. Back in 2006 when federal lawmakers passed the US's first anti-online gambling law, the Unlawful Internet Gambling Enforcement Act (UIGEA), some online sites cut and ran. PokerStars, however, hung in there and quickly became the biggest site in the world's gaming market, and as of today, has an estimated annual revenue of $1.4 billion and some $500 million in profits. Although the US Justice Department has taken the position that online poker violates US law, PS says they have received legal opinions from several US law firms stating that they are in fact not violating US law.
In 2008, the US Attorney General in Manhattan froze some $34 million owed to poker players from companies that processed payments for poker games hosted by PokerStars and Full Tilt. Crown casino eateries perth. Even though PokerStars maintains that it was under no legal obligation to do so, they did refund their customers.
THE VALUE OF THE PLAYER
PokerStars has a strict 'no rakeback'policy. Even though they don't offer rakeback, they still attract some of the biggest names in poker because they have one of the best VIP policies. They reward loyal players with a program which earns them gifts including electronics like a 60″ Plasma HDTV and a PlayStation 3 Slim.
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The VIP program is based on the number of Frequent Player Points (FPPs) a player accumulates each month. The highest level you can reach is Supernova Elite, and to get there you must earn at least 1,000,000 FPPs per year which is not easy, but the rewards are pretty awesome. They include special access to the Supernova Elite VIP store where you can buy a Porsche Cayman S with your player points or any two packages from the PokerStars Caribbean Adventure, the World Series of Poker Main Event, the European Poker Tour Monte Carlo, or the Asia Pacific Poker Tour Sydney. A third Supernova Elite option privilege is free entry into the online main event for the World Cup of Online Poker.
One thing PokerStars knows how to do well is listen to feed back from their customers. Over the years they have taken constant feedback from the players to help build the best and safest online poker software. The following are a few of its features:
- Re-sizeable Windows. Are you a multi-tasker? You can re-size the poker interface to make it a small screen that you can place at the bottom of your monitor.
- Speed. Because PokerStars doesn't use fancy graphics, their software is the fastest of all the online sites. This means less lag time and a faster game.
- Custom Avatar. Upload a picture from your computer and use this as your avatar. Use your imagination.
- Show Folded Hands. Folded your hand but want to know how it would have played out if you stayed in? PS software enables you to see your folded hand by simply scrolling your mouse over your avatar.
THE FUTURE CHALLENGE
Pokerstars Stock Price
Security breaches are hands down the biggest concern for customers. At PokerStars all software updates are reviewed by several people before being deployed. All sensitive changes are also personally reviewed by the chief software architect to help ensure they are stable and secure. They are aware that there are some programs that claim to make it possible to see other players' cards, and they have investigated many of these programs and have not found any of these programs actually do what they claim to do. Some of them are actually malware programs that compromise the security of whoever installs the software. But mostly they are simply scams, attempting to con players out of their money who incorrectly believe that these programs will give them a competitive edge. They do not, however, compromise PS security.
PokerStars states, 'We have a large team of Poker Specialists in our Support Team who review all suspicious situations and escalate to the Game Security team if they find anything, which in turn will escalate to the senior management team if any serious problems are found. The security and integrity of our games is of paramount importance to PokerStars.'
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According to eGaming Review, PokerStars has chosen a new CEO, Gabi Campos, to take over some of the duties of founder Isai Scheinberg. Campos will come on board in October and Isai will remain as Chief Technical Officer, while his son, Mark will move into the Chairman's seat. In an internal memo received by eGaming Review, Mark Scheinberg stated: 'Both Isai and myself will continue to be closely involved in the company's strategic direction and building on the success we have all achieved together as a team over the last 10 years. We are excited about this new chapter in the PokerStars story, and look forward to Gabi's leadership in taking the company forward to continued success.'