ÑYOP Systems International stakes on Asian online poker
ÑYOP to fuel Asian online poker explosion
CYOP Systems International, a developer and provider of online skill-games and video games, has announced a plan to target Asian portals for integration of its new online poker software.
Claiming that Asia is fast reaching necessary conditions for online poker explosion, CYOP hopes to become the early leader in the field. According to a recent report from IDC Online, gaming revenues in the Asia-Pacific region will reach $1.84 billion by 2008. Overall, online gaming subscription revenues in the Asia-Pacific region (excluding Japan) are projected to more than double by 2008 to $1.84 billion from $760 million in 2003.
“Recent reports have Chinese Internet users spending an average of 12.3 hours per week online with gaming and entertainment being the second most popular online activity,” said Mitch White, CEO of CYOP “Combined with reports that China expects to have a total of 120 million Internet users by the end of 2005, an increase of 28% from the 94 million users in 2004. If the numbers bear out, China will have the second largest number of Internet users, after the US. And given the propensity for online games, Poker is a perfect fit."
In order to be ready for the surge in the Asian online gaming industry, CYOP has begun translation of its online poker games into relevant languages. Its CrediPlay financial systems were previously localized into both traditional and simplified Chinese.
The online poker providers make their money with a small 'rake' from the pot in each game plus, to a lesser extent, tournament fees. This has powered hefty increases in sales and profits. In the recent months aggregate monthly rake and tournament fee revenue of Paradise Poker, the US-focused firm has risen to over $7m and it is reported to have over 721,000 registered customers and over 97,000 active players. PartyGaming, the sector leader with a share estimated at 50% of the overall market for its Partypoker offshoot, is believed to has made profits of more than $350m in 2004.
