The online skill games market is raking in an astounding $412.00 (USD) per second, sending analysts into a frenzy.
As rapidly as the internet marketplace has grown overall, the market for skill games has grown at nearly four times the rate. The online games market is on target to grow from the $3.4 billion (USD) produced in 2005 to more than $13 billion ($412 per second) by year 2011, according to the most recent report from analyst firm DFC Intelligence.
$5.2 billion dollars is the genre's current market valuation (2007). That works out to approximately $164.00 USD per second. Within the next five minutes, players worldwide will spend almost $50,000 on games online.
The combination of this amount being spent and the projected future growth makes this industry a hot ticket for companies like MTV Networks,who are eager to get their slice of the action.
What is the meaning of a "game of skill"? "A skill based game is a internet game played in a tournament format, with each player paying a cash entry fee to play, and with a cash or merchandise prize going to the winner or winners of the tournament" according to The International Game Developers Association.
Skill games derive their name from their greater dependence on ability, and much lower dependence on luck, to successfully win at them. This is a critical point to keep in mind, as games relying solely on luck or chance may be restricted by anti-gambling legislation.
Is it legal to play or provide skill-based games? In the United States, the Skill Game Protection Act, or HR 2610, was introduced on June 7, 2007 by Robert Wexler (Congressman, NY), making games of skill, such as poker, bridge, and chess, legal to play and provide online access to for profit.
In other countries, games that rely on a player's skill or ability, and leave little influence of their outcome to luck, are typically legal. Before attempting to test your ability at skill games, however, it would be advisable to make sure you're familiar with the regulations in your country.
As many online gambling sites worldwide are being shut down for legal reasons, and with many of these sites' patrons moving towards online skill games, the market for online skill games will likely continue to flourish.
How can I make money with online skill games? To make money from online games of skill, you may (1.) Become skilled enough at a few online games to consistently win money and prizes in tournaments, or (2.) Start a gaming website, and have people pay you for the privilege of playing your games.The latter is inherently more profitable, although setting up a gaming website can be a somewhat arduous endeavor.
As online games allow skilled persons the opportunities to both make money and indulge their competitive spirit with players from around the world, their allure can be difficult to ignore for many people.
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