Michigan Exclusive: DraftKings Launch Electric Poker Solely For State’s Players
3 minutes
Last Updated: September 10, 2024
DraftKings might be better known for its daily fantasy sports offering and sports betting, but the company is entering a new market: online poker.
The company recently launched Electric Poker, a new poker app that allows players to enjoy real-money gaming. It has already gone live, but it is only available in Michigan, allowing residents to enjoy something that nobody else in the US can.
Unique Poker Product For Michigan Residents
DraftKings' decision to launch an online poker product is the first by an American-based company in almost a decade. The brand has also taken a unique approach, providing players with an alternative way to enjoy the casino classic compared to other states. It is currently possible to play online casino and poker games legally in six states, with New York potentially joining them in the future.
Michigan residents can enjoy quicker poker sessions using the Electric Poker app. The game follows the same premise: playing between players, not the casino house. However, it is not a house-banked game, and the emphasis is on quickness.
DraftKings has created a variant where three players can compete head-to-head in a contest. This speeds up the game, potentially allowing players to enjoy more rounds in a shorter period of time. At the same time, the games follow a no-limit Hold’em tournament, which is raked at 7%.
Games are played with the sit-and-go format, which has proven to be extremely popular with poker players nationwide. However, in these versions of the game, DraftKings has decided to make the prize pool randomly determined at the start of each tournament. Depending on the buy-in amount that has been set, this prize pool could be worth anywhere between 2x and 10,000x.
“Electric Mode” is an area of uniqueness that residents in Michigan can enjoy that others can’t. This mode will see players be forced to go all-in on each hand that they play once it has been triggered. Once activated, several levels will be played, but this will depend on the prize multiplier. The longer the game goes on, the higher the multiplier.
Tournaments often end with one player taking all of the prize purse. However, each of the three players has opportunities to win. The three top prize multipliers—100x, 1,000x, and 10,000x—will provide payouts, with 5x and 10x multipliers offering a prize to the runner-up of each tournament.
Games will begin with players starting off with 500 chips. The blinds will be increased every two minutes, with four buy-in levels available. These will begin from $1 and go to $25.
Delving Into A New Market
DraftKings’ decision to launch a new online poker product and enter a market it hasn’t been involved in could be huge. It could signal an intention to diversify and expand into markets where the brand can make its own name among competitors. They’ve already made their name in an industry that has boomed across the US over the last few years.
The decision could also see an increase in interest from players. Those who are experienced at playing poker may find opportunities to maximize their chances of success. The arrival of DraftKings’ Electric Poker may attract those who aren’t as experienced or haven’t played at a rival brand in the state before. Alternatively, it could be an opportunity for those new to online poker in Michigan to try out the casino classic.
DraftKings could use its solid foundation and brand reputation to achieve success within the state. Although they are already established, it is because of their footing within the sports betting arena. Online poker is entirely different and hasn’t been a niche they have entered before.
It is a market that could increase revenues for the brand, while success could lead to future takeovers. Caesars recently sold the WSOP brand to GGPoker for a reported $500 million.
It could be seen as a big risk for the operator, but one that might be calculated enough to be successful. If it does generate the interest and the revenues that the company hopes for, it could be expanded further. ‘Electric Poker’ could find its way across the US, with states like Nevada and New Jersey being possible candidates.
The three regions allow for the sharing of player pools, meaning we could see a player from each state wagering against each other in one tournament. If this becomes a possibility, then the potential revenues that could be generated could be significant.
