AUTHOR: Jerry "Jet" Whittaker
TITLE: A Common E-Wallet for the Online Poker Industry 
DATE: 10:09 AM
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BODY:
Is 24hPoker&#39;s move to a single e-wallet, which allows customers access to<br>more than one poker network, a recipe for success or an open door to leave<br>the network? 24hPoker, owner of the B2B/24hNetwork announced in November<br>2006 that they would offer their customers the option to use rival poker<br>networks through 24hPoker&#39;s e-wallet, a unique concept within the online<br>gaming industry. The first network that they have signed such an agreement<br>with is Boss Media&#39;s International Poker Network (IPN). The concept comes<br>from the founder and CEO Per Hildebrand, who in addition to his business<br>interests is also one of the most highly rated poker players in Sweden,<br>almost reaching the final table at the WSOP in 2005. His logic behind the<br>concept is that it is common practice for online poker players to play on<br>more than one site, with the average player using three to four different<br>sites. The problem with this practice is the need to transfer money from one<br>site to another, back and forth between the different networks. In theory<br>therefore,  the common e-wallet will make it much easier for players that<br>choose to play on 24hPoker, in addition to other networks. But what are the<br>risks and what could be the potential benefits of such a service within the<br>industry?<br>A problem that the B2B poker network currently faces is that of having<br>sufficient player liquidity on the network. Since the mass withdrawal of the<br>industry from the United States in October 2006,  online gaming has become a<br>much more competitive environment, particularly for the smaller poker<br>networks, as competing operators fight for a smaller pool of customers. By<br>allowing their players to play on different poker networks, the biggest risk<br>for 24hPoker is that the fragile level of liquidity may reduce as a result<br>of players using rival networks and possibly remaining on other networks,<br>which in turn could cause yet more players to leave in search of &#39;the <br>action&#39;.<br>A benefit that 24hPoker can gain from the single e-wallet is from the<br>perception that it looks after its customers needs, which could improve<br>customer loyalty as well as generating referrals through word of mouth.<br>There is also the possibility that they will be able to generate additional<br>revenue from the fact that players are using their e-wallet rather than that<br>of their competitors. The common e-wallet was originally scheduled to launch<br>in January 2007 and although delayed, plans still seem to be on track for a<br>launch of the service in the near future. Only time will tell whether this<br>concept will pay off. There are many potential benefits, but with the<br>network facing liquidity issues at this time, this is both brave and<br>innovative, as well as a risky path for 24hPoker and the B2B poker network.
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