Bubble Protection, a company that hopes that the US federal government will soon legalize, regulate, and tax the US online poker industry, has already launched a special insurance product for offshore online poker players—the poker tournament insurance.
The insurance product is available only to those players who reside in countries that do not criminalize playing online poker. Bubble Protection Founder CEO Eugene Castro said, “It might be easier to be a European company, but out goal is to cover the world, and we think in the future, 60 percent of online poker will be US based.” Legalization of US poker might take a long time, but Bubble Protection is already taking steps to grab their share of what they believe will one day be a huge industry.
Recently, Boyd Gaming and MGM Resorts International joined hands with Bwin.Party to launch online poker services in the US as soon as the industry became legalized and regulated in the US. Castro said, “You look at announcements like that from MGM CEO Jim Murren and you can start to see how big this is going to be for the gaming industry.”
Bubble Protection’s insurance product aims to protect players on the bubble, or in other words, the last person to leave the table without winning anything. For instance, if 10 participants of an online poker tournament are destined to win something, the 11th player is said to be on the bubble. Bubble Protection enables players to insure their entry fees so that they can get back their entry fees if they end up in a bubble.
The company launched its official website BubbleProtection.com just two weeks back, and according to Castro, players have already begun purchasing policies. Besides, the company is also receiving plenty of customer emails almost every day, with 800 enquiries being received this week alone. Most of the queries are on coverage because Bubble Protection is the only insurance product of its kind in the arena of online poker insurance.
Even the online poker gaming industry has extended a warm welcome to Bubble Protection because operators feel that this product will encourage more and more players to participate in tournaments. The advertising companies, however, are yet to climb on board. Castro says, “No mainstream advertisers will attach to poker, but that time will come.” He says that top companies will start sponsoring online poker tournaments once the industry is legalized and regulated in the US.