Facebook’s Zynga Poker valued at $7 Billion

Here’s a shocking find regarding the online poker industry: Zynga Poker, which runs the internet poker application for Facebook, is valued at over $7 billion. And what’s amazing about this fact is that Zynga only offers free poker games!

The news of Zynga being worth over $7 billion comes after a Wall Street Journal article discussed the specifics of Zynga Poker and their holdem poker application. The article also talked about how Zynga is looking to promote their site even more by holding a 2011 PokerCon convention in Las Vegas.

Getting back to the main issue at hand, how does a free poker site that only offers play money games get valued at $7 billion? Well this isn’t just any free poker site since Zynga charges players for the poker chips that they use. Players can buy up to $200 worth of chips each day, which is quite a bit to spend considering that the chips have no value outside of Zynga.

With no chance to win real money or collect rakeback, you have to wonder why 35 million people would want to play poker at Zynga. Perhaps they’ve never been exposed to real money poker, or it’s the fact that Facebook has such as huge membership base (500 million members), and some of these people are bound to sign up at Zynga Poker.

In any case, it doesn’t look like Zynga is going to catch up to the giants like Full Tilt Poker or PokerStars anytime soon since they are based in the United States and can’t offer real money play. However, they do have one thing over other online poker sites in that they have been able to offer their poker games on the Android mobile phone trouble-free.

Full Tilt originally made news headlines for offering their poker games over the Android; however, the Android came back and said that FT wasn’t allowed to run real money games through their phone service. Oh well…….at least Full Tilt still has that great 27% rakeback offer.

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