READ: Online Poker Startups in India Worth $120M

Indian FlagIndian poker startups like Adda52, Poker-Baazi and Spartan Poker make at least five crore rupees a year, or $50 million, reported The Economic Times. Reports last year placed the startups’ worth at an estimated $110 to $120 million.

Rajat Agarwal, the co-founder of Spartan Poker who referenced these reports, said that this model is working.

“Online poker is a profit-making model,” he told The Economic Times.

Over 50,000 people play online with these “homegrown” online poker startups and 95 percent of India’s professional players are male. Three of India’s states recognize poker as a game of skill, but in most other states players can continue to play because there are no clear laws…