New Jersey online poker revenue took a dip in November, despite an overall upturn in earnings for the state’s operators.
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New Jersey online poker revenue falls in November despite other verticals improving. (Image: Flickr)
Published last week, the latest set of financials show a 24.7 percent increase in year-on-year takings for the state’s live casinos. Looking at a specifics, gaming revenue was up to $257.4 million compared to $206.4 million generated in November 2017.
Online Poker Continues to Struggle
In tandem with local live earnings improving, internet gaming win was up $6.3 million to $26,944,073. Although online operators took 30.7 percent more in November 2018 than they did during the same period in 2017, poker continues to struggle.
Despite liquidity sharing coming into effect in May, the intrastate pact with Nevada and Delaware hasn’t boosted online poker revenue. With November’s earnings down by 13.7 percent year-on-year, operators will be looking for ways to fortify their earning potential moving into 2019.
Salvation may be there in the form of sports betting. Following the demise of the Professional and Amateur Sports Protection Act (PASPA), New Jersey’s betting revenue has steadily grown.
In the weeks after PASPA being overturned, the state took more than $40 million in sports wagers. In November, sports betting operators earned $21,243,865, which was almost twice as much as the $11,686,119 banked in October.
Sports Betting Doesn’t Help Poker
What will come as a disappointment to New Jersey’s gaming brands is the lack of impact this increase has had on online poker. Prior to sports betting becoming a reality in the Garden State, analysts believed it would help attract more customers who, in turn, would migrate to other products.
While that hasn’t happened yet, there is still a chance to innovate. In Europe, many operators have found ways to integrate their verticals and that’s led to improvements across the board.
With lessons to be learned from overseas, the latest set of statistics will serve as a timely reminder to operators that innovation is crucial in a developing market.
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