Much has been made about the revenue that has been brought in by sports betting and online casinos in New Jersey, but not all sectors of the online gambling market are booming in the Garden State. In September 2019, online poker revenue dipped in New Jersey while there was a record-setting month for sports betting in the state.
According to a recent filing by the New Jersey Division of Gaming Enforcement (NJDGE) the poker profit for the month of September decreased by 0.9%. However, on the positive side the year on earnings for online poker were up 1.8% with the revenue for September pushing the total to $1.6 million, Still, the total for September is another month where New Jersey online poker revenue had a mark of below $2 million.
Even though $2 million in monthly revenue for online poker has become the benchmark it there was a time not long ago where that was well below average. In July of 2017 it was seen to be a down month for online poker but the three operators of PokerStars, Borgata and WSOP/888poker still made over $2 million.
Even if the September totals did not live up to financial expectations the revenue for the month is a little bit troublesome for online poker, which used to be a boom for the New Jersey economy. It does not help that that the state has to deal with operators from Nevada and Delaware for a shrinking pool of poker players.
The slight loss in revenue for online poker is also heightened when considering the money that online sports betting has brought in. Even though sports betting is a single total, in terms of online betting and live betting, the sports and casino revenue generated online is up nearly 60% from the previous year in September of 2018.
On top of everything the revenue generated from online casino gambling rose by 3.6% monthly, as well as 63.3% yearly. This showed that the online gaming is in a boom in New Jersey even though online poker is on a short decline. All in all, the revenue generated by gambling online in September increased by 59.7% to bring the total up to 41.1$ from the previous year. That figure is another record for New Jersey, and it is the 3rd new high in three months’ time.
For the online poker operators in New Jersey the new figures are a little alarming to say the least. Even though sites that are active in offering online poker are making a profit those profits are falling while the other sectors of sports and casino gambling online are rising. This has shown that it is not a decline in the interest of gambling online but a slowing interest in gambling on poker online.
The online gambling industry has contracted in the last 10 years and because of its size New Jersey is behind the eight-ball. For example, the United Kingdom can have play in player pools with players from around the world but the players in New Jersey simply do not have those options. Basically, regulation at a nationwide level as well as liquidity sharing will be the only things that can turn around the online poker industry.
The continuous threat of the Wire Act still puts these issues in the dark. However, all is not lost, as with sports betting being a huge boom online poker may ride their coattails. As it stands, the operators for online poker in New Jersey are fighting an uphill battle. They have hope though, as they want to stay in business and make money waiting for the rest of the United States online gambling market to catch up.