New Jersey Online Poker Revenues Climb
Published February 23, 2015 by Lee R
After a difficult period of adjustment, the downward trend has clearly been reversed.
Despite the challenges, fears, and tweaks, New Jersey state is showing robust growth in online gambling. The latest encouraging news comes from the positive growth posted by online poker for the second month running.
NJDGE Reports Boom
A January report released by New Jersey Division of Gaming Enforcement (NJDGE) revealed that all four of the state's licensed operators experienced increased revenue growth from December to January after modest growth in December reversed a three month trend of decline.
This is an encouraging sign amidst the controversy that still revolves around legalized gambling, and legalized online gambling, which has led to warnings and concerns about sustainability. That and the shortfalls to original projections by Governor Christie have been answered resoundingly by the turning of the corner for 2015. The fact is, the rewards for surviving the growing pains may be close at hand.
The new boom was earmarked by an 8% increase the state of New Jersey experienced in regulated online gaming revenue for January, for a total intake of $11,567,337 after December's healthy take of $10,736,118. Online, the story was even better, as internet poker revenues jumped a full 12% to approximately $2.3 million in revenues.
The boom is attributed to activity by online operators such as Partypoker NJ and BorgataPoker, who in January jointly hosted the Garden State Super Series (GSSS) II. On another front, WSOP NJ and 888poker NJ pooled their resources to share liquidity in some tournaments and cash games as well.
Co-operation Among Competitors Key to Market Survival
Clearly, in these touch and go opening months of regulation, co-operation among competing casinos is the key to increased profits and survival of the newest revenue source available. The online option is moving forward in baby steps, and now is not the time for competition among New Jersey casinos, but cooperation so that a market arises on which to compete in the hopefully for the gaming industry relatively near future.
