Ultimate Gaming Pulls Plug on NJ Online Gambling

Ultimate Gaming has decided to exit the New Jersey online gambling market after performing poorly in 2014. Thus far, Ultimate Gaming has generated the lowest revenue of all six online gambling operators licensed in the state. Compared to PartyPoker’s $30m in revenue, Ultimate Gaming has taken just $4.9m.

Focus on Nevada Market

As if vindicating the decision of Ultimate Gaming, new reports have indicated that global gaming giant PokerStars will soon be entering market in New Jersey. Company chairman Tom Breitling announced that they are currently winding down operations and will respond by focusing their efforts on the Nevada online gambling market.

Trump Taj Mahal Also to Close

What seems to have had a major impact is the decision of the Trump Taj Mahal to file for bankruptcy protection after also failing in New Jersey. Coincidentally, Ultimate Gaming had an agreement in place with the parent company of Trump Taj Mahal to provide online gambling services in the state. Now both entities have been forced to admit defeat.

Contract Breaches Implicated

As the name would suggest, Trump Taj Mahal is aligned with the business interests of global businessman Donald Trump. Following blame of contract breaches by Ultimate Gaming, parent company Trump Entertainment refused to comment. A further source of embarrassment occurred this month when Trump Plaza was forced to give up its casino license.

Betfair Seeks New Partnership

Another partner impacted in the turmoil has been Betfair, who, like Ultimate Gaming, also wants to cease dealings with Trump Entertainment. A disappointing year has seen Betfair and Trump Plaza generate just $5m in revenue. Betfair will be giving a chance to form an alliance with another gambling operator.

Money Owed to Ultimate

Ultimate is listed as a creditor due approximately $1.5m in the bankruptcy filing of Trump Entertainment. However, Trump has only listed assets of $500,000 in the filing, which doesn’t bode well for Ultimate.