NJ Internet Poker Revenue Stagnant
Breitling said that they had incorporated numerous number of clicks in the process. This is so that people that had previously played online poker previously didn’t have to go through the more detailed process that has more extra clicks. When it comes to playing online games, more people are taking the wait and see type of attitude to see how it plays out.
NJ Internet Poker Revenue Stagnant
This week, a recent report from the Division of Gaming Enforcement in New Jersey was released. It reveals that month over month, the revenues of online poker have remained relatively stagnant. In February, online poker turned up $3.1 million and the same platform turned up $3.2 million in March; while the online casino’s revenues grew by $1.5 million from the previous month to $11.8 million this is a great contrast.
As much as these figures could be disappointing, they’re not a reason to raise alarm as yet. Poker is flat-lining while the casinos are outstripping it and hence the expanding gap in the 2 sectors in the US market which is more or less a virgin in this field and reflects what the current trend is around the world. However, in New Jersey, the revenues are dropping far short of what had been projected initially in Which New Jersey ranged between an annual $250 million to $1.2 billion.
Constraints come with regulations
Tobin Prior and Tom Breitling who is Ultimate Poker exec admitted to the same at a recently held iGaming-North America-Summit that was held in Las Vegas. However, they remained hopeful about online poker in that particular state in the days to come. They said for a variety of reasons, people have been quite slow on adapting to the newly regulated market and part of these reasons are directly related to the regulation itself. Constraints come with regulations, like the process of age verification. This requires the customer to have to maneuver a more complex sign up procedure than what they have been accustomed to while they play on sites that have not been regulated. They admitted that it is possible for the software to be tweaked a bit and improved with regards to this.
Breitling said that they had incorporated a numerous number of clicks in the process. This is so that people that had previously played online poker previously didn’t have to go through the more detailed process that has more extra clicks. When it comes to playing online games, more people are taking the wait and see the type of attitude to see how it plays out.
Payment processing is also another issue that needs to be developed as well. For example, even though legal, Visa still declines to process the transaction on online gaming for the residents of New Jersey. However, the re-introduction of Neteller that was once a preferred method of payment in the US even which took a quick retreat under the heat of the UIGEA bill which resulted into the banning of internet gambling transaction in America is going to offer a reprieve to gamers. This is because it is going to be the bridge between New Jersey online-poker sites and Visa customers.
A shared problem
One of the other challenges that Breitling sited ahead is the geo-location of New Jersey. Unlike Nevada where a larger of the population resides in the concentrated metropolitan regions, the population of New Jersey is more restricted to areas around the lines of the state which makes it hard to control. These issues relating to technology, however, will improve substantially with time.
Over the past two months, as much as revenues have been stagnant, the levels of liquidity have dropped a bit and as such, sooner than later New Jersey will be forced to share its pools of players with a variety of other states. As much as New Jersey has taken a quite stringent stance on sharing its liquidity, Delaware and Nevada made the first ever such pact in an effort to consolidate more of the market. An estimated 30% increase is anticipated should sharing among these states happen. For the online-poker industry, having enough games that allow one to attract new ones and keep the old ones is the success blueprint and New Jersey must accept this.
We must keep in mind that in the long term plan of action, month on month statistics are relatively irrelevant not to mention that it is still in the very early stages for regulated and legal internet poker for the state of New Jersey. We must keep our fingers crossed since as much as the nosebleed figures that had been initially predicted may soon be attainable, this will be gradual.