Fall rebound? What fall rebound? New Jersey iGaming revenues continue to slide as revenues dropped 7.23% in October to $9.5 million, the lowest point since June. October was the first full month that did not include Ultimate Gaming NJ figures.
The New Jersey Division of Gaming Enforcement released iGaming revenues for October on Thursday and nearly every online site saw a drop in both casino and poker revenues. The only site to post a gain in October was Betfair. After the shutdown of the Trump Plaza, Betfair has gone on a nice run and posted its third straight winning month.
Seasonal Bump Didn’t Happen – Casino Gaming Hit Hard
Operators and analysts have all been waiting for the “seasonal bump” in online gaming, a bump that hasn’t come. Instead, gaming slid across the board with general iGaming taking big hits during October.
Caesars took the biggest hit during the month, dropping 11.5% in general iGaming earnings. Golden Nugget took a sizable hit as well, dropping 7.59% in October. They did manage to break $1 million in earnings.
Tropicana saw a second straight month of declines, this time dropping 5.81%. They dipped below $2 million for the first time in months, earning $1.92 million in October. Borgata was the only casino to pull in more than $2 million from non-poker games in October, but they were still down 4.78% to $2.18 million.
Online poker took a hit as well in October, down about 9.2%. Borgata took nearly all of the poker losses, down 9.2% percent to $1.05 million. Caesars dropped a meager $3,356 in poker earnings in October, or 0.03%.
Betfair is October’s Only Winner
Back in August, most analysts would have told you that Betfair would have been out of New Jersey by October. Instead, they are they only online operator posting steady gains. The site has posted three straight months of gains, this time up an incredible 11.46% in October.
All of their earnings came from general gaming, with Betfair pulling in $855,869 on the month. During October, it was announced that Betfair had partnered with Caesars and will continue to operate under their license. While that didn’t help their poker room, it seemed to bolster confidence in general gamblers.
What Happened to the Bump?
There could be several reasons for the slide in New Jersey iGaming, including the lack of movement by PokerStars.
If you were to believe every report you hear from the poker media, PokerStars should already be operating in Atlantic City. That story changed to sometime in November and now following comments by Senator Ray Lesniak, others are speculating that PokerStars may not be coming until 2015.
Times are tough in New Jersey right now, especially in the Atlantic City area and some people may not be willing to take a chance on a market that seems to be in a period of uncertainty. Ultimate Gaming recently closed and the supposed savior of the market has yet to receive DGE approval.
Causal gamblers continue to support NJ iGaming, but poker players appear to be taking a wait and see approach to things. I know that if I were a recreational poker player and saw recent activity, I’d be cautious and would want to see how the PokerStars saga plays out.