- It is the first time in market history that revenue from online poker has dipped below $1.5 million.
- It was Resorts—of which PokerStars is the sole operator—which took the brunt of the decline, down 9.5%.
- November revenue across all licensed online casinos topped $47.6 million, up some 80% year-over-year.
Revenue from online poker in New Jersey hit a new low in November. The three licensed rooms in the state combined to generate just $1.49 million in revenue, down 4.4% year-over-year.
It is the first time in market history that revenue from online poker has dipped below $1.5 million during a calendar month.
On a more positive note, that decline is slowing. Looking at the Novembers over the last few years, it dropped 13% from 2016 to 2017, and then 14% 2017 to 2018. Last month’s dip was comparatively much lower, suggesting that the market may reach a natural floor.
The dips were not evenly distributed across the three licensees. Operators on the Borgata license held static year-over-year and those on the Caesars license were down just 2.9%. It was Resorts—of which PokerStars is the sole operator—that took the brunt of the decline, down 9.5%.
The makeup of the market is largely unchanged, with Caesars still the largest operator with a 41.5% market share (up fractionally from 40.8% a year ago), Resorts at 32.2% (34% in 2018) and Borgata at 26.4% (up a point).
Online casino revenue continues its unchecked growth. November revenue across all licensed online casinos topped $47.6 million, four million more than the prior month and up some 80% year-over-year, setting yet another market high.
The nascent online sports betting market actually dipped on a sequential basis from October into November, from $38.7 million to $27.8 million, although on an annual basis revenue has almost doubled. The market is still in its early days and there will be natural monthly fluctuations in response to sporting events in the state.
November figures appear robust, and with online now accounting for 85% of all sports wagering (up from 83% in October, and 68% a year ago), more and more betting is shifting online.
