PokerStars NJ saw it online poker revenue rebound in October after a disappointing September when it generated its lowest amount of revenue since entering the New Jersey market in March 2016.
Operating in conjunction with its land-based casino partner, Resorts Casino Hotel, PokerStars collected $560k in rake and tournament fees, according to figures released by the New Jersey Department of Gaming Enforcement (DGE).
NJCOOP Sets PokerStars NJ Apart From the Competition
The 11.5% increase on the $500k generated in September happened to coincide with the running of its flagship tournament series in the state, NJCOOP (New Jersey Championship of Online Poker).
NJCOOP ran from October 12-28 and featured prize pools totaling $1 million spread across 50 tournaments. The series offered players a variety of poker formats and structures including a $300 No Limit Hold’em Main Event with a $100,000 guarantee.
The operator also ran a host of promotions around the prestigious tournament series to entice players to the tables including freerolls and deposit bonuses; however, the series still underperformed. Nearly half of the events during NJCOOP failed to meet their guarantee, and while most of the overlays were relatively small, the sheer number of events that came up short is noteworthy.
Revenue Declines Despite WSOP Fall Online Championships
At the same time that PokerStars NJ was growing revenue, its competitors in the market, the 888poker network (featuring WSOP.com) and the partypoker network saw their figures decline by 4% and 7% respectively.
The decline for Caesars’ WSOP.com took place while the site ran its own fall tournament series, the Fall Online Championships. Also with a $1 million total guarantee, the series ran from October 6 – 20, included 37 events with a $175,000 guaranteed Main Event and was accompanied by .
And even though the network generated less revenue in October than it did in September, on a year-over-year basis, it brought in 15% more revenue last month than it did in October 2018.
New Jersey Online Poker in 2019
Over the course of the year, online poker as a whole in the state of New Jersey has generated $17.7 million representing a 2% decrease compared to the $18.1 million brought in over the first 10 months of 2018.
Digging deeper into the numbers we see that on an individual basis, none of the three networks in the state have experienced the relatively flat line over the course of the year that a 2% shift implies.
The All American Poker Network (AAPN) comprised of WSOP.com and 888poker has seen a 15% rise in revenue since January, thanks to another single factor, shared liquidity.
While New Jersey operators are allowed to share their player pools with their operations in other states, only the AAPN has online poker rooms in other states that share this policy. As a result, PokerStars and the partypoker network experienced double-digit declines in 2019, with revenues so far down 14% and 12% respectively.
Online Poker Launches Pennsylvania
The New Jersey online poker landscape can change dramatically if Pennsylvania allows cross-border liquidity sharing. The neighboring state launched its online poker market earlier this month, but so far, only one poker room, PokerStars PA, has opened.
The Keystone State could live up to its nickname with a favorable conclusion to the Wire Act case which would dissolve the threat of a federal clampdown on online gaming.
With a population of 13 million, if Pennsylvania were to join the Multistate Internet Gaming Agreement (MIGA) and begin allowing shared liquidity, players in New Jersey would see more games running and tournaments with bigger prize pools while online poker companies with operations in both states would likely see a substantial increase in their New Jersey revenues.