New Jersey Records 53 Percent Poker Revenue Increase
The revenue from online poker in New Jersey has accumulated a total of $35,787,277 for the first eleven months of 2020. In contrast to what was generated through online poker in 2019, New Jersey is witnessing a 53 percent year-over-year growth.
By this time in 2019, the Garden State had recorded $19,020,152 as poker revenue. The growth rate has been phenomenal as the spike was first noticed in March 2020, which was the month where the nation-wide lockdown due to the covid-19 pandemic started. Since then, New Jersey has continually experienced growth each month from March to November 2020.
WSOP/888 is the most successful poker network in the states as it alone clocks an average of $1,384,030 every month. So far for the year, it has recorded a total of $15,224,332, which is almost 50 percent of the total in the state. PokerStars has generated a total of $11,838,525 so far in the year, averaging $1,076,139 per month. Partypoker, even as they are in third place has hit a 95.15 percent growth rate in the first eleven months of the year. They have grown the most amongst all poker networks in the state but averaged $792,765 per month with a total of $8,720,420.
How it Started
The spike was first noticed in March 2020 after the lockdown measures were implemented. Since then, the Garden State has recorded nine consecutive months of poker revenue growth, which is more than what was obtained last year. The trend will likely continue in 2021. That is because people can enjoy the game of poker from the comfort of their homes. In January and February, the numbers were poor compared to those of the same period in 2019. However, it has since picked up, making 2020 a good year for online poker in New Jersey.
It is strange to say, but the lockdown measures greatly benefited the poker industry. There was bad news at first when it was reported that the WSOP would not hold this year. However, WSOP and GGPoker game together to bring back the Main Event in the US (New Jersey and Nevada), and worldwide. The initial stages were played online will the final table in each region was a live event. The US is yet to crown its champion as the event is scheduled to hold on December 28, with the heads up match against both champions slated for December 30.
The US leg of the competition broke the online poker world record in the country with a prize pool of over $6 million and over 700 entrants. The largest prize pool for an online poker event initially stood at $2 million.
WSOP/888 also hosted the WSOP Super Circuit Online Series, which generated a prize pool of over $3 million. Partypoker will hold its WPT Online Poker Open $3,500 Main Event on December 27, with a guarantee of $1 million. All of these events were open to New Jersey players.
With recent happenings, it is safe to state that operators in the state can continue to bring in between $2 million and $3 million easily as poker revenue.