Poker appears to be doing really well in the short time since different casinos started to hype it. The latest revenue reports on the performance of the New Jersey market reveal a very strong relationship between poker as a gambling option and the easing up of Covid-19 restrictions in different parts.
The history of gambling in the Garden State indicates a very strong market; this explains why every gambling investor is rushing to get an operating license to conduct business in NJ. Revenue collected in July for instance shows a strong performance in the poker category of gaming. Taking into account all the casino services providers operating in this market, veteran brands such as Caesars still command a significant size of the market.
The numbers reveal that the revenue collected from the poker market in July 2021, are two thirds what was achieved in the month in 2020. While one might be quick to conclude that 2020 was more profitable compared to 2021, the truth is that the pandemic introduced people to new social norms.
As a whole, the entire gambling market of NJ managed to collect revenue amounting to $3,072,756 which is a huge amount but still nowhere close to the performance of the previous months. It is going to take time and perhaps a change of strategy for the state of New Jersey to report betting revenue to the tune of what was achieved in July 2020.
In July 2020, the gambling sector collected $4.8 million in revenues; this is the second largest revenue collection to ever been reported in the Garden State. The leading revenue performance period was April 2020 which saw the collection of close to $5.15 million. If we factor in the revenue in July 2021, it ranks as the fourth best month in terms of revenue collected from the online New Jersey poker outlets.
For those who understand the times well, it is not amusing to look at the drop in revenues for 2021 compared to what was achieved in 2020. As many analysts would say, the three months spanning March through to July 2020 was rather unique because of the sting of the pandemic at the time. Due to the fact that most people were looking for survival tactics online, online gaming operators were the greatest beneficiaries.
Gambling became such a huge indoor activity at the time when the pandemic was at its peak. There was nothing that most people would engage in at the indoor level apart from online sports betting courtesy of the various betting providers. The quest for something to do to break the monotony of staying indoors led many to gambling sites which quickly became a sensation.
Judging from the circumstances that led to the hike in numbers in 2020, it would be unrealistic to expect retention of the numbers in 2021. As a matter of fact, it might take a long time for the gaming industry in general to stumble upon the numbers as they were witnessed in 2020.
Bearing this reality in mind let us analyze the numbers without the report of 2020. We are left with the July 2021 performance as one of the best market seasons for New Jersey since it was legalized.
What we cover
WSOP boosts Caesars numbers
Breaking down the numbers as per the specific casino from where the revenue was collected from, it has emerged that the highest contributor for July 2021 state revenue was Caesars Entertainment. For WSOP to operate in the NJ market, it leverages the operating license of Caesars. This is the same license that keeps the 888poker brand alive in this market.
It is possible that some of the success that Caesars has enjoyed in this jurisdiction is due to the 2021 WSOP tournament. The 2021 version of the WSOP was flagged off on the first day of July in NJ and this must have triggered many bracelet hunters to camp at Caesars for an opportunity to take the title home this time. Either way, the timing of the WSOP tournament was perfect and helped the casino brand to set a new performance record.
July 2021 was indeed the bracelet month in New Jersey as a high number of poker players registered their participation in anticipation that they will walk away with the championship bracelet. The over 27,000 entries that bought in led to the collection of an estimated $18 million that went directly into the prize pool.
Before this impressive performance of 2021, the other great performance took place in 2020 during the pandemic season. The numbers were particularly high in the months following the imposition of global restrictions to curb the spread of the virus. For the Caesars brand, this led to revenue collection amounting to over $1.7 million.
Since the months
The months which came after the declaration of Covid-19 as a global health pandemic performed really well due to the unique virus containment measures. For anyone who is interested in getting a true picture of the gambling industry in New Jersey, 2021 is where to look. Indeed, 2021 had the best performance as far as revenue collection is concerned.
Even though WSOP experiences a revenue boost during specific times of the year, it might be a great idea for the management to think of better ways to put the Caesars gaming license to good use. The same applies to the 888poker brand that is generally unheard of for the most part of the year. In the last 180 days alone, cash games have attracted traffic towards online Caesars Entertainment properties.
Conclusion
Caesars Entertainment is going well amidst tough times for various reasons; innovation of its development team and the fact that it has been around long enough to pull a crowd of fans to itself. Given the fact that the brand is outperforming its license users, WSOP and 888poker, it will take time for some of the industry’s new comers to learn a thing or two from the veterans.
