Happy Thanksgiving from GGB; Newsletter Returns December 4

Online Poker Brings in $8.5 Million in Nevada

Nevada regulators have released the first revenue results for the state’s online poker sites. After 10 months of at least one site in operation, online poker has taken in $8.5 million in revenue. The results were not broken down among the three sites currently operating, but the results are seen as disappointing.

Nevada’s internet poker sites have brought in only .5 million in revenue in their first 10 months of operation, according to the first revenue results release by state regulators.

The figures were cumulative and not divided among the three operating sites, each of which had different launch dates.

Ultimate Gaming was the first site to go live in Nevada in April 2013 followed by Caesars Interactive’s World Series of Poker brand and more recently Real Gaming.

Wsop.com is considered to be the leading site in Nevada according to various online poker news websites which track player numbers on the various sites.

The Nevada Gaming Control Board has begun releasing revenue figures now that Real Gaming—which went live in February—is operating. Regulators were not required to release revenue figures until three sites were operating in the state.

For February, with three sites operating, online poker generated only $824,000 between them during the month.

The state’s overall gambling performance at brick-and-mortar casinos was also down 13.7 percent for February over February 2013, generating $926.1 million in revenue.

Despite the low numbers, Nevada regulators have approved applications from six companies to extend internet poker licenses that were set to expire as they have not launched online sites. Published reports suggest that most of these companies are taking a cautious approach and weighing the state’s online market before moving.

Nevada is one of three states—along with Delaware and New Jersey—to legalize online gambling.

Reports from Delaware show its online websites brought in just $73,971 in the month. Nevada and Delaware, however, have signed a compact to combine their player pools to increase traffic at their online poker sites. Officials hope to begin sharing players this summer.

Meanwhile, New Jersey, which has a significantly larger population than both Nevada and Delaware, brought in $10.3 million in online gambling revenue in February. Nevada officials have said they have held preliminary talks with New Jersey officials about New Jersey also joining the online gambling pact.