Compared to February, online poker revenue in the Garden State in March increased from $2,045,655 to $2,227,629, according to figures released Tuesday by the state.
March’s figure was a drop of 30.6 percent compared to the same month in 2014, which was $3,210,663 collected in rake. The steep drop was actually less than the year-over-year decline seen in February. The second month of 2015 saw 34.2 percent less than February 2014.
Year-to-date online poker revenue in New Jersey is $6,572,710, down from $9,762,137 during the same three-month period in 2014.
While online poker has been slumping, overall I-gaming revenue is strong.
Revenue from the other authorized online casino games in March was $10,937,994, up from the $8,667,711 in March 2014.
Total Internet gaming win on the year so far was $35,137,326, an increase of 11 percent compared to January to March of last year ($31,646,517).
New Jersey online gaming is really looking up, as the state continues to work on improving the industry, especially with regards to payment processing. In a January report from gaming regulators, New Jersey said:
The Division has been in discussions with the New Jersey Department of Banking and
Insurance and the U.S. Office of the Comptroller of the Currency (OCC) to address the
difficulties related to payment processing. Most recent statistics indicate that about 73% of Visa and 44% of Mastercard transactions are approved. A new credit card code has been created for legal online gambling transactions and it is expected to be in effect spring of 2015. It should also be noted that the rate of charge backs for Internet gaming is actually less than it is for retail transactions. In addition to increased credit card transaction acceptance rates, payment processing companies such as Neteller are approved to do business with New Jersey Internet casinos and provide convenient and secure methods to fund Internet gaming accounts. As the banking industry becomes more familiar with legalized Internet gaming and patrons become more educated about the various options for funding their accounts, further improvements are expected in this area.
New Jersey also said that it is in talks with Nevada and the United Kingdom about possible partnerships for online poker liquidity sharing. Those don’t appear likely this year, but it’s a matter of when, not if, New Jersey partners with another jurisdiction for online poker. Nevada and Delaware kicked off the liquidity sharing last month.
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