The trio of New Jersey online poker operators under the Borgata license has continued to dominate the market for the third consecutive month.
According to the latest revenue figures from the New Jersey Division of Gaming Enforcement (NJDGE), the operators on the Borgata license earned a combined $839k in May, outperforming all other networks.
In comparison, PokerStars NJ, operating under the Resorts license, generated $790k — one of its weakest performances in the last 18 months. Meanwhile, WSOP Online, now under the new Tropicana license, reported just $518k last month, marking its lowest revenue in many years and 888poker NJ which shut earlier this week produced a mere $10k. The whole market generated $2.15 million in revenue in May.
The trio of operators that comprise the BetMGM Poker NJ Network — includes BetMGM itself along with partners Borgata Poker NJ and Partypoker NJ — all sharing the same player pool.
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NJ Online Poker Networks Revenue (May 2024)
| Network | Revenue |
|---|---|
| BetMGM NJ Poker | $839,504 |
| PokerStars | $789,719 |
| WSOP | $518,269 |
It is an impressive feat, considering the BetMGM Poker Network is still segregated unlike its competitors, who benefit from shared liquidity networks. PokerStars, for example, connects New Jersey players with those on PokerStars Michigan, and WSOP shares New Jersey’s player pool with WSOP Nevada and recently added WSOP Michigan in late May.
BetMGM, however, does not yet offer a cross-border facility, limiting its player pool to New Jersey. Despite this segregation, it has dominated the market, holding the top position for the past three months and ranking second in the first two months of 2024.
Historically, the Borgata license has seldom outperformed its competitors in New Jersey. In fact, before this year, the last time the network was the largest in the state was over two years ago.
Interestingly, all three rooms contribute significantly to the network. Earlier this year, the New Jersey regulator began providing revenue data for online poker and casino by brand. According to this new skin-level reporting, BetMGM and Borgata each reported just under $340k, while Partypoker contributed a smaller but still significant $163k.
Surprisingly, the Borgata brand generated the most revenue among the three brands in the first four months. This is notable considering that BetMGM is the primary brand across the US, dominating not just in poker but in casino games as well. Although BetMGM took the lead in May, it did so by a narrow margin.
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NJ Online Poker Rooms Revenue by Brand (May 2024)
| Rank | Operator | Revenue | License |
|---|---|---|---|
| #1 | PokerStars US (NJ+MI) | $789,719 | Resorts |
| #2 | WSOP US (NJ+NV) | $518,269 | Tropicana |
| #3 | BetMGM NJ | $339,134 | Borgata |
| #4 | Borgata NJ | $337,283 | Borgata |
| #5 | Partypoker NJ | $163,087 | Borgata |
| #6 | 888poker NJ | $10,031 | Caesars |
Another interesting point is that both PokerStars and WSOP have experienced year-over-year declines, with PokerStars down 16% and WSOP down approximately 18%. In contrast, the BetMGM Poker network has bucked this trend, rising 10% from the same period last year. This trend has persisted throughout 2024, with PokerStars and WSOP consistently down year-over-year, while the trio of operators under the Borgata license have seen annual growth.
But the continuous growth of the network is somewhat inexplicable, as it hasn’t launched any major promotions beyond its regular monthly offers nor hosted any big tournament series recently, which typically boost revenues. Yet, it has managed to outpace its rivals.
One factor that might explain the growth is the network’s increased focus on running online qualifiers for its live poker events, hybrid online-live events and enhancing the omnichannel experience for players. Furthermore, its link with Borgata Casino, one of the largest New Jersey online casinos, offers cross-selling opportunities for online poker and partnerships with live tours such as Aria in Las Vegas may also contribute to its growth in the state.
WSOP to Replace BetMGM for Pole Position
However, this honeymoon period is expected to end this month. While the BetMGM network might continue to see annual growth, its absolute revenue is likely to drop to 2nd or 3rd place in the coming months. This shift is anticipated because WSOP typically dominates the market in June and July when the WSOP Online series begins, accompanied by the online bracelet series, which attracts additional traffic in Nevada.
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Furthermore, WSOP is expected to benefit from the recent inclusion of Michigan in its shared liquidity network, which expands the player pool. This change, implemented in late May, will be fully reflected in the June revenue figures.
With these factors combined, WSOP is projected to see a significant increase in its online poker revenues and likely maintain the top position in the market. Meanwhile, there will be stiff competition for the 2nd spot as both PokerStars and the trio of Borgata operators are expected to alternate positions in the coming months.
This dynamic will likely change in the future once BetMGM launches its own shared liquidity network and potentially expands into new states such as Nevada or West Virginia. When that happens, the competition between the three networks will intensify, creating parity and making all three strong contenders for the number one spot.