Nevada Online Poker Revenues Fall 14.5% To $792k In April

Nevada Online Poker Revenues Fall 14.5% To $792k In AprilThe state of Nevada has just released its casino results for April, showing a 1% contraction in revenues to $852 million, compared to the $854.3 million generated in the same month last year. Included in that tally was Nevada’s online poker figures which, like New Jersey, suffered their first ever drop in revenues, down a dramatic 14.5% to $792,000, from the $926,000 Nevada collected in March.
The Silver State currently has three online poker rooms, namely, Ultimate Poker, and Real Gaming, and for the first 11 months of Nevada’s internet poker industry revenues have totaled $10.24 million, an amount woefully short of the forecasts bandied about pre-regulation. Commenting on the disappointing results, Union Gaming Group analyst Robert Shore was quick to turn attention to the industry’s prospects going forward, stating:
“In the future, multi-state poker compacts could be a more impactful revenue event given a larger base of players, and due to the liquidity dynamic.”
Nevertheless, in the shorter term Nevada is likely to at least experience a welcome boost to its nascent internet poker industry over the next couple of months as poker players from all around the United States and the rest of the world descend upon Las Vegas for its annual tournament poker showcase extravaganza, the World Series of Poker. With more than 80,000 players expected to take part in the 65 event series, Nevada’s casinos are preparing for a significant uptick in gambling tourism, which will also likely be reflected in their online poker offerings.
That said, poker represents just a small proportion of the gambling industry’s overall revenues, either online or in the live arena. Casing point, in New Jersey the state’s online poker products comprise a mere 20% of its overall igaming industry which also includes casino games. Likewise, The Silver State’s casinos collected around $124 million in revenues throughout 2013 from live and internet poker, equivalent to a mere 1.1% of its $11.1 billionĀ  gambling market last year.
As far as land-based casinos are concerned, in April Nevada reported a 1% fall in gambling revenues to $852 million, compared to the $854.3 million generated in the same month last year. The Las Vegas Strip then accounted for $463 million of that tally, with slots down 4.4% to $235.9 million, while baccarat showed the biggest improvement up 40% to $90.4 million. Without baccarat, however, table games would have fallen by 0.5% to $136.6 million.
“By and large, we suspect evidence of strong baccarat play disproportionately benefited the operators with established Asian sourcing channels,” commented Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski.

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