Card Player – A new study has come out that pegs the New Jersey online poker market, which will kick off on Nov. 26, at between $39 million and $65 million during its first 12 months.
The industry could grow to between $55 million and $92 million in year ten.
Those figures represent the amount poker players could end up spending in rake for tournaments and cash games. In other words, it’s the online casino’s revenue from its poker room.
The research is according to a new report by Academicon and PokerScout.
The researchers analyzed data on 4.6 million real money online poker players in 2009 and 2010, near the peak of unregulated poker in the U.S. (pre-Black Friday). They found that 38,100 online poker players in New Jersey spent an average of $765 per year, creating a $29.13 million market.
The research firms added that New Jersey players accounted for three percent of U.S. revenue and 0.8 percent of worldwide revenue in online poker.
Thanks to online poker being fully legal and regulated in the Garden State, home to Atlantic City, the market should grow. However, a lot will depend on when the state partners with other jurisdictions in order to increase liquidity. Plans are already in the works.
Estimates for the entire New Jersey online gambling market size in the first year have ranged widely from around $260 million to $1.2 billion.
Just recently, the Borgata was the first casino to be approved for online gambling there.
In addition to New Jersey, Nevada already has online poker running within its borders.
New Jersey, unlike Nevada, has been mired in a gaming revenue slump for years.