NJ DGE Outlines Bright Future for iGaming
New Jersey gaming regulators released a 10-page report that shows a promising future for online poker and gambling in the Garden State.
Entitled “New Jersey Internet Gaming One Year Anniversary – Achievements to Date and Goals for the Future,” the report is dated January 2, 2015. Signed by Division of Gaming Enforcement Director David Rebuck, the report explains in detail the struggles and accomplishments during the first year of New Jersey’s regulated igaming, and also highlights needs and expectations for 2015 and beyond.
Compact Agreements Would Help
The most glaring need cited is to enter into interstate and perhaps international compacts in order to boost liquidity in online poker. The DGE points out the surprising statistic that ipoker currently generates 25% of all igaming revenue in NJ.
Prior to launching, regulators and state officials were under the assumption that poker would outpace online casino gaming. That has clearly not been the case, and lack of partnerships with other regulated states or jurisdictions is seen as a reason.
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The DGE report mentions that discussions have taken place with “Nevada and the United Kingdom” regarding partnering up, yet no alliances have yet been brokered. Based on the report, it is safe to assume that further talks will take place in 2015.
Nevada Governor Brian Sandoval has extended open arms to any state that may want to join the Multi State Internet Gaming Agreement that was signed by Nevada and Delaware last February. That agreement has yet to be put into play.
Credit Card Code Coming Soon
According to DGE statistics, deposits attempted via credit card by the 506,172 igaming account holders in NJ had a success rate of only 73% for Visa users and 44% for players possessing MasterCard. Those totals are naturally seen as unacceptable and improvements are ongoing.
One such improvement is a new credit card code that will be used on transactions to allow financial institutions to more readily accept deposits. The code will likely be in place in spring of 2015 and should increase the success rate of credit card deposits greatly.
Other Report Highlights
New Jersey online gambling took in $120.5 million from launch through November 30, 2014. Though monthly revenue numbers have been on the decline as of late, that total can likely be eclipsed in the second year of operation if interstate or international partnerships are put into play and credit card deposits improve. However, the DGE report makes no such projections.
Interestingly enough, PokerStars is not mentioned in the report even once. Industry observers believe that the approval of an igaming license for parent company Amaya would do wonders for New Jersey.
Most expected that approval to occur in 2014. But the DGE remains mum on whether or not PokerStars will be a part of New Jersey’s online poker and gambling regime in 2015.