A few years ago, when Nevada politicians were discussing legal iGaming, they couldn’t decide whether to go with online sports betting or poker. They chose the latter, and it’s possible that they might be regretting the decision now.
After all, the Silver State is looking at a record year for sportsbooks when the final numbers are tallied. The previous record was set in 2013, when the state earned $203 million in profits off of $3.6 billion wagered. And while final profits haven’t been tallied for 2014, it’s a given that the record will be broken since nearly $4 billion was bet at Nevada sportsbooks this past year.
How does this compare to poker?
Poker has the benefit of drawing revenue from both land-based tables and online sites. In 2013, live and online poker brought in $123,891,000, which was up from $123,253,000 in 2012. Final numbers for 2014 won’t be available until January, however, Nevada poker revenue should increase by much more.
But it’s highly doubtful that using online poker as a supplement will be enough to help revenue reach its record high of $167,975,000, which was hit in 2007. After all, Nevada iPoker is coming off its worst month ($665k) since revenue figures became available back in February. Even if total Nevada poker revenue hits $130-$135 million, it would be far lower than the $203 million-plus that the sportsbooks will total for 2014.
Expect New Jersey to be watching this
Taking this discussion to another point, certain New Jersey politicians have to be seething at the blissful year that Nevada sportsbooks are having. They once again challenged the Professional and Amateur Sports Protection Act (PASPA) of 1992, only to be denied in a federal court room.
New Jersey State Senator Ray Lesniak has argued that his state should have the same rights as Nevada, one of four states grandfathered into PASPA. However, Lesniak and others have only met defeat so far in their quest to get sportsbooks in New Jersey casinos and racetracks. But given the success that Nevada is experiencing, don’t expect the Garden State to stop their fight any time soon.