Business is Booming for Online Poker Sites
June 8, 2020
The economic devastation caused by the COVID19 pandemic will takes years to calculate. While this might not be the time and place to look for a silver lining, one industry, in particular, is reaping the benefits of having very little competition as it pertains to online adult entertainment.
The numbers are in from the online gambling industry for the month of April. According to the numbers, online poker websites are seeing its revenue and participation numbers going through the roof. As a point of reference, poker sites in the state of New Jersey reported $55.1 million in betting revenue for January 2020. In April, the revenue number came back at an astounding $79.7 million. That’s an increase in revenue of 45% a month. There isn’t a business or industry on planet earth that would turn their backs on that kind of number.
In Pennsylvania, it was more of the same. In January, Pennsylvania’s online poker sites reported revenue of $14.0 million compared to an enormous $43.1 million in April, an increase of almost 200%.
In all, there are approximately eight states where online poker websites can operate legally. As soon as things surrounding the pandemic settle down, it is a good bet other states will be looking at online gambling in a new light. The fact so many states have been adversely impacted by statewide shutdowns only serves to increase the need for states to find new ways to generate additional tax revenue. Like it or not, online gambling is a viable conduit to such revenue.
What the Future Holds for Online Poker
It is hard to predict whether or not online poker, casino, and sports gambling providers will be able to sustain the kind of numbers the industry has been seeing over the last three months. There are actually two schools of thought.
Some industry experts believe that the pandemic gave Americans an opportunity to discover the benefits and excitement of online gambling. That could bode well for the industry if new customers decide to make their online gambling activities a regular part of their entertainment arsenal.
On the other side of the aisle sits experts who believe the migration to online gambling sites was merely necessitated the lack of adult entertainment competition. These experts believe online gambling revenue numbers will take a hit as soon as concerts, sports leagues, and movie theaters start to reopen.
For now, it is impossible to predict the future. By the end of the year, online gambling providers should have a good idea of just how much growth the industry can expect in the coming months and years.