Online Poker Revenue in the US Rises Sharply in the First Half of 2022
August 12, 2022
While the state of the economy remains in question, poker revenue has seen incredible overall growth in the first half of 2022. Across states where they made it legal, such as New Jersey, Nevada, Delaware, Pennsylvania and Michigan, revenue from online poker increased from 2021 to 2022. Still, Nevada makes no public reports of its online poker revenue, so we can't know how much they made. In addition, Michigan doesn't separate its online poker revenue from the rest of its online gaming, but this gives us an indication.
The only state that saw a drop in online poker revenue came from New Jersey. At least in the first half of 2022, they didn't do as well as last year. Each state appears to have its own unique rules about online poker. For example, while Delaware shares the player pool with Nevada and New Jersey, they cannot win World Series Poker rings or bracelets in the state, unlike the other two.
Online poker remains a complex topic with many legal issues unique to each state. Michigan recently joined the multi-state online poker compact to allow the sharing of player pools and increase winnings. Pennsylvania never signed an agreement like that, which means they can only gamble with players in the state. Meanwhile, West Virginia and Connecticut signed an agreement, but never issued an operator license to anyone in their state, which makes it the same as Pennsylvania. However, we could see things change.
Why do we point out the complexities and variations with each state? We do this because it shows you how the profits from online poker revenue could soar much higher than the numbers show. The state-regulated online poker markets could see greater growth and much higher profits than what the numbers show right now as they make things more fluid with time. The higher state revenue already gives them further reasons to continue making online gambling better.
How much growth did we see in the first six months of 2022? In Delaware, analysts said that they saw a 27.7 percent growth rate from the same period in 2021 when they made $6,406,514. In terms of overall profit, 2022 has seen $757,024,181 in revenue across the board with 56.7 percent growth from 2021.
You have plenty of room for improvements in the online poker market, which is what makes everything exciting about it. This follows a continued trend where online gambling has continued to rise in profits for everyone. Online gambling wagers, in fact, have surpassed $1 trillion in 2022 globally.
The exciting thing about this is how we have room for growth because much of the United States cannot gamble due to the states keeping online gambling illegal. We don't know where the ceiling exists with online gambling profits because it remains a relatively new market with only 24 states even allowing online sports betting. We still have a long way to continue if we'd like to see further profits from online gambling, but this proves a good start.