{"id":26474,"date":"2014-12-04T13:21:32","date_gmt":"2014-12-04T21:21:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=26474"},"modified":"2014-12-04T13:26:07","modified_gmt":"2014-12-04T21:26:07","slug":"betfair-new-jersey-online-poker-operations-end-casino-games-remain","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/","title":{"rendered":"Betfair New Jersey Online Poker Operations End, Casino Games Remain"},"content":{"rendered":"
\"Betfair
While Betfair Poker\u2019s disastrous performance in New Jersey is something of a mystery, at least the company has a massive global online casino operation to fall back on. (Image: betfair.com)<\/figcaption><\/figure>\n

Betfair\u2019s poorly performing online poker site has become the second to leave the New Jersey online poker space since the state regulated Internet gaming just over a year ago.<\/p>\n

Betfair follows Ultimate Gaming<\/a> out of the market as a result of the wild underachievement of its poker platform; however, unlike Ultimate, which ceased all its operations shortly after leaving New Jersey, the UK-based betting exchange still has a healthy online casino in the state and has reported this week that its global operations are going full steam ahead.<\/p>\n

Why Did it Fail?<\/h2>\n

It’s difficult, on the surface, to understand just why Betfair\u2019s poker platform failed so miserably. The company reported taking just $50 in rake during the first 10 months of 2014 at a time when Party\/Borgata<\/a> was reporting $1 million per month in revenue. In September, Betfair took just $1 (yep, a single buck) in rake and then, in October, nothing at all.<\/p>\n

Although it may not be a hugely recognizable brand in America, it\u2019s a well-known and trusted company worldwide, and as a skin of the Ongame Network, albeit the only one in New Jersey, Betfair possesses tried, tested, and reliable software.<\/p>\n

Furthermore, the poker room had one of the most competitive promotional schemes in the market, with a sign-up bonus equivalent to some 40 percent in rakeback and a VIP rewards with a value equal to 20 percent at the top level. And, with a poker platform linked to a healthy online casino platform, which, in October took a reported $856,000 in gross gaming revenue, the mystery deepens.<\/p>\n

No Picnic in the Garden State<\/h2>\n

It has been far from smooth sailing for Betfair in New Jersey. It launched its iGaming operations there in November 2013, initially partnering with the now-defunct Trump Plaza. When, in mid-July, is was announced that the Plaza would be closed, Betfair found itself in a sticky situation: as part of New Jersey regulations, online gambling companies must ally themselves with existing land-based operators in order to offer their services in the state.<\/p><\/blockquote>\n

However, the New Jersey Division of Gaming Enforcement (NJDGE) ruled that Betfair\u2019s agreement had been with Trump Entertainment, not just the Plaza, and therefore the company\u2019s servers could find a new home at the Trump Taj Mahal. The relief was short-lived, though, as in September, Trump Entertainment announced it would file for bankruptcy.<\/p>\n

Betfair has since formed a relationship with Caesars, albeit through a temporary transactional waiver granted by the DGE, valid for just six months, while it seeks a more permanent arrangement.<\/p>\n

Hope and Change (as in, Cha-Ching)<\/h2>\n

Elsewhere, though, things are going better for Betfair.<\/p>\n

The company posted its biannual results this week, announcing a 51 percent rise in earnings for the period, to \u00a373.9 million ($116 million). This has allowed Betfair to give its shareholders a \u00a3200 million ($313 million) Christmas present. Betfair said these record results are down to a growth in its customer base, which it attributes to a strategy of withdrawing from unregulated markets and trying to attract new users with its traditional sports book product.<\/p>\n

The company also cited a string of favorable sports results, including good profits from this year’s World Cup, as reasons for the spike in revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"

Betfair\u2019s poorly performing online poker site has become the second to leave the New Jersey online poker space since the state regulated Internet gaming just over a year ago. Betfair follows Ultimate Gaming out of the market as a result of the wild underachievement of its poker platform; however, unlike Ultimate, which ceased all its […]<\/p>\n","protected":false},"author":42,"featured_media":26483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,13],"tags":[],"acf":[],"yoast_head":"\nBetfair New Jersey Online Poker Operations End, Casino Games Remain<\/title>\n<meta name=\"description\" content=\"It\u2019s curtains for the Betfair New Jersey online poker room, but the company\u2019s other operations are robust, according to the latest financial report.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betfair New Jersey Online Poker Operations End, Casino Games Remain\" \/>\n<meta property=\"og:description\" content=\"It\u2019s curtains for the Betfair New Jersey online poker room, but the company\u2019s other operations are robust, according to the latest financial report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-04T21:21:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-12-04T21:26:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/12\/Betfair-exits-New-Jersey-online-poker.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1487\" \/>\n\t<meta property=\"og:image:height\" content=\"631\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/\",\"url\":\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/\",\"name\":\"Betfair New Jersey Online Poker Operations End, Casino Games Remain\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/12\/Betfair-exits-New-Jersey-online-poker.jpg\",\"datePublished\":\"2014-12-04T21:21:32+00:00\",\"dateModified\":\"2014-12-04T21:26:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"It\u2019s curtains for the Betfair New Jersey online poker room, but the company\u2019s other operations are robust, according to the latest financial report.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/betfair-new-jersey-online-poker-operations-end-casino-games-remain\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/12\/Betfair-exits-New-Jersey-online-poker.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/12\/Betfair-exits-New-Jersey-online-poker.jpg\",\"width\":1487,\"height\":631,\"caption\":\"While Betfair Poker\u2019s disastrous performance in New Jersey is something of a mystery, at least the company has a massive global online casino operation to fall back on. 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