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Online Poker Revenue Trails Other Games in Nevada

The Nevada Gaming Control Board recently announced that online poker revenue was lower than analysts initially predicted. The regulator’s new data showed that the industry generated less revenue from online poker than any other form of gambling except bingo. This was a discouraging report for experts that hoped online poker would help the industry boost revenues considerably.

This was the first monthly report on online gaming revenue from in the Silver State. While the report was a bit disappointing, industry experts are still optimistic that online poker revenues will continue to grow in the near future.

A number of companies are monitoring the market before deciding to offer online poker. The NGCB reported that it has approved license applications for a half dozen companies, but those companies may not activate them right away. An attorney for MGM Resorts said that their client would wait for the market to grow before deciding to participate. Another attorney representing two different Nevada casinos said that the market will need to triple before his clients can participate.

The license fees and taxes may be discouraging many gaming operators from entering the market. Players need to pay a one-time license fee of $500,000 and a $250,000 annual fee to retain their license thereafter. The industry hopes that the government will revise these figures so they can receive a higher return on their investment.

Some casinos hope that online poker will be a good way to boost revenues in the coming years, while others have more modest expectations. Rory Bedore, the owner of the Maxim and Carson Station, said that he doesn’t expect online poker will be a huge source of revenue. However, he is confident that it will be a good way to lure customers to his brick and mortar casinos. He intends to launch an online poker site as soon as the market picks up.

This blog entry was posted on Wednesday, April 30th, 2014 at 8:13 pm and is filed under Casino News.

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