Due to poor performance, Betfair has closed its online poker business in New Jersey. But the company officials have maintained that this in no way negatively affects company’s online casino business. With this move the company becomes the second company to shut online poker operations in the state. Ultimate Gaming shut all its operations after it closed doors in New Jersey because of poor poker business; Betfair is going strong as far as its global operations are concerned.
Poor poker performance
The industry insiders are baffled by the poor show of the Betfair online poker rooms. Betfair posted the figures from its New Jersey Poker business and the numbers are surprisingly low. It made only $50 in 2014 from its poker rooms. The September revenue number is also absolutely shocking as it is $1. From its five weeks of business in 2013, the company made $90.
Betfair started its New Jersey business in September 2013. Since then it failed to attract poker players despite the company’s best efforts. The promotional offers were great. There was a good bonus amount on sign-up and many VIP reward prizes. Interestingly Betfair is making solid profits through its online casino business in New Jersey. In October alone, the profit from its online casino business was approximately $856000.
It appears as though its poker business was doomed from the very start. Betfair had not fully established its footing in New Jersey when Trump Plaza, which was its land partner; shut shop. Betfair managed to find a new partner, but it didn’t help its poker business.
Good casino business
Betfair is running a healthy casino business globally. The company’s biannual profit figures show considerable increase in profits with a figure of $116 million. Betfair has attributed this growing business to a healthy increased in its customer base. Its business was also helped due to the soccer world cup held this year.
Betfair is a recognised gambling and casino brand in the world. It is more well known in the UK and other European markets. However, the company does steady and good business wherever it has casino operations.