I-gaming revs are growing in AC but way below expectations. We don’t find that as relevant as poker share. Here, BYD leads the pack.
- NJ I-Gaming revenues increased 15% MoM to $11.9 million while I-Poker eked out only a 3% gain
- The reality was that New Jersey online gaming was never going to move the needle for the publicly traded gaming companies
- We continue to focus on Poker share as I-Poker is likely the only form of internet gaming to roll out nationally (through interstate or federal legislation). Poker relies heavily on player liquidity and with New Jersey the most populous state to offer the online game, first mover advantage here is critical.
- While most of the investment community has downplayed online gaming as a value driver for any of the stocks, BYD’s interest in the market leading Borgata poker effort has us excited as the site’s share grew in March and commands 51% of the volume.