Bullish on New Jersey

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A pre-close trading update issued today by provided some insights into the company’s performance in New Jersey’s regulated market for online poker and online casino games.

New Jersey revenue cited as factor overall performance of poker and casino

The update mentioned (which houses the brand’s poker and casino offerings for NJ) as a contributing factor to the upward trajectory of the company’s poker revenues, saying:

In poker, revenues have grown since the introduction of our new poker client that is now available to approximately 65% of our customers, as well as from the launch into New Jersey where our network is the market leader.

As for casino revenue, the update asserted that segment “has also benefited from the launch into New Jersey.”

Specific revenue figures for Party’s NJ casino and NJ online poker arms were not disclosed. More clarity regarding the exact level of the New Jersey market’s contribution will likely be available when the company releases full Q4 numbers on March 13th, 2014.

But it would be somewhat unusual for to single out New Jersey’s contributions to both poker and casino if those contributions were not material (or on pace to become so).

Company has spent millions preparing for US

Without offering any details, the update noted that is expecting to incur somewhere in the neighborhood of €7m to €10m in “US marketing and launch-related costs” in 2013.

And that figure won’t be the final word on the company’s New Jersey spend.

With a slate of ambitious promotions on deck for early 2014, increased competition from other operators and the natural expansion that will occur as the technology driving New Jersey regulated online gambling matures, is likely set to pour a far greater figure into the state when all is said and done.

- Chris is the publisher of Grove also serves as a consultant to various stakeholders in the regulated market for online gambling in the United States.
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