Back in November of last year, New Jersey legalized online gambling as an effort to assist the casinos within the state, who have been struggling due to declining revenues. And while the projected estimated revenues for online gambling was at a whopping 870 million dollars per year, the results have shown that, may have been an overestimation. As of now, New Jersey’s online gambling market has only brought in 87 million dollars in revenue, ten times less than what lawmakers expected.
In total, there are 6 different online gambling operations that dominate New Jersey’s gambling market. At the top you have Borgata and Party Poker, who have made $30 million dollars in revenue thus far. And at the bottom you have Ultimate Gaming, who brought it approximately 4.9 million dollars. But due to a recent announcement, that was made by Ultimate Gaming, that number may change to only 5 operators.
On Friday, September 19, one of New Jersey’s online gambling providers, announced that it would be leaving the market as a result of contract breaches that were made by it’s offline partner, the Trump Taj Mahal Casino.
They proclaimed that other than the fact that their partner made variety of contract breaches, one of the other reasons that ultimately lead to their decision was the fact that they said that they were owed an excess of 1.5 million dollars and that they have not been payed for over two months.
And while the parent company of the Taj Mahal, Trump Entertainment Resorts, declined to comment on the particular situation surrounding Ultimate Gaming’s announcement of its withdrawal, it is threatening to shutter the Taj Mahal on November 13, if the conflict between the two parties hasn’t been resolved by then.
Ultimate Gaming’s senior vice president, Marc Falcone, proclaimed that they didn’t feel as if they were “dealt a good hand” and said that even though they have announced that they are withdrawing from the gambling market as Trump Taj Mahal’s partner, they haven’t made any plans about the specific date that they will be doing so. They also stated that until they decide on a date that they will withdraw itself or come to a resolution with the Taj Mahal, it is no longer accepting new deposits and plans to withdraw itself as soon as it is feasible for them to do so. The president also stated that the money that the site has generated in the last two months, were never given to them and as such, it makes it extremely difficult to maintain the website under those debilitating circumstances.
One of the questions that were brought to Falcone’s attention was the circumstances surrounding players who made a deposit prior to their announcement. In response, he stated that if any customer wants to seek information about their accounts or intends to make a withdrawal, they can go to ucasino.com or ultimakepoker.com .
And while some experts believe that the Taj Mahal’s refusal to pay Ultimate Gaming may be an indicator that the gambling market of New Jersey is slowly deteriorating, the future of Trump’s Entertainment partner Betfair, seems promising, because they proclaimed that they would remain in New Jersey, regardless of the conflict between the Taj Mahal and Ultimate Gaming.