After the launch of BetMGM and its sister Borgata Online Casino in Pennsylvania from April 2021, it seems not all is well with the online platform judging from the recent reported numbers.
Of course the aftermath and lingering difficulties of the pandemic remain but after joining the state of PA, which PokerStars PA had a monopoly on for over a year, but now you would be forgiven for thinking that with big names like BetMGM and Borgata joining the fold that the spoils would be shared more evenly.
According to recent numbers PokerStars PA still hold 87% of the market whilst The Borgata brands share the remaining 13%.
With PokerStars PA being the only online casino brand in the state for over a year it has allowed them to build a strong player base so it may prove more difficult to attract anyone new or even to acquire established players from the area to switch allegiances.
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First Series Struggles to Attract
The Borgata brands most recent series for online players in New Jersey ended up being an extraordinary achievement, the opposition ran from 6th June, through to 13th June and created a prize pool of $450,000.
BetMGM PA ran its first competition series from June 20th through to June 27th, including 10 tournaments, with a guarantee of $270,000. A comparative series ran on its sister site Borgata PA. The underwhelming turnout during the initial tournament was practically the same for each of the competitions all through the series, bringing about enormous overlays.
The initial 5 tournaments compiled an aggregate of $36,000 in overlay, $21,000 recorded in the first tournament, a $535 8Max, which only created $29,000 as a prize pool, missing the 50k guarantee mark.The following event, a $215 8Max, was $3,000 overlaid, while tournament number 3, a $215 6Max, was down by $1,400. Tournaments 4 and 5 were $10,600 overlaid collectively. This ended up with 25% overlay for BetMGM at the halfway point however, the provider chose not to lower the guarantees, which was an extraordinary move for the site.
Although the final figures for the series have not yet been released, the pattern was most likely very similar for the rest of the events.
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Although the start to life in PA has not been an ideal one, the potential for growth and improvement is promising. Pennsylvania has a population of over 13 million and with the very real possibility of ‘interstate compacts’ in the future this will keep the Borgata confident that things will gradually get better.
BetMGM at first intended to have a lot greater introduction series with a $320,000 prize pool guaranteed after its Pennsylvania launch, but eventually decided against the move. The provider selected a lower assurance of $270K, however either way, forecasts were not achieved.
Yet, as is commonly said, there is good reason to have hope, and BetMGM can stay positive that they will recuperate from these misfortunes at some point or another. BetMGM and Borgata Poker, which are running under the software of partypoker, are still in the early days of operating in Pennsylvania, and plenty can still change, particularly if the state chooses to join the interstate online poker compact.
Both BetMGM and Borgata are currently also working in Michigan, going up against PokerStars. Michigan could likewise partake in the agreement for shared liquidity, given the developments recently in the Wire Act case, with the DOJ choosing not to pursue the January decision.
After the overlays in PA, BetMGM and Borgata could be setting up their poker platforms for the shared liquidity across New Jersey, Michigan and Pennsylvania. If and when PA and MI engage in the multi-state arrangement, BetMGM and its sister site Borgata are ready to accept tremendous advantages, making them very much situated for solid development.
As many of you will have noticed, it seems like the online poker industry has gone through a meteoric rise over the past few years due to various reasons, so for any of you investors out there that might be looking for a new opportunity we recommend you read some more on why now is a good time to invest in the iGaming industry.
For the moment at least it looks as though PokerStars will continue to lead the way in Pennsylvania but with the US gambling industry in constant change at the moment and more states jumping on the online gambling trend then there is no reason for Borgata Online Casino to worry too drastically just yet.
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