Las Vegas-based online gaming operator Ultimate Gaming has just reported that it is leaving Nevada online gambling market. The company explained its decision with the fact that this segment of the market was exceedingly demanding and “cost-prohibitive” or not particularly profitable, to put it simply. It is important to note that the closure is already effective, so it is highly recommended that those customers of the platform that are located in Nevada contact the company’s support center and ask on how to take their winnings out of their accounts.
Tom Breitling, managing director of Ultimate Gaming, said for the Las Vegas Review-Journal that the enterprise’s expectations for its turnover from online poker were not met at all. What is more, according to Breitling, the individual introduction of Internet-based gambling in one state at a time had made it quite difficult for the provider to acquire satisfactory profits. In September, Ultimate Gaming decided on leaving New Jersey’s online poker and casino market, as well. This was due to the fact that the distributor constantly scored the lowest turnover among all six companies that are allowed to provide online services in the Garden State.
Ultimate Gaming was property of late Frank Fertitta’s Station Casinos, based in Summerlin, Nevada. Earlier this week, Station announced its report for the third quarter of 2014. Marc Falcone, the present chief financial officer of the company, claimed that although they were quite disappointed with the overall performance of their online poker platform, the drop was not that dramatic. He also added that Station was considering to examine the feasibility of online gaming in the state of Nevada after “making some obviously appropriate cost reductions.”
Ultimate Poker was introduced to the online market of Nevada on April 1, 2013. It became the first gambling site to be licensed by USA legislators. Up until September, 2013, when Caesars Interactive Entertainment launched their WSOP.com, it was the only poker site to operate in the state. In February this year, South Point released its Real Gaming, too.
In September, Nevada posted a total online poker turnover of merely $693,000, the lowest to be acquired since the state started announcing its monthly figures. By comparison, New Jersey also reported on having generated the lowest revenue this October and due to this fact, the market is now ruled by Bwin.party and Caesars solely.
Ultimate Gaming’s withdrawal from Nevada might not bring such critical consequences. Local authorities allowed Gibraltar-based 888 Holdings to launch its own interstate network. It is yet to be seen whether this will be a good thing. Since the states do not seem to be willing to pass the respective laws by 2015, online gambling platforms will most certainly keep on being pain in the neck for casino operators.
