The World Poker Tour (WPT) has hosted its WPT Borgata live poker tournament since 2003 and over the years, it has turned out to be a very popular stop with poker players in New Jersey and around the country.
The WPT decided to cancel the live poker stop in 2021 due to on-going concerns with COVID-19 and the delta variant. Instead, the WPT decided to host an online edition of the WPT Borgata Poker festival and put up a $1 million guarantee.
The $1 million guaranteed prize pool for the Main Event was a big commitment from the WPT but they were confident that the brand name and the popularity of the tournament for all these years would result in a decent response to the online poker tournament.
Main Event Ends Up With An Overlay
The WPT Borgata Main Event had a $3,500 buy-in and the WPT needed to bring in around 312 entries to hit the $1 million guarantee. The WPT fell short of that number as only 305 entries came through to create a guaranteed prize pool of $976,000 which resulted in a $24,000 overlay.
While the Main Event did end up with an overlay, the WPT will be happy with the overall response. BetMGM Poker NJ, partypoker NJ and Borgata Poker NJ promoted the online poker tournament to players in New Jersey and did well for themselves as they collected a little over $91,000 in combined rake and fees.
The winner of the WPT Borgata Main Event will collect over $180,000 in cash while the runner-up will receive around $135,000. All those who make the final table will take home just over $24,000. The Main Event winner will also receive the inaugural Mike Sexton WPT Champions Cup along with an entry to the $15,000 WPT Champions live poker tournament.
New Jersey Poker Market Getting Stronger
The WPT attempted to do something unique by offering a $1 million guarantee online poker tournament to a ring faced online poker market in the U.S. Most online poker sites are hesitant to offer 7 figure guaranteed prize pool even when they are tapping into an international online poker market.
The WPT took a chance on the online poker market in New Jersey and it paid off as the Keystone state once again showed that it has a thriving online poker community. The online poker operators under the Borgata license have done well for themselves recently.
In August 2021, the combined revenue of the Borgata network of sites brought in $800,000 which was a 7 percent increase when compared to August 2020. The overall market share for the Borgata network has also gone up from 25 percent in August 2020 to 33 percent in August 2021.
These numbers are very telling given the fact that the U.S. was still in lockdown mode during most of 2020 due to the COVID-19 pandemic and online poker numbers across New Jersey were going up.
Partypoker Making Strong Push In NJ
The New Jersey online poker market is currently dominated by WSOP NJ as it combines players from Nevada and New Jersey. The WSOP also has an advantage as it uses it runs WSOP bracelet events and gets a good market response as just about every poker player wants to win a coveted WSOP gold bracelet.
Partypoker is making a strong push to capture a bigger market share in New Jersey. The U.S poker network recently signed Darren Elias as its latest brand ambassador who is ranked in 4th place on New Jersey’s All Time Money list based on the Hendon Mob.

TightPoker Staff

TightPoker Staff

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