Ultimate Gaming, the first company to offer online poker in the U.S., announced Friday that it was closing Ultimate Poker.in Las Vegas, Nevada over declining sales and traffic.
Ultimate Gaming has been getting 50-60 player average for its cash games, a far cry from The World Series of Poker, a branded online site making twice that amount.
Another betting company, Real gaming, an offshoot from South Point Casino, fared worse than Ultimate Poker, according to Cardplayer.com.
In a statement released by the company, Ultimate Gaming chairman Tom Breitling said online poker revenues in Nevada had fallen far short of original projections, forcing an immediate shut down.
"As has been the case in other jurisdictions, online poker revenues in Nevada have fallen far short of original projections," said Tom Breitling, Chairman of Ultimate Gaming.
"Moreover, the state-by-state approach to online gaming has created an extremely cost-prohibitive and challenging operating environment," he continued.
"These factors have combined to make the path to profitability very difficult and uncertain. Consequently, we have decided to cease operations."
Only three states in the county offer regulated online gaming: New Jersey, Delaware and Nevada.
Ultimate Poker started in April 2013 and was joined by South Point casino's Real Gaming and Caesars Entertainment's WSOP.com in September 2013.
Over a 12-month span ending in September, those three sites combined to win $11.07 million according to revenue numbers from Nevada Gaming Control.
But numbers were on the decline. The three betting companies won only $693,000 in September, their lowest earning as of the moment.
"We are grateful to the Nevada Gaming Commission and Gaming Control Board for allowing us to be the first company to operate online poker in Nevada and greatly appreciate their leadership and support as the first state license and regulate online poker," Breitling said in the statement.
"We are working with the Gaming Control Board to ensure a smooth transition for our customers as we cease Nevada operations."
