Published on April 2, 2014 by Terry Goodwin
The fiorst couple of months was rocky for the brand new online casinos in New Jersey. While the projections have the state gaining over $12 million in tax revenue within the first seven months of regulated online gambling, that figure is way below the expectancies of Governor Chris Christie.
When the governor was touting the industrial impact that online casinos would have on New Jersey, he included a figure of $180 million that he wrote into the present budget. With the revenue nowhere near that number, Christie is beginning to get heat for his projections.
"It wasn't that Christie had the inaccurate tax revenue projection figures," said Analyst Thomas Marks. "IT'S that his figures were too soon. It'll take many years before all of the New Jersey gamblers convert to online casinos. So those numbers it will likely be right within the long run, just not in 2014."
New Jersey is considered one of three states that experience regulated online gambling. Nevada and Delaware have online casinos which can be operational, with Nevada outperforming New Jersey so far. It was expected that Nevada would become the most important online gambling state within the US for the past decade.
Delaware and New Jersey have also entered into an agreement to permit gamblers from each state to play at online casinos based in Nevada of Delaware. New Jersey has not yet joined the network, but all indications are that Christie and lawmakers want to eventually be included in a country-wide network.
One of the largest challenges that online gambling faces within the immediate future is the rush back that it's receiving from some of the successful land-based casino owners. Las Vegas Sands CEO Sheldon Adelson has thrown hundreds of millions of bucks into lobbying efforts to make online casinos illegal on a federal level.
A bill was introduced in recent weeks that might make Internet gambling at online casinos and poker rooms illegal. Several other bills working their way through Congress would regulate online gambling nationally within the US.
Read More... [Source: Gambling News]
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