New Jersey Online Gambling Revenues Fail to Live Up to Expectations
Gov. Christie had predicted that $160-$180 million would be brought in this year. However, there are a number of reasons why the real figure is so much smaller. Firstly, the administration had based its estimate on online gambling commencing on July 1st; however, the first bets weren’t placed until November 26th.
Secondly the estimate was based upon a Wells Fargo report which was far more optimistic than most industry projections.
Finally, revenues have been reduced as a number of potential gamblers had difficulty in playing online. At first a number of operators were rejecting attempts to play as they could not guarantee the player was within state boundaries. Furthermore, a number of U.S. banks would not process transactions as they were not sure about its legality.
However, with revenues of $9.5 million last month, things are on the up and there is a good chance that Gov. Christie’s original estimate could be met next fiscal year.