Legal Online Gambling in US Off to Slow Start
It’s almost a year since online gambling was declared legal in less than a handful of U.S. states and the numbers are just not adding up.Many expected revenues to be higher but it seems that the non-legal operators are still drawing the main attention.
At the recently held East Coast Gaming Congress held in Atlantic City, David Rebuck, the director of the New Jersey Division of Gaming Enforcement, made the comment that Internet gambling exists in all 50 states, it’s just not regulated.
Rebuck also stated that his office had recently issued cease-and-desist letters to out-of-state gambling operators that were targeting New Jersey residents.
Chris Christie, the New Jersey Governor, initially estimated that online gaming revenues for the first year would reach around $1 billion, however, after a tally of the numbers, Wall Street analysts think that it will be around the $200 million mark.
Despite the less than optimal performance for the first year, most people are still feeling optimistic that the market is in its infancy and according to a Morgan Stanley prediction, they believe that by 2020, online gambling revenues in the U.S. should reach the $8 billion a year mark.