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New Jersey Online Gambling Industry Faces Possible Ruin

New Jersey Online Gambling Industry Faces Possible Ruin

Just a few months after launching the New Jersey online gambling industry is already facing a potential problem. New legislation has been introduced to Congress which would place a federal ban on internet gambling.

New Jersey Online Gambling Industry Faces Possible Ruin

New Jersey’s promising online gambling industry is already under threat due to new legislation introduced to Congress.

New Jersey passed legislation last year to allow online gambling and a number of casinos have begun offering online betting. So far the move has failed to bring in the massive revenues predicted by Gov. Chris Christie’s administration; the casinos reported making $27.2 million from November through February, much less than the $1.2 billion predicted by July.

However, the move has created hundreds of new jobs in New Jersey as the regulators require that all teams working on customer services are based in the state. Some are predicting that there is the potential to create as many as 20,000 jobs.

The ban on internet gambling would come as a huge disappointment to many. An unofficial poll conducted by NJ.com has found that of the 3,295 respondents 55.75% were against any kind of federal ban while 4.4% were undecided. Clearly the majority of New Jersey residents feel as if the addition of internet gambling has had a positive impact on their lives.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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