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Morgan Stanley lowers estimate of US, NJ Internet gambling markets; NJ eyes interstate bets

ATLANTIC CITY, N.J. - Morgan Stanley has lowered its estimate of the U.S. Internet gambling market to $3.5 billion by 2017, down from a previous forecast of $5 billion. The Wall Street firm cited worse-than-expected technical issues, but says it's optimistic about the new industry's long-term prospects, with an $8 billion market by 2020. It also lowered its first full year estimate of New Jersey's Internet gambling revenue from $541 million to $203 million. Fitch Ratings is sticking with its $200 million forecast for New Jersey this year.

Del. panel meets as work continues on proposals to ensure competitiveness of gambling industry

DOVER, Del. - A panel examining how to keep Delaware's gambling industry competitive is still working on a list of recommendations to submit to lawmakers. The commission, which meets Tuesday in Dover, originally was supposed to submit its findings and recommendations by Jan. 31. But an inability to reach a consensus on certain proposals and the desire by some members to obtain more information has delayed the commission's report.

Gambling industry divided on Internet gambling; Las Vegas Sands group launches opposition ads

LAS VEGAS, Nev. - Many experts believe online wagering is the future of gambling, but the casino industry is increasingly divided on the issue. The latest evidence of the split came Monday as the Coalition to Stop Internet Gambling launched the first commercial in a six-figure campaign warning of the dangers of legalized Internet gambling. The coalition is emphasizing the possibility that criminals and terrorists may use online gambling to launder money.

Online gambling in Manitoba generating a lot less money than expected

WINNIPEG - The Manitoba government's venture into the world of online gambling is generating a lot less money than expected. The province was aiming to net $1.5 million in its first year from, but made only $300,000 in the six-month period that ended Sept. 30. Andrea Kowal, with Manitoba Liquor and Lotteries, says the web site launched a year ago and has been competing with many gambling websites around the world.

Industry players, outside experts testify at Congressional hearing on Internet gambling

LAS VEGAS, Nev. - Organizations and advocates on all sides of the online gambling debate are cheering a Congressional hearing on the state of online gambling. The hearing took place Tuesday before the House Subcommittee on Commerce, Manufacturing and Trade. In his testimony, American Gaming Association President Geoff Freeman praised the hearing as timely. He said the gambling lobby appreciated Congress' leadership. The Gaming Association is pushing for a national regulatory structure for online gambling.

New Jersey Internet gambling revenue estimates overblown :Fitch

(Reuters) - Online gambling alone won't save struggling Atlantic City casinos, and the revenues it generates could fall far short of projections by Governor Chris Christie, Fitch Ratings said on Tuesday. Fitch estimates that casinos would generate up to $300 million in revenues from online gambling next year, ramping up to as much as $750 million within several years. Those estimates are well below Christie's projected $1.2 billion over the next year, Fitch said.

Internet betting begins to take hold in New Jersey as gamblers go online to play poker, more

ROSELLE PARK, N.J. - Internet gambling is taking hold in New Jersey on its first full day. New Jersey is the third state after Nevada and Delaware to offer online betting, but it is by far the largest legal market in the U.S. thus far. A five-day trial period ended Monday, and six Atlantic City casinos got clearance to offer statewide Internet gambling. They are the Borgata, the two Trump casinos, Tropicana and Bally's and Caesars. The Golden Nugget is fixing some bugs with its system and will join them soon.

New Jersey to launch 'soft' online gaming trial Thursday

(Reuters) - New Jersey will launch a five-day "soft" trial of 13 online gambling sites Thursday, ahead of the official November 26 debut of Internet gaming in the most populous state to date. New Jersey follows Nevada and Delaware in permitting online poker, and will also allow residents to play other casino games online, as well.

Trial period for Internet gambling starts Thursday in New Jersey, 3rd state to allow it

ATLANTIC CITY, N.J. - For the first time, people in New Jersey will be able to click a mouse or swipe a screen to gamble online. A five-day trial period of Internet gambling begins at 6 p.m. Thursday when players invited by casinos to test their systems make real-money bets online. The test period was established to determine whether sophisticated technology designed to ensure that all gamblers are within New Jersey and that they are 21 or older works correctly. The test also will evaluate electronic payment technology and the integrity and functionality of the casino games.

Latest federal Internet gambling bill proposes a tax; other bills would legalize web wagering

LAS VEGAS, Nev. - If Congress makes no progress on a national framework for online gambling this session, it won't be for a lack of legislation. Two lawmakers introduced bills over the summer that would legalize some form of Internet gambling nationwide. And just last week, Rep. Jim McDermott, a Democrat from Washington, introduced a bill that would tax federally-sanctioned online wagering.
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