New Jersey's Initial Online Gambling Revenue DisappointsPublished January 21, 2014 by OCR Editor
New Jersey online gambling revenue is predicted to increase in 2014.
The New Jersey Division of Gaming Enforcement released its first report last week with the figures of New Jersey online gambling. The report shows that between November 21 and December 30, 2013, New Jersey's online gambling sites took in $8.4 million between November and December 2013.
At this rate, New Jersey internet gambling would bring in less than $100 annually - which may sound like a lot, but it's a far cry away from the $1 billion predicted by Governor Chris Christie. The report does remain hopeful that the numbers will rise in 2014.
"Everybody needs to take into consideration that this industry is in its infancy," said Tony Rodio, president of the Tropicana Casino and Resort. "I'm encouraged by how many user accounts that people have signed up for and that there's interest in it."
The hope of Rodio, and others like him, is that internet gambling will give a much-needed boost to Atlantic City's seven-year profit loss. But Peggy Holloway, senior vice president of Moody's Investors Service, stated in a recent report that Internet gambling "will do little to brighten the fortunes of Atlantic City's beleaguered gaming operators in the near future."
Optimism in the Air
David Rebuck, director of the state Gaming Enforcement Division, has remained optimistic despite the low numbers. "Internet gaming remains in its infancy in New Jersey," he said. "From a regulatory perspective, the systems are working as anticipated and we are encouraged by the operations. I am optimistic that we will see continued growth as the properties begin to increase their marketing efforts to attract more customers."