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Online Gambling To Give New Jersey 1.5 Billion
Friday January 25,2013 : MORE PRESSURE ON NEW JERSEY GOVERNOR
Respected analyst says that the introduction of online gambling could give Atlantic City a $1.5 billion boost
With the days counting down to February 4, by which time he has to sign a bill legalising intrastate online gambling, veto it or ignore it and see it pass automatically into law, New Jersey Governor Chris Christie was given some positive food for thought Thursday by a respected US analyst.
Wells Fargo Securities gaming expert Dennis Farrell Jr. issued a statement suggesting that the implementation of the online gambling legalisation bill currently awaiting only the governor's signature could throw Atlantic City's embattled land casinos a lifeline.
Farrell says that research results show that the online sector in the Garden State could reach $1.5 billion in revenues over the next five years - almost half that of the existing land gambling sector. Those revenues would generate worthwhile tax revenues, he opined.
The analyst discussed the potential of cross marketing by Atlantic City casinos offering online gambling from regulated and licensed servers on their premises, describing this as having the potential to create significant competitive advantages.
Still in New Jersey, on Thursday US District Court Judge Michael Shipp reacted to a request by interested parties to submit further written arguments on the New Jersey intention to introduce intrastate sports betting.
The requests were made in anticipation of the US Department of Justice's written arguments, which are due for submission to the court by February 1.
Last week the DoJ filed notice of its intention to join the action, supporting the sports leagues' attempt to prevent the state from going ahead with its plans, approved a year ago by the state legislature.
Judge Shipp granted motions allowing all litigants in the New Jersey sports betting suit until February 8 to respond to the federal filing. He has already set aside February 14 as the date on which he will hear oral arguments from the parties concerned
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