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New Jersey Online Casino tax revenues dissapointing

Sunday November 22,2014 :  NEW JERSEY ONLINE GAMBLING DISAPPOINTS
 
New channel for gambling helps land casinos, but falls far short of estimates.
 
Taking a retrospective look over the past year, when online gambling has been legal in the state of New Jersey, the Associated Press news agency noted over the weekend that whilst internet gambling revenues had helped some land casinos, the tax revenues anticipated by the state government have fallen well short of estimates.
 
Governor Chris Christie had hoped to see revenues in excess of a billion dollars generated in the first year of legalisation, but the reality is that only a tenth of that - $111 million - was achieved, and one operation, Ultimate Gaming, has folded and pulled out of the market.
 
On the positive side, the revenues did help the struggling Atlantic City land casinos that entered the online market, making the difference between declining and increased year-on-year revenues, however small.
 
And David Rebuck, the director of the New Jersey Division for Gaming Enforcement told AP that the regulatory system was working "...really well, without any catastrophes, meltdowns or scandals."
 
Teething problems in the technologically complex system included geo-location performance in the early days and a reluctance to accept online gambling transactions by credit and debit card companies.
 
Whilst the geo-location technology has been fine-tuned and now rejects a mere 5 percent of visits from punters within state boundaries, the credit card hassles have proved more persistent and difficult to totally overcome, and state officials continue to argue the issue with banks and card companies.
 
The well-funded anti-online gambling jihad waged by land casino mogul Sheldon Adelson has hardly helped, prompting his fellow operators in the Casino Association of New Jersey to urge the state’s congressional delegation to resist any attempt to pass his proposed Restoration of the American Wire Act banning proposal.
 
To survive and prosper the industry needs to expand and embrace a bigger player pool through awareness campaigns and player-sharing deals with other states that have legalised, and talks continue on this possibility, Rebuck disclosed, revealing that he has been in discussions with authorities in Nevada and the United Kingdom about reciprocal agreements, although no deal is imminent.
 
The review of Pokerstars' suitability for licensing now that it has a new owner is still ongoing as the year draws to a close, with Pala Interactive about to launch an operation and another company reportedly in the wings, according to Rebuck.
 
But there can be no denying that Internet gambling revenue has been slowly declining in New Jersey in recent months, leading Deutsche Bank analysts to reduce revenue estimates for 2015 from $250 million to $150 million.



Gambling News :

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

New MPN Poker Rooms Tower Torneos - Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<

NY Rangers vs. Devils on 12/21 - When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.

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