Predictions on American Gambling Market

4 March 2013 – By Jane Spiegel

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The online gambling market is expanding every day and in the United States of America a couple of states have made the move and regulated online casino gambling. New Jersey, Nevada, Delaware and other states that take the plunge into the world of online gambling are expecting rewards for their courage over the coming years. Online casino market analysts believe it is very difficult to make an accurate prediction because there is no precedent in this country. Despite the fact online casino gambling does not have much history in the US, Wells Fargo Securities recently estimated that New Jersey’s legalized online gambling market would generate from $650 million to $850 million in the short term. The report also says that in five years the market will grow to $1.5 billion.

The Atlantic City gambling industry is struggling in this period of time and many experts believe the legalization of online casinos will resurrect the industry. Even though is hard to know if the estimates are 100% accurate, New Jersey’s Governor Chris Christie expects total online gambling revenue at Atlantic City casinos to reach $1.2 billion in the 2014 fiscal year. In 2006, Atlantic City reached a peak for its revenues of $5.2 billion but over the past few years, their revenues almost halve because of the financial crisis. This situation can partly be attributed to the struggling economic fortunes of average punters but New Jersey’s gaming hub has also fallen behind compared to other state rivals like Nevada. Moody’s VP Peggy Holloway called the online gambling law “a shot in the arm” for existing Atlantic City operators. According to Holloway, the outlook is considerably better and casinos will be able to draw new in new customers by offering them incentive to bet online and then visit the land-based facilities to collect their prizes.

Other states in the US are also pushing hard for legal and regulated intrastate online gambling. Nevada has already legalized online poker and New Jersey and Delaware have regulated some online gambling verticals. Some steps forward have been made by Illinois, California and Pennsylvania. It seem like online casino gambling is going in the right direction on the American market.

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