Chris Christie: New Jersey Web Gambling Will Produce $1 Billion In Revenue By JulyRepublican Governor Still On High End Of Estimates |
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Online gambling is still in its infancy in New Jersey, but Gov. Chris Christie, who legalized the activity earlier this year, believes that the web games will generate $1 billion in revenue for Atlantic City’s casinos by July 1.
The Star-Ledger reported on Christie’s comments that he made on Monday.
The $1 billion figure was tossed out before, but recent estimates by analysts have suggested much, much less in revenue out of the gate than what Christie imagines.
This fall, research was released that suggested the New Jersey market for online poker specifically could be up to $65 million during the first year.
The researchers analyzed data on 4.6 million real money online poker players in 2009 and 2010, near the peak of unregulated poker in the U.S. (pre-Black Friday). They found that 38,100 online poker players in New Jersey spent an average of $765 per year, creating a $29.13 million market.
New Jersey has legalized a wide array of casino games for the web.
Missing from the pie is sports betting however, as the state is actually in a battle right now to get the right to offer sports betting at its brick-and-mortar establishments.
That fight is going all the way to the U.S. Supreme Court.
Estimates for the entire New Jersey online gambling market size in the first year have ranged widely from around $260 million to $1.2 billion, according to reports.
Christie is still on the very high end of predictions.
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