Morgan Stanley Nearly Cuts In Half U.S. Internet Gambling Market Estimate

Prominent financial services firm Morgan Stanley has nearly cut in half its previous prediction for the size of the U.S. online gambling market by 2020, the Associated Press reported. The research was released Tuesday.

The firm believes that in 2020 it will be worth $2.7 billion, down from $5 billion in a report released last fall. Before that, Morgan Stanley predicted U.S. online gambling would be $8 billion by 2020. The estimates keep on falling.

“We continue to believe that there is a material runway for growth, but results have been disappointing,” the firm wrote. “Legislative processes continue to be slow as lawmakers remain unconvinced that online gaming is currently worth the hassle for limited tax revenue.”

Just three states—Nevada, Delaware and New Jersey—have online gambling at the moment, and Morgan Stanley believes that California, Pennsylvania, New York and Illinois will get into the mix in the next several years. Altogether, it thinks 15 states will have online gaming by 2020.

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