Firm cuts way back on NJ online earning estimate - My9 New Jersey

Firm cuts way back on NJ online earning estimate

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By WAYNE PARRY
Associated Press

ATLANTIC CITY, N.J. (AP) - A Wall Street firm that was among the most pessimistic about the prospects for Internet gambling in New Jersey has cut its already-conservative estimate on the state's first-year online winnings by more than half.

Tuesday's move by Fitch Ratings comes a day after New Jersey reported a third straight monthly decline in the amount of money won by the state's Internet betting operations, partnered with Atlantic City casinos.

The online casinos won $9.5 million in June, and have taken in $63 million for the year.

That prompted Fitch to cut its estimate of New Jersey's 2014 Internet winnings to $120 million to $130 million, down from the $200 million to $300 million it had forecast in December.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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