Reports state that New Jersey online casino market to be lucrative

Things are all set to become a reality for online gambling industry in New Jersey, either later part of 2013 or early 2014. Nobody is worried about the precise timing for the launch, as the practice has been legalized by the governing body. What they wish to know is the actual worth of the market, when it starts functioning and somewhere down the line.

Several European operators, which include the likes of Paddy Power, have been understandably eyeing the opportunity that New Jersey will create. However, the Irish bookmaker, in its annual meeting, was adamant that entry into the US gaming market would only be possible, if they know the cost involved and its market’s size.

According to a report, which was issued in the interest of the European players, it was found out that there are a few casinos in Atlantic City, which will see positive results with this legislation.

The casinos mentioned in their report are currently struggling. However, with the legislation in place, it has given them the scope for partnering with experienced online gambling firms to offer internet gambling services in the state.

In such a scenario, the obvious beneficiaries would be the European players, as they have been there almost right from the beginning. The likes of Bwin, Playtech, William Hill and Paddy Poker have the opportunity to increase their stakes in the online casino industry.

The report also stated that it might even give the European firms an opportunity of introducing their products to US online market, something, which may or may not be available there presently. Already, Bwin has come into an agreement with Boyd, which operates the biggest Atlantic City Casino.

In terms of the amount involved, Chris Christie, Governor of New Jersey, believes that there could be as high as USD 180 million in tax revenue, which could be generated with online casino industry. According to the report, this tax amount might mean the market worth to be at USD 2.1 billion, which would be too much to ask for in the first year.

According to the report, the estimated revenue to be generated from the first year should be about USD 220 million. This in itself is quite huge considering the limitation that the legislation has.

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