Online gambling legalization was said to be a new era in the development of the gambling industry worldwide. As far as the online gambling bills in the United States are concerned, some of them met the approval of the local communities as well as the resentment of other. It’s been almost an year since the official legalization of the online gambling activities in the state of New Jersey.
The Garden State turned out to be a vivid example for on-demand betting. However, even the most passionate proponents of the online gambling legislation had to admit that the results achieved are not really satisfactory. As a matter of fact, they were defined as “less than stellar”.
Two days ago, the Mobile and Tablet Gambling Summit was held in Atlantic City and the Senator, Ray Lesniak took part in the discussions. He wasn’t able to go to Bally’s casino so he made a speech via Skype. He said that he is still hopeful that the local gambling industry will be improved. He also gave a detailed explanation for the unrealistic expectations, concerning the annual revenue for the first year of the gambling activities legislation.
The states that have already legalized the Internet gambling activities are few. Plus, their markets are not well developed and on top of that, the authorities have forbidden some kinds of games so the players are not given the ultimate freedom to choose what they want to play.
Anyway, the state of New Jersey played a key role in the gambling legislation affairs because the other states kept a close eye on every setback and every step forward. The Garden State served as a barometer that gave the gaming regulators detailed information about the demand for online gambling activities in the United States.
According to the market analysts, the annual revenue in New Jersey was supposed exceed $1 billion.
However, bearing the current situation in mind, these predictions sound pretty much ridiculous. The Internet gambling was launched last November and since then, the revenue reported has been a bit over $100 million.
What went wrong and why the revenue is several times less than the gaming analysts’ prediction?
At the beginning of the week, Lesniak told the attendees at the Mobile and Tablet Gambling Summit that they shouldn’t expect any outstanding results unless some reputable credit card companies give their consent to processing payments, made towards gambling websites. For the time being, the companies are reluctant to do this kind of money transfers.
According to some other important visitors of the event, convincing the bank companies to process gambling payments is a challenging task that requires a lot of patience and most importantly – education. The main reason why the companies refuse processing these transactions is the fact that Internet gambling has long been considered to be illegal. That’s why some gambling experts think that the proper education and the right approach towards the companies should be enough for figuring the problem out.
