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Author Archives: Alex Igelman
Christie overplayed hand on NJ internet gambling | NJ.com
As I had predicted from the outset, the revenue and taxation figures for online gambling in NJ are moving in a downward direction.
Instead of the 200M in additional tax revenue anticipated from gaming taxes in NJ, the state treasurer is now saying only 34M in new tax revenue is expected this year (June 30 year end).
Not all of the tax revenue anticipated was expected to come from online gambling, however it would be fair to say that 75% (150M) of the 200M in taxes originally anticipated was to have come from online gambling. This is based on Christie’s original projection of 1B in online gambling revenue (at 15% tax rate) by July 2014.
Extrapolating these numbers and applying the 75% to the 34M, this leaves us with 23.5M attributable to online gambling tax revenue which represents 15% of approximately 157M.
This number is extremely close to what I predicted as the maximum revenue online gambling would generate in NJ (no more than 150M) and in my humble opinion it will be a stretch to hit these numbers for the various reasons I promulgated in my previous posts.
Calif. Poker Bills Would Leave Racing Out | BloodHorse.com
Two proposed bills were recently introduced in California that would see Indian casinos and existing card rooms apply for online poker licenses.
Sen. Correa’s bill is a re-introduction of his failed bill last year while Assemblyman Jones-Sawyer bill is a re-do of Sen. Wright’s old bill that also went nowhere last year.
The interesting thing is that Wright’s old bill included the California horsemen as parties eligible to apply for online poker licenses while Jones-Sawyer’s bill does not.
Aside from the infighting between the various tribes and their divergent support of the two bills, other challenges for any of these bills becoming law also include the California horsemen, anti-gambling groups and Adelson’s “Coalition Against Internet Gambling”, among others.
It is highly unlikely that the bills in their existing form will get passed any time soon and it will probably be a few more years until anything happens if anything happens at all.
Visit to “The National Treasures Storeroom” Part I – YouTube
Mississippi Fails To Approve Legalized Online Gambling Bill
On Tuesday last week, the Mississippi legislature decided to strike down a proposed bill entitled “The Mississippi Lawful Internet Gaming Act of 2014”.
Mississippi was one of the states that had been touted in a recent news piece as prospective states that were looking to pass online gambling laws in 2014.
As I had mentioned previously, with Mississippi out of the picture there are really only 4 states that could potentially pass legislation this year and it is highly suspect if any of these states will actually do so.
In the interim, the Coalition to Stop Internet Gambling launched the first of what should be a series of video commercials espousing their views regarding internet gambling.
While the commercials seem to employ scare tactics, the message is quite clear- Internet gambling in the US is a bad thing that will lead to people losing their homes, families breaking up and a generation of degenerate gamblers.
Watch the video at: http://www.youtube.com/watch?v=EEGCa5v3KH4