NJ.com – Gov. Chris Christie’s administration admitted Tuesday it had overplayed its hand on online gambling, drastically overestimating the amount the state would bring in during the first year. Christie had proposed a spending plan last year that anticipated a $200 million increase in tax revenue from the casinos, almost all of it from the legalization of internet betting that began in November. State Treasurer Andrew Sidamon-Eristoff later cut Christie’s estimated increase to $160 million. But Tuesday he conceded even that was far too high, and now expected just a $34 million rise in casino tax revenue for the fiscal…

The number of internet gambling accounts created in New Jersey continues to grow and is nearing 150,000. New Jersey authorized Internet gambling last year to give a boost to Atlantic City’s struggling casino industry, which has been beset by increasing competition for the past seven years. It began with a five-day trial period on Nov. 21 and launched publicly on Nov. 25. As of Monday, 148,487 accounts had been created, though the state’s Gaming Enforcement Division notes that individuals often create separate accounts on more than one site. The state will issue its first report next week on Internet gambling…

Taiwanese and Chinese security forces jointly busted an Internet gambling ring Tuesday, shutting down a betting website that collected as much as NT$100 million (US$3.334 million) through a third-party payment process, according to Taiwan’s Criminal Investigation Bureau (CIB). The website operator sold gambling chips and points that can be used to exchange with those offered by various other Internet gambling websites and even converted into cash, a spokesman for the team said. Through the website, online gamblers could bet on hundreds of games by just printing out payment slips at convenience stores. The online gambling website’s operator is in Taiwan,…

Earlier this summer, Sheldon Adelson told those nasty little Internet gambling punks to get off his lawn. Now, he thinks they egged his house. As payback, the chairman and CEO of Las Vegas Sands Corporation says he’ll put online gaming out of business forever in the United States. Adelson, 80, who is ranked 11th on the Forbes 400 with a net worth of $28.5 billion, is opening his wallet to fight what he once dubbed “a toxin all good people should resist.” He’s forming an advocacy group, the Coalition to Stop Internet Gambling. He’s hiring Washington, D.C., lobbyists and public…

This year internet gambling is expected to be the hot topic as the world’s biggest gaming convention kicks off in Las Vegas, with thousands of people are in town to attend the Global Gaming Expo (G2E). Hundreds of gaming manufacturers will showcase their innovative Internet gaming, or iGaming, technology this week. They say iGaming represents the future of this industry. Governor Brian Sandoval (Nevada-R) signed historic legislation this year, clearing the way for Internet betting sites to operate in Nevada. Two sites are already running. Two more states – New Jersey and Delaware – have also legalized online poker. Other…

From Forbes While Americans love to wager money, our country has an interesting relationship with legalized gambling.  Though it’s legal in Las Vegas, Atlantic City, many Indian Reservations, and other places in the US, it is illegal elsewhere.  Further, the legality of online gambling sites has also been questioned. Many people who enjoy wagering a few dollars over a game of poker, blackjack, or other game, however, do not have the access or ability to get to a casino.  Others, perhaps, have a bit of time to unwind in the evening, and wish to play but don’t have the time…