US Online Gambling Market Estimate Cut 30 Percent

AP – Morgan Stanley lowered its estimate of the U.S. Internet gambling market on Tuesday to $3.5 billion by 2017, down from a previous forecast of $5 billion. The Wall Street firm cited worse-than-expected technical issues in its projection, but said it’s optimistic about the new industry’s long-term prospects. It forecast an $8 billion market by 2020 compared to its initial $9.3 billion estimate. “While we remain bullish on the online gaming opportunity in the U.S., we are lowering our estimates to better reflect the insights we have gained following the first few months of operations in New Jersey, Nevada…