New Jersey has a $148 Million Hole in its Budget Because of Internet Gambling. What Does that Mean for Pennsylvania?
Washington, D.C.— Ahead of the report by the Legislative Budget and Finance Committee, which will analyze the possible impact of Internet gambling, the Coalition to Stop Internet Gambling today released a new infographic highlighting the failure of Internet gambling.
Revenue from Internet gambling has fallen fall short of projections where it is already legal — especially in New Jersey — leaving cash-starved states scrambling to fill in gaping holes in their budgets.
“While proponents of Internet gambling are selling it as a rich source of new income for cash-starved states, the opposite is true — and the victims will be underage children and other vulnerable populations,” said Colin Hanna, president of Let Freedom Ring and a former Chester County, PA Commissioner; and Thomas Shaheen, Vice President for Policy at the PA Family Institute. “It must be stopped before it gets started.”
Time Magazine recently declared Internet gambling revenues “pathetic”: “State budget makers and gaming interests have drastically, laughably overestimated the amount of money that would be generated with the advent of legalized online gambling.”
The Associated Press echoed that bleak assessment: “When it comes to raising revenue for the state, Internet gambling has been a bust.”
Morgan Stanley recently cut its estimate of the Internet gambling market by 30%: “We are lowering our estimates to better reflect the insights we have gained following the first few months of operations in New Jersey, Nevada and Delaware.”
A recent Quinnipiac Poll found that 62% of Pennsylvania voters oppose legalizing online gambling. For more information and other resources on the dangers of Internet gambling, please visit http://stopinternetgambling.com/.
The Coalition to Stop Internet Gambling’s mission is to restore the long-standing federal ban on Internet gambling. It will engage the public and policymakers on the threat posed by Internet gambling.
For more information or to arrange interviews with any of the Coalition to Stop Internet Gambling members in Pennsylvania, please contact Dan Wilson at email@example.com