Moody's says NJ bills won't work

[The Buzz]

Wall Street ratings company Moody’s Investors Service said that a number of reforms designed to help the Atlantic City casino industry, including the legalization of online gambling, would add up to a "zero-sum game" because revenue would simply go "in one pocket and out the other."

Moody's says even if online gambling becomes legal in New Jersey, the impact will be minimal because residents weary of the recession won't likely risk money in another form of wagering.

From The Press of Atlantic City:

Moody’s also predicted that Internet gambling and sports betting in New Jersey would ignite “a casino arms race” with competitors in neighboring states. At the same time, Moody’s believes that existing federal bans on Internet gambling and sports betting make New Jersey’s proposals a longshot at best.

"If the proposals survive legal challenges, we do not believe neighboring states would sit still,” the report said. “New York, Pennsylvania and Maryland are likely to embark on a casino arms race, moving to legalize both sports betting and Internet gambling as a way to protect operators such as Yonkers Racing Corp. in New York and Mohegan Tribal Gaming Authority in Pennsylvania.”

In New Jersey, Internet gambling and sports betting would need approval of both houses of the Legislature and state voters. But Moody’s noted that the federal government currently bans Internet gambling and allows sports betting in only four states: Nevada, Delaware, Oregon and Montana. Those four states had some form of sports betting on the books before the federal government enacted a ban in 1992.

[Simmo!]

"But Moody’s noted that the federal government currently bans Internet gambling..."

So it appears they based their opinions on misinformation?! If they get the basics wrong, they're hardly going to be taken seriously although there is no doubt that while the UIGEA is in place it will be hard for Internet gambling to take off for sure.

[JoeAdams]

Seems like online gambling issues in New Jersey is getting in hot issue.. I'm quiet interested with its finale.

[thepokerkeep]

gambling is a problem now a days in whole the world. we should get rid of it

Really? And you're a gambling affiliate? Quality post, thanks for wasting my time...

Oh! Looking at the quality of the other 19 posts you made this morning I can see you've wasted a lot of people's time. Good job.

Please find a different forum to spam your sig link. Thanks.