The Wall Street firm cited worse-than-expected technical issues, but says it’s optimistic about the new industry’s long-term prospects, with an $8 billion market by 2020.
It also lowered its first full year estimate of New Jersey’s Internet gambling revenue from $541 million to $203 million. Fitch Ratings is sticking with its $200 million forecast for New Jersey this year.
The estimates came a day after New Jersey advanced a new Internet gambling bill to allow the state to enter into pacts with other states or countries to offer online betting.
The current law restricts Internet gambling to players who are physically in New Jersey.
MORE HBJ HEADLINES
Target faces backlash on stance on transgender bathrooms 1:05 p.m. Driver in fatal duck boat crash in Boston cited 10 times for speeding 10:19 a.m. St. Louis jury awards $55M in Johnson & Johnson cancer suit 10:16 a.m. Corporate earnings keep falling, but there are signs of life 1:06 p.m. Rich newspaper owners: Industry savior or foe? 1:00 p.m. U.S. ends Ford pickup probe without seeking recall 1:03 p.m.