Internet gambling seen as big boost to Atlantic City casinos - Los Angeles News | FOX 11 LA KTTV

Internet gambling seen as big boost to Atlantic City casinos

© AP © AP

By WAYNE PARRY | Associated Press

ATLANTIC CITY, N.J. (AP) - A Wall Street firm says Internet gambling will be "a shot in the arm" for Atlantic City's 12 struggling casinos.

And a southern New Jersey lawmaker says letting people gamble from their computers or smartphones represents "the ultimate convenience gambling." Assemblyman John Burzichelli predicts Atlantic City will win back a significant part of the market that has abandoned it for options closer to home.

Gov. Chris Christie signed an Internet gambling bill into law Tuesday. It won't take effect for three to nine months.

Peggy Holloway of Moody's Investors Service says online gambling will help Atlantic City casinos, the only operations to benefit from the law, by expanding the pool of gamblers. Interstate compacts with other states that allow online betting would further extend the market.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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