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…

iGaming Business – The Coalition to Stop Internet Gambling has announced that 39 organisations have signed up to become members of the US anti-online gambling campaign group. Funded by Sheldon Adelson, chairman of casino and resort company Las Vegas Sands Corporation, the campaign group is pushing for a complete ban on internet gambling in the US to be restored. The group said the new members represent a “broad-based coalition” that has joined forces to confront the threats posed by online gambling. Planned activities for such companies include educating policymakers and spreading the word through social media. The 39 new member…

GovTech – Pennsylvania, West Virginia and nine other states might approve online gambling this year or next, says the founder of a major Internet gambling consulting company. “There’s intense competition in that part of the country,” says Fred Gushin, managing director and founder of Spectrum Gaming Group, a New Jersey company that analyzes trends for casino-related clients and government agencies around the world. New Jersey, Delaware and Nevada launched online gambling last year. “It’s something that will be considered not only by Pennsylvania but by all the other states that have gaming because they ultimately can’t afford not to,” Gushin…

Business Insider – Jason Somerville, a professional poker player, could see that all the cards had been dealt and the final board was 3, 4, 5, 6, 3. Mr Somerville had an ace and a king. His opponent paused. He was down to the final five seconds of his time bank before he finally bet. That could have meant one of two things. Either it was a hard decision, or he was distracted. Had the game been in a casino, Mr Somerville would have been able to see which. But it was online, so he couldn’t. Instead, he took into…

From The Hill – Lawmakers on Wednesday expressed broad agreement that more regulations are needed for online gambling. A Senate panel on Wednesday derided out-of-date regulations that make it easy for almost anyone to bet money online without proving their identity. “Shame on us if we don’t get something done on this because, when I think about the possibility for money laundering, terrorism, drug trafficking and the potential for children to get access to use the Internet as well as people to add to the addiction issue, I hope this is something that we move on very quickly,” said Sen….

Online gambling is back before Congress, and some are betting it will move forward this time. Congress has swung into action this year after moves by states to set up their own Internet wagering systems. At least two bills to regulate Internet gambling have been introduced in the House of Representatives, and a Senate committee has scheduled a hearing on Wednesday on the matter. After years of treating online gambling as criminal, the US government quietly shifted its stand in late 2011 when the Justice Department released an opinion stating that only sports betting should be prohibited under a 1961…