Despite initially forecasting massive revenue streams coming from having an online gaming industry, the state reports they missed target earnings.
Gambling news state that results have been slow in the first year of internet gaming operations. Up until now, Delaware has earned just over $1.2 million in revenue streams, a figure that is a far cry from the initially touted sums.
In November of last year the state launched video lottery and table games, in hopes of reaching a $5 million revenue target. Overall, Delaware’s profit amounted to a meagre $318,000 as many vendor fees and startup costs had a bite at net earnings. Officials are looking at ways to increase revenues by offering better services in the future.
Revised revenue forecast for next year
As a direct result of the wrong projections, regulators have adjusted the figure they predict for the following year. In 2015, revised forecasts indicate the state will make around $3.3 million from online gambling activities. This amount is still considered to be too low for casinos to be willing to invest in the respective market, as they don’t stand to make any money from it.
Currently, Las Vegas Sands Chairman Sheldon Adelson is fighting against mobile betting firms as he believes that they will control the gaming market in the future. However, considering the current market situation it appears as though he won’t have to fight much longer, as the popularity of internet gaming is not as high as first expected.