ATLANTIC CITY (AP) — A Wall Street firm that was among the most pessimistic about the prospects for Internet gambling in New Jersey has cut its already-conservative estimate on the state's first-year online winnings by more than half.

(Graeme Roberstorn, Getty Images)

Tuesday's move by Fitch Ratings comes a day after New Jersey reported a third straight monthly decline in the amount of money won by the state's Internet betting operations, partnered with Atlantic City casinos.

The online casinos won $9.5 million in June, and have taken in $63 million for the year.

That prompted Fitch to cut its estimate of New Jersey's 2014 Internet winnings to $120 million to $130 million, down from the $200 million to $300 million it had forecast in December.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)