"These properties are not earning what they could or should be earning," said Adam Steinberg, a gambling analyst with Morgan Joseph, an investment banking firm.

W. Bruce Turner, a former gambling analyst who joined Gtech's board last year, will step in as nonexecutive chairman.

Citigroup's online gambling analyst in London has moved to another sector, and has not been replaced.

With today's vote, New York joined what many gambling analysts consider a national trend against the spread of casino gambling.

No resident of Drumthwacket, the governor's mansion, wants to hear gambling analysts complaining to whoever will listen about dubious prospects for Atlantic City.

"With on-line casino games, you're never really sure if the game is rigged or not," said Mr. Sebastian, the gambling analyst.

"Market-savvy managers are grooming the next generation," said Marvin Roffman, a Philadelphia-based gambling analyst.

"There is no question that when you make these machines available, people use them," said Mr. Christiansen, the gambling analyst.

Rubin is also a gambling analyst for television.

Many gambling analysts said it would compete with Atlantic City, where New Yorkers make up 40 percent of the gamblers.