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Online gambling industry is now worth $29.3 billion
Online gambling is one of the fastest growing industries in the world and figures have now been released to back up that claim. Global Betting and Gaming Consultants claims the online gambling industry has grown by twelve percent in the past year.
Global Betting has released figures that indicate that the worldwide online gambling industry is now worth $29.3 billion. That represents a twelve percent increase over last year, and the gaming industry believes that figure will only continue to grow as more jurisdictions regulate Internet gaming.
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“With the amount of countries that have legalized some form of online gambling, that number will most likely continue to grow over the next decade,” said Gaming Analyst Steve Schwartz. “If that is the case, the industry could become one of the most relied on in the world when it comes to tax revenue created.”
According to the study released by Global Betting, the online gaming industry is expected to be worth over $40 billion by 2014. If the US were to regulate the industry, that figure would likely rise even higher, with the US considered to be the biggest Internet gambling market in the world.
Of the $29.3 billion the industry is reported to be worth, forty-one percent of that money comes from sports betting. Online poker and casino websites accounted for forty-six percent of the net worth, and online bingo brought in $1.3 billion in 2010.
In the US, individual states may beat the federal government to regulations. New Jersey residents are waiting on Governor Chris Christie to sign or veto online gambling legislation. The New Jersey law would only allow for online gambling by New Jersey residents.
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Source: Tom Jones – Casino Gambling
