Online Gambling Industry Up 12 Percent

Published on: March 1, 2011 

Global Betting and Gaming Consultants have recently released figures to support the claim that online gaming is one of the fastest growing industries worldwide. The latest figures show that the online gaming industry has grown 12 percent in the past year and that it is now worth close to $30 billion.

At $29.3 billion, it is believed that the online gaming industry figures will continue to climb as Internet gaming becomes regulated by more and more jurisdictions.

Steve Schwartz, Gaming Analyst stated: "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." He continued that "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."

Global Betting released projections on the worth of the online gaming industry and according their study, the industry is expected to be worth more than $40 billion by 2014. The United States is considered to be the largest Internet gambling market in the world and it is expected that if the US were to regulate the industry, the total worth of the online gaming industry would reach even higher levels.

It is possible, in the United States, that the states will regulate online gaming before the Federal government does. If the Governor of New Jersey, Chris Christie signs online gambling legislation, New Jersey residents may be allowed to take part in online gambling activities.

Sports betting is the biggest contributor to the total worth of online gaming with it making up 41 percent of the total revenue. Online casino and online poker website make up 46 percent of the total worth and online bingo has begun to have an influence and netted a total of $1.3 billion in 2010.

As online gaming is becoming more popular, so the profits are rising. The industry is gaining a more mainstream audience with games such as poker making it into the mass media. The attention on poker is spilling over to the industry at large and the increasing profits attest to this.

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