Global Betting and Gaming Consultants (GBGC) has just released the findings of its latest research showing a rise in gambling revenue across the world by 5.6% to $419 billion, compared to the previous year.
Although lotteries were out in front accounting for 28.4% of gambling revenues, casinos were close behind on 27.7% and are expected to claim the top spot this year. The growth in Asian gambling is directly linked to the forecast, and as GBGC Director Lorien Pilling explains:
“There are numerous new casinos under development in Asia that are due to open in the next few years, whilst Singapore’s integrated resorts are still only in their second full year of operations.”
Online gambling, too, experienced growth in its share of global revenue, albeit a slight one up just 0.4% to 8.4% in 2011. However, online gambling still remains illegal in the huge US market and any moves to legalize and regulate it State side would inevitably see that figure skyrocket.
Looking ahead to the future, GBGC is predicting global gambling revenue to top $500bn by 2014, but depending on how the global economic situation develops. As mentioned, the Asian market is helping to drive revenues up with the enclave of Macau regularly posting $3 billion monthly revenue results. Furthermore, Macau gambling is expected to reach over $45 billion a year by 2014, but if China’s economy suffers a crash landing, then Macau’s stellar gaming growth rates will obviously be greatly affected.
Commenting on the growth prospects for the rest of the world, Lorien Pilling said:
“A strong economic recovery in the U.S. would help gaming revenues that have been hit hard in recent years. In Europe, the gambling industry needs the euro zone crisis to be resolved because the uncertainty is really hurting the gambling sector in the likes of Greece and Spain.”