Online Gambling Industry Grows To $29.3 Billion In 2010
February 24, 2011 9:33 amOver the past year the global online gambling industry has increased by 12% and is now valued at a staggering $29.3 billion, according to a recent report released by ‘Global Betting and Gaming Consultants.’
Breaking down the impressive figures, sports betting accounted for 41% of the tally, online casinos and online poker a further 46%, while in 2010 bingo also contributed a respectable $1.3 billion.
In addition, the gaming report said it also believed online gambling was becoming a much more accepted part of mainstream activities, especially poker which has brought a great deal of positive attention and business to the gambling industry as a whole.
At current rates, the report said it believes the online gambling industry would be worth around $40 billion by 2014. Furthermore, if in the meantime the US were to regulate their own gambling industry then that figure would rise even more dramatically.
Commenting on the positive figures, Gaming Analyst Steve Schwartz reiterated the hugely optimistic predictions for the future of the industry and said:
“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. 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.”
For instance, tax revenue from online gambling has become an increasingly valuable source of income for cash strapped governments across Europe in the wake of the global economic downturn.
As a consequence of many countries now having deregulated their gambling industries, Europe has become the world’s biggest online gambling market accounting for $12.5 billion of the industry’s $29.3 billion total revenue in 2010.
As director of European public affairs at Betfair, Tim Phillips, explains:
“The gambling business is one of Europe’s real success stories online. This is a business in which Europe leads the world.”