How Online Bingo Benefits the Economy

While the recent economic crisis hurt many industries the online gaming industry seems recession proof. Online bingo and gaming companies consistently reported positive figures even during the height of the global recession. History has shown that gambling always increases during times of economic crisis. Gamblers hope to win enough money to get themselves out of their financial straits. Other factors are also in play such as improved software and incentives designed to lure players. Volatility in currency markets prompted some players to take advantage of favorable exchange rates at offshore bingo and gaming sites.

In the UK the online bingo industry is the fastest growing sector of the internet gambling industry. Bingo operators have improved their selection and quality of their games. Mobile bingo has become immensely popular with players. The recession has caused changes in consumer spending habits. People are seeking less expansive forms of entertainment and online bingo is a perfect fit for these players. Strangely enough some analysts say that the recession has been responsible for the growth of online bingo and other forms of web based entertainment.

Although most bingo players are playing for fun and entertainment there is also the lure of large jackpots at many online bingo sites. Several online bingo players have won life changing amounts of money. Online bingo has also benefitted the UK economy. The bingo industry has created thousands of living wage jobs and contributes a significant amount to the government in the form of taxes. Game creators, advertising and marketing firms have been kept busy by the demands of the expanding online bingo industry.

In the United States the door has been opened for the online gaming industry. The prospect of entering the lucrative US market has excited gaming operators around the world. The US market could stimulate even more growth and create thousands of new jobs for the online bingo and gaming industry. Several states have announced plans to offer online gaming licenses. Many states are going to allow online poker but most gaming industry experts believe that online bingo games and other casino games will be available in the US in the near future.

Online gaming will provide states with extra revenues and may help to avoid tax increases. The online bingo and gaming industry in the UK has clearly shown that economies benefit from legal internet gaming. The UK was one of the first to regulate online gaming and their policies could easily serve as a template for regulators in the United States.

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