Online Gaming Revenues to Reach $182.8 Billion by 2015

The United Kingdom was one of the few growth markets for online bingo and casinos in 2010. Online bingo is the fastest growing sector of the online gambling industry in the UK. The UK was the first nation to establish regulatory bodies to address online gambling issues. Currently the UK is the world’s largest legal gaming market. Land based gambling growth was driven by slots, or ‘fruit machines’ as they are known in Great Britain. According to several experts the global gaming industry will grow by about 10% annually. Revenues from casinos and online gaming activities increased by 0.6% in 2010 according to a report by PricewaterhouseCoopers.

The PricewaterhouseCoopers report predicted that casino and internet gambling markets will grow by about 9.2% yearly until 2015. Revenues will increase from $117.6 billion in 2010 to $182.8 billion in 2015. In the UK the casino market generated about $1.2 billion and gaming machines generated more than $3 billion. In many UK bingo halls fruit machines generate about 70% of all income. The recent move by the government to raise licensing fees for the machines generated a lot of controversy among gaming operators and players.

David Trunkfield, lead gaming partner at PricewaterhouseCoopers said that further growth in the UK gambling industry will be supported by 16 new casinos that will open next year. The PricewaterhouseCoopers report predicts that the new casinos “help to generate gains averaging 4.1 per cent compounded annually between 2012 and 2015.” Earlier in the year some experts predicted that economic pressures on consumers would cause casino revenues to shrink but that has not been the case. The online gambling industry has expanded despite the global recession.

In 2009 the casino markets in Europe, the Middle East and Africa de5 in 2009 and 7.2% in 2010. Mr. Trunkfield was somewhat pessimistic and stated that the “weak economic conditions and the impact of adverse regulatory developments in some countries will curtail growth.” In the meantime the UK gaming market continues to grow thanks, in part, to mobile gambling. Online bingo is the fastest growing sector of the UK gaming industry and most operators have already launched mobile applications for iphones and Androids.

The UK could serve as an example of a well regulated gaming industry for other nations. Regulations are in place to protect consumers and make sure all games are fair and honest. Gambling operations are taxed and licensed providing much needed tax revenues for the government. In the meantime several countries are liberalizing their policies on gaming ensuring further industry growth.

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