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GLOBAL ONLINE GAMBLING MARKET NOW WORTH $29.8 BILLION
December 9, 2011 : Latest Research and Markets study shows annual growth averaging 13.7 percent
The respected research group Research and Markets has released its latest study of the global online gambling market, showing gross gaming win (the total amount waged by customers minus the total amount paid out to customers as winnings) of $29.8 billion in 2010.
Highlights in the report, which is available from Research and Markets.com, include:
- The global online gambling market has enjoyed an average compound annual growth rate (CAGR) of 13.7 percent between 2006 and 2010.
- The sports betting segment was the market's most lucrative in 2010, with total gross gaming wins of $12.2 billion, equivalent to 41 percent of the market's overall value.
- Market performance is likely to decelerate, with an anticipated CAGR of 9.1 percent for the five-year period 2010 - 2015, and this is expected to drive the market to a value of $46.1 billion by the end of 2015.
SETBACK FOR AUSSIE ONLINE GAMBLING OPPONENT
Inquiry rejects online gambling bill proposed by Sen. Xenophon
Australian Internet gambling opponent Sen. Nick Xenophon's Interactive Gambling Bill was given the thumbs down by a Parliamentary Joint Select Committee on Gambling Reform this week.
The bill tabled in June this year, targeted the prevention of online transactions to offshore betting site's along with a reduction in gambling advertising and banning live betting during sports events.
The Committee majority found the bill impractical on the suspension of transactions saying: "Electronic transactions involving multiple parties are conducted in a matter of seconds, making a request to suspend or cancel them unfeasible.”
Citing the potential for moral hazard by gamblers, knowing that if they lose they can request a reversal on the transaction, may lead to more reckless gambling behaviour said the Committee.
Steven Munchenberg, chief executive of the Australian Bankers' Association's alternative proposal involving a blacklist of illegal operators was also rejected, according to The Australian.
Summarising, the Joint Select Commitee said: “We do not support the introduction of any form of financial transactions or payment controls. We recommend the bill not be passed”.
Around twenty recommendations have been put forward by the Committee mostly surrounding sports betting such as: a company logo ban on jerseys, prohibition of live odds promotion, a ban on betting advertising during times when children may be watching, and restrictions on team product merchandise that promote sponsors.
The Committee has called for more research undertaken on a National level before reaching consensus on the topic of online gambling.
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