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ANALYSTS GIVE INTERNET GAMBLING A FAVOURABLE REPORT
The respected professional business services and analyst company Ernst and Young had encouraging news for the online gambling industry this week - it could be one of the economic sectors that comes out of the global economic recession stronger and more resilient than ever.
Ernst & Young has tipped online gaming to be one of the sub-sectors of the leisure industry that will come out of the current recession as a possible winner.
In its report "All bets off for recession" Ernst and Young considered the future potential of traditional and mainly land- based gambling, coming to the conclusion that fortunes would be mixed during the coming hard times. The sector was likely to mirror the declining trend in consumer spending, making for troubled times, bearing in mind the liklihood that consumer spend will probably not start to recover until late 2009.
But when it came to internet gambling , E&Y opined that the industry's ability to access the international market would be an important advantage, with the recessionary trend counterbalanced by the fact that the industry could still be said to be in its growth phase.
In addition, a propensity by gamblers to stay at home due to economic hardship, and frugally play small stakes for entertainment would also assist the sector to better survive, whilst the pastime's appeal to the younger generations unburdened by property and share price decreases in personal wealth could also have a beneficial influence.
With online operators continuing to invest and recent results indicating that the sector had so far apparently weathered the credit crisis, Cameron Cartmell, head of hospitality and leisure at Ernst & Young, commented: “The online gaming industry is likely to do better than other gaming sub-sectors as it is not solely reliant on the state of the UK economy, it is still going through a growth phase and with consumers saving money by staying at home I believe it will be a winner.”
For those companies that survive the recession, there will be better opportunities as leaner and fitter organisations well prepared to take advantage of the trend toward liberated markets.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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