Albany, NY -- (SBWire) -- 04/07/2015 --Online gambling and betting market is a recent phenomenon. However, it has shown a sharp upward growth graph that very few industries ever do. In 1995, the first online casino began its operations with eighteen online games, since then the online gambling and betting industry has expanded at a high growth rate. Data shows that in July 2005 alone, an estimated 30 million gamblers accessed online gambling and betting sites. However, the data about the market revenue of online gambling and betting industry is varied. Even some of the conservative estimates show that the industry has demonstrated an increase in profits from approximately US$1 billion as of 1997 to an impressive US$10.9 billion figure in 2006. Online gambling and betting has revolutionized the traditional gambling industry, as it allows gamblers to place wagers on all types of games and events right from the comfort of their home.
Almost all online gambling and betting sites are located offshore. These websites offer users all types of gambling games which range from traditional card games to sports wagering. However, many of the exotic online gambling and betting options such as proposition bets are available on these sites where a user can wager on everything from a winner in a reality TV show to the likelihood of a celebrity signing up for a movie.
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Geographic Analysis of the Online Gambling and Betting Industry
The global online gambling and betting industry has witnessed a varied regulatory landscape. Since this industry has shown a high degree of growth the regulations governing the online gambling and betting industry in the last decade has gone through many changes. Many Western European countries have laws in place which channel the online gambling and betting business. In the U.S. and many major Asian nations, online real-money games are yet awaiting progress in terms of policies. However, in the United States, online gambling is considered legal in only three states. On the other hand, in many Asian countries gambling and betting is legal in casino resorts only. In the coming years, a lot of regulations will be placed by governments around the world in order to better regulate the online gambling and betting industry.
In the USA, the states which allow online gambling and betting are New Jersey, Delaware, and Nevada. In the future, more states are expected to allow online gambling and betting. In November 2013, the largest of these three states allowed legalization of online casinos which generated around US$1 million revenue during the initial week of operations. Additionally, the valued amount reached around US$10 million every month in the year 2014, with millions of user registering on online gambling and betting sites. Brazilian gamblers have extensively employed offshore sports online gambling and betting sites.
In 2014, due to the FIFA World Cup held in Brazil, the online gambling and betting market witnessed substantial growth. Currently, in Mexico and Argentina, online gambling and betting is permitted only under special license. Presently, Argentina boasts the largest number of registered online gambling and betting websites in Latin America. One of the strongest trends that the online gambling and betting market is witnessing is the legalization of online gambling in several states in United States, also Mexican casinos are anticipated to partner with these states to boost the market.
Moreover, new measures are being implemented in the European online gambling and betting market, which can be attributed to the increasing online gambling activities in this region. The U.K. has initiated policies to tax online gambling and betting to users based on their place of residence, which came into effect starting December 2014. This policy was implemented to conflict the loss of taxes on online betting and gambling due to the gamblers in this region shifting to offshore websites.
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Booming Online Gambling and Betting Market Forcing Several U.S. States and Other Regions to Legalize the Industry
Transparency Market Research Report Added "Booming Online Gambling and Betting Market" to its database.