Study Predicts Growth in Gambling IndustryBy: Joan Peppin, Saturday February 12th 2011
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Global Industry Analysts (GIA) has a reputation as being one of the world's largest market research publishers. The company was founded in 1987 and employs over 800 people across the globe. It publishes more than 1200 full-scale research reports every year. GIA has just released a new report that is titled "Casinos: A Global Strategic Business Report". This report provides a comprehensive outlook of the land and online gambling industry. The subjects covered include overview, trends & issues, regulatory environment, associated industries, product innovations, recent industry activity, and profiles of market players worldwide. The study by GIA predicts that the global market for land casino gambling will reach $101.30 billion by 2015, and there will also be significant growth in online gambling.
The GIA report states that the casino sector represents the largest and most lucrative segment of the land based commercial gambling market. It points out that casino gaming is being targeted by governments as a source for income generation through taxation, particularly in the developed countries. Also the land casino market in developed countries has reached a saturation level. Therefore GIA predicts that the future growth of land casino gambling will take place in the emerging Asian markets, like Macau.
There is another factor because of which the land casino industry is in a transition phase. The GIA report states, "The industry is experiencing competition from rapidly expanding online gambling and an increasing level of public endorsement. Recent trends suggest that major global gambling companies are looking to move large sections of their business online but are faced with a strict regulatory environment." The report points out that online gambling presently constitutes a very small percentage of overall global gambling. However, it is growing at a fast pace and is likely to boom.
The report highlights some of the advantages and disadvantages of online gambling. One advantage is that it enables players from different regions in the world to play against each other. The disadvantage is that the online players cannot cash their winnings instantly. Minimum withdrawal limits have to be observed and the processing can take a day or so. One similarity between land casino and online gambling is that the larger groups are likely to do well whereas the smaller ones will probably be in the red.
The GIA report gives a long term outlook. Other recent reports have indicated the immediate trends in Nevada and Atlantic City. The Nevada Gaming Control Board stated that the total gambling revenue across the state showed 0.1% increase in 2010 as compared to 2009. This was a result of 4.1% growth in Las Vegas Strip. The revenues were down in other regions. The New Jersey Casino Control Commission reported falling revenues in Atlantic City in January 2011.
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