Gambling News
" Trends: Hot or Not "
Online gambling expected to reach $10 billion this year, making it the Internet’s
most successful moneymaker.
The phenomenal growth of the Internet 90s, also gave rise to online gambling.
This industry has seen incredible growth in the past few years and now analysts
are predicting that this year will be the industry’s biggest yet.
This year, projected revenues are $10 billion, an unbelievable 40 percent
increase over last year. Such large revenues make online gambling the Web’s
most successful money-spinner. Online Poker on its own is expected to bring
in over two billion dollars. About one million new poker players register in
the online casinos every month!
Many different elements such as advances in internet technology, broadband
and wireless services, America’s love affair with Poker, and the growing
acceptability of online gambling, have all contributed toward the success of
online gambling sites and their resulting huge revenues.
Americans have long been obsessed with the game of Poker and evidence gathered
by gaming site CasinoCity (www.casinocity.com)
underpins this. According to Casinocity, Americans played at 53 Poker web sites
in 2003. That number has now soared to 266.
Improved peer-to-peer and wireless technology as well as the general public’s
growing trust in online casinos and the more mainstream image of online gambling
have favored the industry’s road to success, but legal obstacles still
remain. Online gambling is still illegal in some states in the U.S. and Congress
has been trying for several years now to make it illegal in all states. Banks
generally discourage the use of credit cards for transferring money for online
betting. This has led to the development of alternative money transfer systems.
Jon Kyl, a Senator from Arizona, is working towards making it illegal to
use Internet technology to place bets in much the same way that the Federal
Wire Act of 1961 made it illegal to use phone lines for placing bets.
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