The Rapid Growth of Online Gambling Industry

One of the greatest forces for growth in the gambling industry nowadays is technology. This is neither perceptive nor visionary. Anyone who follows current events knows the role of technology in the record growth of North America n economies. But it is necessary to realize that the same internet technological advancements responsible for the growth of the online gambling industry are driving growth in many industries all over the world.


By all assessment, the internet has become a very important communication tool and the online gambling industry has become dependent on the internet for business. What matters most to the gambling industry as well as governments through out the world is that increasingly more individuals have safe access to gambling through internet.


While it's hard to put an exact figure on the overall size of the online gambling industry, different estimate ranges from about $20 billion to $50 billion per year in revenue, with about 20,000 to 30,000 active sites serving costumers. The online gambling industry comprises a wide range of sites, including online casino, sportsbooks, poker rooms, bingo parlors, lotteries, horse racing sites and more.


With online gambling companies located and assembled in countries with friendly licensing regulations like Canada, Gibraltar, Costa Rica, Panama, Belize and Panama, the industry can be a major source of jobs specially for a not a big country. Online gambling operators not only hire executives, marketing staff and software programmers but they also commonly maintain a very huge number of support staffs to be available 24 hours a day to handle costumer service.


Online gambling only begun to boom and see real growth on the late 1990s that' why it is still considered a growth industry. However, it has experienced growing pains in the pass years, mostly because of the anti – gambling legislation in countries such as the US. Experts says that online gambling industry will continue to grow in the future and that the industry is a strong one. With many countries continuing to execute laws to regulate the industry more growth should be expected in the future.


Major global land based gambling companies are looking to move for large sections of their business online because their industry is experiencing competition from rapidly expanding online gambling and increasing level of public endorsements. A report points out that online casino gambling currently constitutes a very small percentage of overall global gambling. However, it is growing at a very fast pace and is likely to boom.


Resolution of issues involving regulation of online gambling will continue to progress world wide as government will try to bank on tax revenues from them while seeking to ensure safety and satisfy demand. It is believed that the need for increased profit and liquidity, along with a society that will be more open and accepting to online gambling, will eventually drive the legal acceptance of this industry in the next several years. Though this evolution may not be felt overnight in terms of revenue, it will have a big impact on the global gaming industry in the decade.