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Casino industry growth trends as predicted by researchers and experts

casino industry growth trends as predicted by researchers and experts

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It, however, does not mean that globally operated casinos cannot be accessed online from any location in the country. At the same time, an increasing number of states are intending to adopt online gambling in order to boost their revenues from taxes.

As online gaming providers began luring particular customer segments, such as high-rollers, this posed a threat to one formidable source of revenue for land-based casinos.

What is more, as online casinos have lower operating costs, they are able to provide their customers with better odds, which may spur online gaming growth even further.

Online gambling in the United States has left quite an impressive mark in terms of history. Back in more than websites were to accept money bets on sports events, card games or lottery tickets from players residing in the United States.

During that time only two states strictly prohibited online gambling activities, while approximately half of the states had already passed laws, which postulate that placing a bet is an act of crime.

If we go back even further in history, we should note that the most apposite legislation has been the Federal Wire Act , which forbade interstate and foreign placement of bets via a wire device such as the telephone.

There have been multiple opinions that the US government might enforce namely this act in an attempt to deal with online gaming operators.

The latter postulates that it is a federal crime to manage online-based gambling business, that accepted funds in order to support unlawful transactions.

This act simply enabled the federal government to use additional felony charges against gambling business operators, which strayed from other gambling legislation acts.

After the act was passed, every publicly owned online gambling provider made its exit from the US market, while only smaller and less reputable operators remained.

Most of the charges were based on that online poker was an illegal activity. Several months later the Department of Justice came up with a memorandum, stating its new interpretation of the situation.

According to the memorandum, the Federal Wire Act was in force only for bets made in regard to a sporting event or contest.

Some states had been enduring the effects of huge budget shortfalls and were in need of a fresh source of revenue. Therefore, three states Delaware, Nevada and New Jersey have since authorized certain forms of online gambling on their territory.

While Nevada legalized poker only, Delaware and New Jersey did so for a full-sprectrum of online gambling activities.

A number of experts in the field have expressed an opinion that legalization of online gambling, at least in some form, will probably spread to more states in the future.

At present, at least five states are considering the authorization of some form of online gambling — California, Iowa, Hawaii, Massachusetts and Pennsylvania.

The major benefits of legalization, which proponents of online gambling point out, concern job creation and, of course, tax revenues.

According to recent analyses, the legalization of online poker alone would create, directly and indirectly, approximately 10 high-tech jobs in the country.

Morgan Stanley projects that online gambling in the United States would bring in as much revenue as Las Vegas- and Atlantic City-based traditional casinos combined by the year In total revenue for global online gambling industry, which includes sports betting, casino, bingo and poker, was at the amount of EUR In the size of the online gambling industry expanded to almost EUR 22 billion.

A June survey showed that there were 2 online gambling sites, which are owned by companies. That figure included online casinos, online poker rooms, sports betting sites, online bingo sites, lottery and other sites.

During the past over ten years almost 10 million American residents have visited websites in order to bet on sports events, to play poker, or to take part in an array of electronic casino games, including slot machines, blackjack, craps and roulette.

This fact boosts the case that if legalization tendency eventually continues, the figures mentioned above would be bolstered considerably. However, the idea of legal online gambling has its opponents as well.

Their major concerns are that job creation and tax revenue forecasts are somewhat inflated, while at the same time, there are moral and religious aspects of gambling that are not to be ignored.

Last but not least, opponents stress on the potential for gambling addiction. A opinion survey concluded that Americans tend to speak against online gambling legalization rather than promote it.

Despite the above mentioned division of opinions regarding legalization, it is quite possible that supporters of online gambling will have the upper hand.

And taking into account the pros and cons of such an act, it is quite possible that an increasing number of policymakers will favor legalization, because of the urgent need to discover new sources of revenue, especially amid sluggish global economy and local budgetary constraints.

Saturday, November 10, Silver talks to Ohio University's Perspectives magazine about the top trends he sees in the casino industry. American cities compete for casino dollars More states—including Ohio—are looking to the casino industry to boost revenues.

Commercial casinos are legal in 23 states, according to the American Gaming Association, with legal online gambling underway in New Jersey.

Fourteen of the states with state-regulated commercial casinos also allow race tracks with slot machines "racinos" , while Native American tribal casinos may be found in states with and without commercial casinos, he notes.

But as new markets open up, states are facing increased competition from neighbors. Atlantic City "got pelted when Pennsylvania opened casino gambling," Silver says.

The slow economic recovery also has impacted initially rosy revenue projections. But, as the Cleveland Plain Dealer reported, revenue slumped in , and Gov.

It did not meet the forecast. American cruise ships in international waters also hold promise, says Silver, who pioneered the marketing of the concept during his time at Leisure Time Casino and Resorts.

Otherwise, the industry in the United States has limited room for expansion, he adds, with the exception of acquisitions and mergers.

Las Vegas turns to Emeril, Cher, and Shopping Las Vegas is known for its big casino presence, but it also has become the largest market for the entertainment industry.

With highly publicized professional boxing matches, celebrity chef restaurants, and performers such as Elton John, Cher, and Britney Spears, the Nevada city brings in 64 percent of its revenue from nongaming-related activities.

We don't need any more slot machines. We don't need any more table games.

Casino industry growth trends as predicted by researchers and experts -

Generally, the states allow the playing of traditional casino games such as blackjack, roulette, and slots. Healthy Food Spot On newsletter 15 Februar Charitable gambling is run for the benefit of nonprofit organizations, although the nonprofit may not necessarily be the operator of the games. Credit is not granted and alcohol is prohibited. This behavioral pattern occurs because pathological gambling is a problem of impulse control.

Casino Industry Growth Trends As Predicted By Researchers And Experts Video

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