Gambling Industry:Research Indicates Growth
Global Industry Analysts (GIA) is hailed as the world’s most esteemed market research publishers. Founded in 1987 it employs over 800 people across the world. It publishes more than a 1200 full-scale research reports per annum.
GIA recently publicized a new report titled “Casinos: A Global Strategic Business Report”. The report provides a detailed outlook on both land-based and the internet gambling industry. Topics covered are its overview, trends & issues, regulatory environment, associated industries, product innovations, recent industry activity and profiles of market players worldwide. According to GIA’s research in 2015 the global market for land casino gambling will reach $101.30 billion and there will also be a significant growth in gambling over the internet.
The GIA report says the casino industry represents the biggest and most rewarding sector of the land-based commercial gambling market. It points out that more and more governments are making use of the casino industry as a vehicle to raise income by means of taxation, particularly in second-world settings. In addition the land casino market in developed countries has become saturated. As a result GIA predicts that in future the growth of land casino gambling will take place in up-and-coming Asian markets, such as Macau.
The GIA report also states that the land casino industry is in a shifting phase and states the following, “The industry faces severe competition from the ever increasing internet gambling and a mounting level of public support. Recent studies indicate that prominent gambling companies are looking to expand their business online but face a strict regulatory environment.” The report indicates that internet gambling constitutes only a fraction of the overall global percentage of overall gambling. However, it’s growing at a prodigious pace and is likely to boom.
In the report it also highlights the pros and cons of internet gambling. One advantage it allows players from various regions in the world to play against each other. The disadvantage, online players can’t cash their winnings instantaneously. Minimum withdrawal limits are enforced and processing takes up to 24 hours. A distinction between land casino and internet gambling is that reputable/larger internet casinos will thrive whilst the smaller ones will almost certainly end up in the red.
The GIA report provides a long term outlook, indicating pressing trends in Nevada and Atlantic City. The Nevada Gaming Control Board stated that the total gambling revenue across the state indicated a 0.1% increase in 2010 in comparison to 2009. This was a result of 4.1% growth in Las Vegas Strip. Overall profits declined in other regions. The New Jersey Casino Control Commission reported decreasing revenues in Atlantic City in January 2011.[addtoany]