Industry Reports Show Upswing in Gambling Numbers
The global gambling market has reportedly doubled in size since 2001.At least two global gambling reports have been published in recent weeks, showing the growth of the industry around the world, and pinpointing which regions have the highest growth rates.
According to Global Betting and Gaming Consultants, which published its tenth edition of the Global Gambling Report, gambling revenues around the world climbed to more than $450 billion last year. The report predicts that the market will grow to reach $525 billion by 2019.
The report examined gross gambling yield (ie. stake minus the winning payouts) and found that revenues climbed by 3.2% last year.
Since 2001, the global gambling market has doubled in size, according to Warwick Bartless, GBGC's chief executive.
Growth of Asian Gambling Market
The Global Gambling Report shows that Asia is the largest gambling region in the world and contributes to almost a third of world gambling revenues, overtaking North America's leading status five years ago.
Reduced gambling revenues in Macau will impact global growth next year, which could fall to around 1%, predicts GBGC, however numbers will quickly recover and 2024 should see growth of over 4%.
"A combination of higher taxes and the sluggish global economy plus the decline in revenues in Macau will have a detrimental effect on the global gross gaming yield," said Bartlett to CNBC.
"This is only partly offset by higher Internet penetration and the use of smart devices (tablets and phones) to access Internet gambling websites. The industry really needs federal legislation in the US for casino gambling, but that is a long way off."
Europe Largest Online Gambling Market
The results of another report, commissioned by the business intelligence company, yStats were also released recently, showing growth in global ONLINE gambling trends.
Global Online Gambling and Betting Market 2015 reports that the European continent is currently the largest online gambling market in the world, mainly because governments have been regulating their industries for quite some time.
Other countries reported on include Brazil, Mexico and South Africa..