A new research study by Global Industry Analysts (GIA) predicts that the global market for land casino gambling will reach $101.30 billion by 2015, while noting that online casinos are enjoying growing popularity with the gambling public.
In the land industry, the casino sector represents the largest and most lucrative segment of the commercial gambling market, claims GIA, adding that the global gambling industry is in a significant transition phase that has the potential to change the future.
"The industry is experiencing competition from rapidly expanding online gambling and an increasing level of public endorsement," the research company reports. "Recent trends suggest that major global gambling companies are looking to move large sections of their business online but are faced with a strict regulatory environment."
Internet casinos that enable players from disparate regions in the world to play against each other is a growing phenomenon, although it still only constitutes a very small percentage of overall global gambling. However, the segment is growing fast and is likely to boom, GIA predicts.
"Growth in the online gambling industry is driven by massive consumer demand. Internet casinos are offering the same instant delight as off-line casinos but for a short wait for an electronic transfer of winnings," the report points out. "The casino gaming industry is now looking at opportunities in new markets in the midst of economic recession.
"Casino gaming is now looked upon as a vital source for income generation by countries, and the governments are levying heavy taxes on casinos. This in turn is discouraging the casino administration to run casinos in developed countries, especially in Europe. In addition, the casino market in developed countries is saturated, while new, emerging Asian markets present robust growth prospects," the report continues.
The report is focused mainly on the land industry, and the impact of the recession on major gambling companies around the world, but it notes that in general the international Internet casino sector continued to display steady growth, even during the period of financial crisis, because these online establishments offer extended periods of entertainment for relatively lower stakes.
"While large online casinos are expected to witness a healthy growth, the relatively smaller ones are projected to exhibit negative growth rates in the near future," GIA comments.
GIA's research has been published under the title "Casinos: A Global Strategic Business Report" and provides a comprehensive casino and gaming industry overview, trends & issues, regulatory environment, associated industries, product innovations, recent industry activity, and profiles of market players worldwide.
Founded in 1987, Global Industry Analysts is internationally recognised as one of the world's largest market research publishers. The company employs over 800 people worldwide and publishes more than 1,200 full-scale research reports each year.
Source: InfoPowa News