World Gambling increases to $419b in 2011
It appears as if games of chance are more alluring than ever since Global Betting and Gaming Consultants (GBGC) is reporting that world gambling reached $419 billion in 2011, which is up 5.6% from the previous year. Now it’s worth mentioning that 28.4% of the $419b figure comes from lottery games, which have always been big historically.
Casino gaming accounted for 27.7% of the world gambling in 2011, and many forecasts contend that casinos will overtake lottery games in 2012. GBGC Director Lorien Pilling is one of the people who thinks that casinos will generate more revenue than lotteries, and his reasoning lies with the budding Asian gaming market.
He discussed his thoughts by saying, “There are numerous new casinos under development in Asia that are due to open in the next few years, whilst Singapore’s integrated resorts are still only in their second full year of operations.”
Pilling also thinks that economic regrowth in the United States and Europe could be huge in increasing casino gaming as he said, “A strong economic recovery in the U.S. would help gaming revenues that have been hit hard in recent years. In Europe, the gambling industry needs the euro zone crisis to be resolved because the uncertainty is really hurting the gambling sector in the likes of Greece and Spain.”
As for online gambling, internet bets only made up 8.4% of the total world gambling. This is a small 0.4% increase from 2011; however, potential online gambling regulation in the US could cause internet betting to skyrocket in either 2012 or 2013.
In regards to the future of land-based casino gambling, Macau is expected to continue playing a big part in the world gambling market. Currently, Macau makes around $32 billion a year in casino revenue, but this figure is predicted to reach $45b by 2014. However, much of this will depend on if the Chinese economy continues its rapid growth since Macau draws a large number of customers from here.