Internet Gambling Industry Growth to Reach $528 Billion by 2015
A new study just released by Merrill Lynch has reported that the Internet gambling industry is still in its infancy with a projected peek to hit around the year 2015. At that time Merryl Lynch predicts that the market will bring in $528 billion annually worldwide.
Please do not adjust your screen, although you may want to re-read that last sentence for clarity. I'll repeat it for you. By the year 2015 the Internet gambling industry could grow from the $12 billion a year industry it is now, to a $528 billion a year industry that would be by far the largest ecommerce industry online.
The information is based on the progression of the industry from 2001. By 2010 the projected earnings in the industry is said to reach $24 billion, double what it was in 2005. 2006 earnings are being reported to be at nearly $15 billion.
This is an industry that the United States government wants nothing to do with. How long can that last? Not long says one gaming analyst.
Paul Schrew, an expert in the field based out of Chicago, claims that the industry is bound to be legalized in the United States based on the extremely profitable capabilities through taxes that the UK is certain to take advantage of.
"If these projections are correct and the Internet gambling market takes off even after the passing of the UIGEA," Schrew said to us in a phone interview, "the United States government will not just watch the rest of the world take advantage without trying to get their foot in the door."
"Although the United States passing the Unlawful Internet Gambling Enforcement Act may hurt projections," Schrew said, "the legalization of Internet gambling in the UK, Spain, and Italy are projected to truly make this an international community."
According to UK government figures, Europe's regular online gamblers already stake nearly 3.5 billion pounds a year, which averages out to about 1,000 pounds per person. Once the new laws take effect those numbers are promising to increase dramatically.