MERRILL LYNCH STUDY CLAIMS ONLINE GAMBLING COULD BE A $528 BILLION INDUSTRY BY 2015
12 December 2006
Online gambling poised to pull $528bn – US shuns cash cow
By Burke Hansen in San Francisco
Tuesday 12th December 2006
Internet gaming is now the fastest growing segment of internet commerce, according to a report from Gamingpublic.com, an industry trade publication. Revenue in the sector is growing at a rate of 22 per cent per year.
Gamingpublic.com cited a Merrill Lynch study that concluded the global internet gaming market could reach – wait for it – $528bn annually by 2015.
Although the market as a whole is currently estimated by most analysts to be between $12bn and $30bn per annum, and overall growth is strong, fallout from the Unlawful Internet Gambling Enforcement Act passed by the US Congress last summer continues to plague the industry. Sportingbet PLC, one of the leading British companies in the gaming industry, recently posted a $471m loss as a result of the closure of its American operations.
After its CEO, Peter Dicks, was detained in New York by American authorities, Sportingbet PLC unloaded its American operations for a mere $1.
Online gambling currently accounts for only about 3 per cent of the global gambling market.
14 May 2010Canadian Man Pleads Guilty in U.S. Online Gambling Charge
Douglas Rennick, a Canadian man, has pleaded guilty to a count of processing offshore bets of U.S. citizens. Originally Rennick was looking at a charge of conspiracy and bank fraud. He had allegedly laundered $350 million dollars for overseas internet gambling companies. Rennick was indicted in August and on Tuesday entered a guilty plea to the one charge in New York Federal court. Part of the plea was forfeiting $17.1 million and a possible prison term of 6-12 months.Read full article
02 June 2010France to Award 30 Licenses for Online Gambling
Today the government of France approved a new online gambling bill. The bill passed the French parliament by a narrow 299-233 vote. The French will grant only 30 licenses to operate online casinos and poker rooms within its borders. Though it is now official and France says that licenses will be granted in time for the 2010 World Cup, not everyone is excited about the French market.Read full article
09 June 2010France Issues 11 Licenses For Online Gambling
France acknowledged that 11 companies have been granted license and have been registered to conduct online sports and horse race betting as well as online poker within France. According to Arjel president Jean-Francois Vilotte, the regulator of gaming in France, “There were 35 requests for licenses and we have retained 17 at this stage. None have been formally rejected.Read full article