The recently released findings of Global Betting and Gaming Consultants (GBGC) shows a profit in the global gambling industry by 5.6%, which amounts to $419 billion, compared to last year.
Lotteries were in the lead, contributing to 28.4% of gambling revenues. Closely following were casinos with a contribution of 27.7% in revenues and they are likely to lead this year. Directly associated with the gambling forecast is the incredible growth in the Asian gambling market.
According to the Director of GBGC, Asia will witness the opening of several new casinos in the next few years. The integrated resorts of Singapore are only in their second year of opening. This implies that this continent is undergoing an aggressive phase of development in the gambling industry.
Online Gambling Scenario
Online gambling also showed growth and contribution in the global revenue. The pitfall is that online gambling is still illegal in the US, which harbors a huge gambling market. Legalization of this industry would bring a leap in the revenue.
According to the predictions of GBGC, global gambling revenue is likely to touch $500 billion by 2014. However, this figure may fluctuate with the dynamic global economy. Great hopes lie with the Asian gambling market, which is aiding in building up revenues.
Macau, alone, displays regular monthly revenue of about $3 billion. It has been anticipated that Macau gambling revenue will cross an annual $45 billion by 2014. However, a lot depends on China’s economic situation, which may affect the growth of the gambling industry in Macau.
In Europe, it’s important to resolve the Euro zone crisis to provide the gambling industry an opportunity to take a positive stride.
Nevada’s Rise
According to the Nevada Gaming Control Board (NGCB), gambling here has shown an 18.4% increasing in revenue, amounting to $1.038 billion, in January this year. This is compared to $877.3 million in January last year. This is the first billion-dollar month for Nevada’s gambling market.
Although gaming analysts give credit to the Chinese New Year (which fell in January this year; last year, it was in February) for the incredible growth, the rise in gambling revenue has ushered in a positive wave.
The Las Vegas Strip saw a whopping increase from $482.7 million last January to $623.5 million (29%) this January. This is the fourth highest revenue month for The Strip. Besides this, cash flow from table games like Blackjack, Roulette, Baccarat, and craps was $365.2 million – the highest in the gaming history of Nevada.
Atlantic City’s Fall
When almost the entire gambling industry round the world is rejoicing the fabulous growth in revenues, Atlantic City seems to be struggling to keep pace. According to its revenue figures released in February this year, there has been a 5.9% decrease in gaming revenue compared to last February. The revenue has plummeted to $242.7 million.
This year, the City enjoyed a warmer weather in February; yet the warmth failed to reach 11 casino hotels in Atlantic City. Revenues from slot machines fell to $176.2 million (4.2%), while that from table games sank to $66.5 million (10.3%). Even an extra day of February (2012 being a leap year) could not help.
However, three casinos in the City showed an increase in revenue. They are Golden Nugget (18%), Borgata (7.2%), and Harrah’s Resort (4.4%). Talk of light at the end of the tunnel!