Online Gambling, the fastest growing service industry in the EU
24 May 2015
The American Gaming Association just released its report for the past year. Interesting facts and details can be found in here. $ 37000000000 are currently generated within the global online gambling market annually, which represents nine percent of the total global gambling market. In around 85 countries across the globe internet gambling is possible according to the survey of the American Gaming Association. Many of them are in Europe. Due to the restriction in the United States, which is loosened slowly, the EU is the world’s largest regulated market in the sector. According to a research done by KeyToCasino more than 70 percent of online casinos worldwide restrict access for US Americans and therefore the United States is the country with the most restrictions. In comparison to this the access is restricted only to about 30 percent of the gambling sites in Iran. According to the European Commission in the member states around $ 14.7 billion are turned around in online gambling. Online casino gambling is the fastest growing service sector in the EU, with annual growth rates of nearly 15 percent.
There were an estimated 6.84 million online game players in the EU in 2012. The online gambling operators in the EU usually have multiple licenses for several member states which have chosen a license-based system in terms of gambling regulation, the European Commission said last year. They could benefit from a common approach. The multiplication of compliance requirements can create unnecessary duplication of infrastructure and costs, resulting in an unnecessary administrative burden for regulatory authorities. The biggest online gambling market in the EU appear in the following order, the United Kingdom, Italy and Germany. Great Britain is said to be the most established country in the region. By establishing rules for more real-money online gambling the face of both the EU and the US are changing. According to a report by The Wall Street Journal, insiders believe that the increasing regulation means that there will be more mergers in the industry. Consolidation will be important, since the regulatory costs as well as taxes will most certainly increase in the near future. This could provide more stability for the industry since fewer companies would be vying for any significant market share.