The American government continues to close their eyes to the fact that gambling, whether it be online or in a casino, is fast growing industry. The business of gambling has now reached far beyond street corner bookies and has invaded the corporate world.
PricewaterhouseCoopers LLP report was released on Tuesday, and some of the information that was in the report was staggering. The report estimated that by 2012, the world’s gambling revenue will go beyond $155 billion.
In the United States, which is the biggest gambling market in the world, is growing at four percent annually. In 2012, the revenue generated in the U.S. alone will be $73.3 billion.
The next two years could be difficult for two of the United States’ prime gambling locations. Las Vegas and Atlantic City are both predicted by the report to drop in their revenue over the next two years.
The mortgage crisis and rising gas prices are being blamed for the future decrease, according to Mary Lynn Palenik of PricewaterhouseCoopers. “It translates into fewer U.S. travelers,” she said.
The fastest growing region in terms of gambling revenue currently is Asia Pacific. They have expanded their gambling options in Macau and also Thailand and Singapore. The estimate for 2012 for Asia Pacific is $73.3 billion. That will be up from $60.3 billion in 2007.
Tribal casinos will also see an increase in their revenue from now until 2012. In 2007, their revenue figure was $26.5 compared to an estimated $33 billion in 2012. Sports betting is also rising at a rate of seven percent annually around the world.