In spite of the current global financial crises, the world’s
gambling market is set to grow from US$345bn in 2007 to US$433bn by 2012
according to a new report published by Global Betting & Gaming
Consultants (GBGC) entitled: “Change
is on the Cards.”
However, it won’t be plain
sailing for some sectors, according to GBGC’s
Chief Executive, Warwick Bartlett.
“The slowdown in the USA will hit the
pockets of Americans and Las Vegas will feel the effect of that along
with high energy costs and a transportation system reliant on road and
air. The US has not invested sufficiently in high speed rail and
destination resorts going forward will suffer as the cost of
carbon-based fuels continues to be an issue of cost and supply,”
he said.
Bartlett is also of the opinion that the UK has missed out on the
opportunity to attract the global gambling market to the UK where he
feels the gambler is better off due to the probity of the operators,
social responsibility, and the value offered.
“The bookmakers in October 2001 did a
deal with the then Chancellor Gordon Brown to repatriate their internet
gambling sites back to the UK in exchange for betting to be taxed on
bookmakers’ gross profits. For
five years it has worked well but now the bookmakers are losing market
share to offshore operators and the government needs to re-think its
strategy. The offshore bookmakers are now investing the tax saving in
marketing and scooping up the business. The current ‘gentlemen’s
agreement’ is not sustainable in
my view,” said Bartlett. “The
UK is missing the opportunity to create jobs, wealth, and taxation in a
sustainable industry.”
“Change is on the Cards”
points to an expanding market across Europe as governments come to terms
with rulings from the European Courts of Justice that gamblers should
have the same choice and value as shoppers. In Asia, the consultancy is
optimistic about the prospects for the two mega casinos in Singapore
with the potential for the second largest gambling nation, Japan, to
have a legal casino within 5 years.
The current economic downturn with high energy costs, cheap
broadband internet connection and a smoking ban in all licensed premises
in most countries of the world is creating a perfect storm
for internet gambling.
“People are leaving their cars in the
garage, playing online bingo or watching a match on TV and placing a bet
from the comfort of an armchair,”
said Bartlett. “The land based
businesses are going to find it hard to compete with the value on the
internet and with as much as 30% of gambling revenue now leaving the UK
and going offshore the government should take note.”
Global Betting and Gaming Consultants (GBGC) are based in the Isle
of Man. We are a specialist consultancy that concentrates
on the gambling industry. Change is on the Cards is the
fourth edition of the unique Global Gambling Report. Over a 1,000 pages
of analysis on each legalised gambling jurisdiction. GBGC
have appeared on most major TV networks and been quoted by The Financial
Times, The Daily Telegraph, Daily Mail, Forbes and Wall Street Journal.
Global Betting and Gaming Consultants
The USA –
4th to 10th
October
Warwick Bartlett, +441624 827138 (office)
Cell
+44 (0)7624483921
Email: warwick@gbgc.com
or
UK
– Lorien Pilling, +44 1624 827138