An exciting, cyber world offering the opportunity of winning by chance, available 24 hours a day from any location. Sound a little dangerous?
Traditional gambling is defined as the act of risking something of value in the hope of gaining something of greater value, through betting on casino games, lotteries, horse and dog racing, sports betting, card games or Electronic Gaming Machines (poker machines). Online gambling refers to doing these same activities on the internet.
Internet gambling offers fast access to millions of gamblers via platforms like laptops, smart phone and tablets. Through the internet gambling providers have received a noticeable boost by appealing to both offline gamblers and attracting new customers by offering incentives. With such accessibility (from almost any location, 24/7), continuous and fast-paced interactive gaming, solitary play or socially interactive chat and video features – it is easy to see why internet gambling revenue continues to increase. Online gambling is viewed by most as the future of gambling.
The current online gambling market is comprised of several different types of games and activities with each exploiting features of the internet in different ways. They include:
- Online sports betting: betting on sporting events such as games, horse races, dog races, etc.
- Online poker: like traditional poker, the provider often takes a commission from wagers, and may be less risky than other casino games
- Casino games: games of chance such as slot machines or roulette that operate the same as in a traditional casino
- Online bingo: a web-based version of the age-old game
- Online lottery: this can be used as a distribution technique for and/or online versions of frequently government-sponsored lotteries
- Multi-platform gambling: mobile, tablets and wireless device gambling
Annual online gambling revenue worldwide
Worldwide, online gambling is under-researched and somewhat unregulated, but its annual revenue is skyrocketing. Research shows revenue grew from approximately US$2.2 billion in 2000 to US$15.2 billion in 2006[1]. Recent reports on global online gambling had previously suggested that the industry would produce around US$33 billion in revenue in 2011 with annual growth of 12%. It is now is tipped to exceed US$43 billion by 2015[2].
[1] Christiansen Capitol; Advisors 2005
[2] Holliday 2010 ; Kelleher 2010 ; Gainsburys 2012
