LONDON, ENGLAND, March 14, 2012 (Press-News.org) Is the gambling industry recession-proof? The answer isn't as obvious today as it may have been in previous years. In the early days of gambling, the only legal options available in most countries were horse and dog racing. Until 1976, when gambling was legalized in Atlantic City, the only state that allowed players to gamble legally was Las Vegas. Casino games like slots and blackjack only made their way to the rest of the country in the late 1980's by way of riverboat and Indian casinos.
Nowadays, with the exception of Utah and Hawaii, some form of legal gambling exists in every state. Not to mention the fact that from the late 1990's onward there has been a steady increase in the number of online casinos that cater to players around the world. With more competition for gambling dollars than ever before, gambling hotspots like Las Vegas and Atlantic City have proven that they are far from being recession-proof. As the US economy fell into a near Depression, each of these cities has seen huge losses in both casino and hotel revenues. Players who are fortunate enough to have the disposable income are opting to save on travel expenses by playing at an online casino from home, if they play at all.
There are, however, signs of growth abroad. Liberal gaming laws in Europe and high demand in Asia have contributed to a steady increase in demand. And while the Euro crisis has limited expansion in Europe, the two legal casinos in Singapore alone amassed more than 6 billion, which is more than the top forty Vegas casinos combined. Much of the action in Asian casinos is driven by a comparatively small number of high rollers whose fortunes have been seemingly unaffected by the market turmoil.
Further to this, governments that have taken a firm stance against legal gaming in the past are slowly changing their tune. They are not blind to the billions of dollars of tax revenue that could be used to offset the decreased tax revenue from property and sales taxes. Social welfare programs in countries like Germany and Spain have often relied on funding from gaming revenues.
Indeed, the current state of the economy has made for some surprising bedfellows. Shel Adelson, owner of the Las Vegas Sands Hotel and Casino, has attracted attention for his sizable contributions to the Gingrich campaign efforts. In a recent Forbes magazine article Adelson was quoted as saying "I'm against very wealthy people attempting to or influencing elections. But as long as it's doable I'm going to do it. I know that guys like Soros have been doing it for years, if not decades and they stay below the radar by creating a network of corporations to funnel their money. I have my own philosophy and I'm not ashamed of it. I gave the money because there is no other legal way to do it. I don't want to go through ten different corporations to hide my name. I'm proud of what I do and I'm not looking to escape recognition."
So with increasing competition by those still determined to battle for every gambling dollar, the massive profits that were at one time so easily won, have now become much, much harder to come by. And yet, the government's need to identify new sources of revenue to compensate for a rising deficit, may be just the thing to propel the online gaming industry to even greater heights in the years to come.
About OnlineCasino.com:
OnlineCasino.com is an online gambling and news portal showcasing the best-rated online casino destinations worldwide. Savvy players look to OnlineCasino.com for in-depth online casino reviews, expert advice, and headline-making news. The site also features strategy and "how to play" guides for both novice and advanced gamblers. Online casinos are ranked according to payout percentage, best online casino bonuses and more. Players looking to test their skills before playing with real money will find links to free-play sites where there is no purchase required.
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OnlineCasino.com Takes a Closer Look at Online Gambling in the Shadows of a Struggling Global Economy
Intense competition is a key indicator that online casino operators are no longer impervious to the challenges of a declining global economy.
2012-03-14
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[Press-News.org] OnlineCasino.com Takes a Closer Look at Online Gambling in the Shadows of a Struggling Global EconomyIntense competition is a key indicator that online casino operators are no longer impervious to the challenges of a declining global economy.