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| | | February 9 - It's official, online gambling is here to stay as the industry
continues its massive growth around the world. Industry insiders project that
2005 will be the biggest year yet for online casinos as an increasing number of
players choose to gamble online from the comfort of their own homes and offices.
The online gaming industry is poised to generate over $10 billion dollars in
revenues this year, through over 2000 gambling sites on the Internet. Almost 40%
of current online players are US based who lay predominantly across 260 sites,
an increase of 210 from 2003.
Poker revenue makes up almost $2 billion alone, as it proves to be one of the
most popular games on the Internet. It is estimated that online poker attracts
more than 1 million players every month, up almost 40% from last year.
Says professional poker player, Mike Sexton, 'Online poker has become the 'cool
kid on the online gambling block' as everyone from students to businessmen to
little old ladies try their luck on a multitude of poker games on the Net. As a
skill game, online poker attracts people for the pure enjoyment level of it or
to win serious amounts of money.'
As the industry continues to grow, so it is becoming more secure, reliable and
regulated which is helping to attract even more players. In a recent survey,
almost 3% of Americans admitted to gambling online while at work.
Technology is also playing its role as more and more casinos offer players
virtual gaming, including slots, bingo and roulette, on cellular phones and
PDA's.
While Americans are big online gamblers, the majority of online casinos are
operated offshore giving them immunity from US law. The US government has
responded by trying to discourage certain banks from allowing their credit cards
to be used for online gambling.
Although the US Federal Wire Act was passed in 1961 prohibiting the use of
telephonically placed bets, no law exists today that is applicable to online
gambling.
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