Wall Street Predicts Online Gambling to Soar to $528 Billion

By Gene Koprowski

A study released this week by a leading Wall Street investment bank indicates that the Internet gambling industry is still in its "infancy" and is poised to produce $528 billion in revenues, globally, within eight years.  The report, by Merrill Lynch,  one of the most prestigious firms on Wall Street, indicates that revenues are about $15 billion today, making Internet gambling in the future the largest and most important e-commerce industry in the world, even bigger than online retailing, pioneered by Amazon.com, and online airplane ticket sales, developed by Priceline.com. The study is premised on a mathematical "progression" of the industry from 2001, which projects current growth rates into the future. Just three years from now, the projected earnings in the industry will reach $24 billion, double its total in 2005, according to the Wall Street firm. According to Paul Schrew, an industry analyst in Chicago, with revenue figures like that, it is assumed that the online gambling business will be to legalized in the U.S., which will covet the revenues the U.K., which has legalized online gambling, in all forms, is generating.  "If these projections are correct and the Internet gambling market takes off," said Schrew. "The U.S. government will not just watch the rest of the world take advantage."   According to U.K. government figures, Europe\'s regular online gamblers already stake nearly 3.5 billion pounds a year, which averages out to about 1,000 pounds per person, or well over $2,000.  Once the new laws take effect those numbers are promising to increase even more, Schrew said.   U.K., Spain, Italy "The legalization of Internet gambling in the U.K., Spain, and Italy are projected to truly make this an international community," said Schrew.   After years of bickering, it is also believed that South Africa will regulate online gambling, it appears imminent that a bill will be passed into law, which will make it legal for licensed Internet casinos to operate there. The South African Trade and industry deputy director-general, Astrid Ludin, told reporters this week that the new gambling bill proposes a system that would regulate players and online gambling sites, just as is in the U.K. According to the the National Gambling Act of 2004, the government had felt for several years that "more research was needed into the regulatory frameworks of markets in the U.K., the U.S. and Australia." But, since that time, the Trade and Industry Minister had two years to draft new regulations to regulate online gambling, said Ludin. The new legislation is expected to be passed after the new year, making Internet gambling legal and regulated in yet another major nation, analysts told TheCasinoListing.com.  Join the action at Vegas Casino Online! Enjoy over 90 online casino games like progressive slots, video slots, Blackjack, Roulette, Poker and much more. Download it for free and ask about their $500 Welcome Bonus!