It’s been a busy year in the hectic, chaotic gambling industry. As expected in an industry based on chances, many exciting crashes and successes unfolded during 2014. Let’s take a look at how gambling has been faring both abroad and domestically in the US.
Gambling Abroad Asia: Macau (anchor text)
Recent reports from June 2014 indicate a massive expansion in the gambling industry of Macau, a specially administered territory in China. The revenue of such gambling agencies in Macau had reached a whopping 45.2 billion dollars, outcompeting Las Vegas profits by around seven times. Japan is also planning to enter the gambling industry, and this will drastically shift the power balances in the Asian countries. Japan is expected to generate profits of around 15.2 billion dollars, placing it third behind Macau and Las Vegas. Finally, legalization of gambling and casinos in Vietnam for locals would generate 3 billion dollars in profits. The recent boom in the Asian gambling industry in countries such as Macau, Singapore, Malaysia, and the Philippines as well as the hopeful outlook on laws regarding the legality of gambling in some Asian territories spells good news on the future of such business abroad. However, be careful! Illegal betting and gambling is rampant in Asia: this is most clearly evidenced by the recent betting around the 2014 World Cup games.
Gambling Industries Abroad: Europe, Online Gambling Booms
An investigation from September 2013 into the phenomenon of online gambling in Europe has found promising results. Though many would expect gambling laws and traditions to be solidified and less resistant to change, there have been a few instrumental changes to regulation and laws in the UK that have resulted in interesting outcomes. This new tax regulation applies regardless of a gambling company or casino’s location. Therefore, online gambling companies can now be taxed. Despite this limiting effect on the amount of investing directed towards online gambling industries, many online business still have flourished. For example, 888 Holdings has increased its shares prices fourfold and other popular gambling companies such as Paddy Power or Net Entertainment saw price increases of 70%. These increases are reflective of successful and lucrative gambling business as well as growth during the past two years. The market and conditions for European gambling appear optimistic.
Domestic Gambling Industries and Casinos: The United States
The gambling industry has been relatively quiet during these most recent months. A few laws and events in the industry are notable. For example, in March 2014 Senator Lindsey Graham proposed a bill that would prohibit online gambling. This would have a global effect, even in the states where the practice is legal already.
Besides these developments, more criminal activity has been experienced at various online casinos in the US. Bribes in poker directed toward gambling officials have become a serious problem. The government’s involvement, some say, needs to be refocused onto the criminal nature of some gambling events rather than around the gambling itself. Through a concentrated effort in created regulations against cheating, this issue may be resolved.