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European Gambling Market Booming in Wake of UIGEA
While the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the US has paralyzed many online gambling companies in the US, it seems that many European gaming companies are reaping the benefits.
The law, which was passed in October, resulted in arrests, scaled-down operations, buy-outs, mergers and acquisitions along with many other ripple effects.
However, after the initial chaos that the new law wreaked on the gambling industry, it can be clearly seen that Europe is the next big market in gambling, with much untapped potential. This observation is indeed supported by a study conducted on gambling by the European Commission that was completed in October. The study revealed that gambling amounts to 3% of total European Union GDP, and that number is expected to rise even further as operators from the US try to tap into the European gambling market.
2003 saw more than 51 billion Euro in generated gambling revenue (45% lotteries and 17% betting). Following this figure, the European mobile gaming industry is set to generate much more in 2007.
According to Lee Richardson, CEO of Chartwell Games, the current drive towards licensing in Italy will offer new international operators substantial retail and online betting and gaming opportunities in a strong growth market. As Richardson further states, "We are very excited by the new possibilities in what has always been a key area of growth for Chartwell's clients".
Wednesday, January 24 , 2007
Gerald Kernighan