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Uncertain Future Of The Gambling Industry
By Brodey Sheppard - May 10, 2018
The Uncertain Future Of The Gambling Industry
The global gambling industry has expanded significantly during the last decade as regulators have issued more gaming licenses for land based casinos and legislators have lifted the ban on online gambling. The gambling industry has surged in multiple continents including Americas, Europe and Asia.
However the sudden surge in this age old industry has posed a number of problems that have become bigger with every passing year and now the future of the gambling industry. Land Based Casino Concerns: Casino operators such as Las Vegas Sands Corp, MGM Resorts and Wynn Resorts have invested billions to develop casinos across the world. The increase in the number of land based casinos has caused major concerns for governments as there has been an increase in problem gambling, money laundering and criminal activity. Online Casino Concerns: There are a number of governments who have lifted the ban on online gambling as they realize the industry can generate a significant amount of gaming taxes for state coffers, create jobs and protect their citizens from accessing illegal online gambling websites. However concerns over underage gambling, money laundering, players from outside jurisdictions accessing the online casino and cyberattacks have posed challenges for iGaming operators.
Advertising Standards In Australia
Gambling operators in Australia have relied heavily on television advertising to promote theironline casino and sports betting products. However they have faced criticism in recent times for advertising their products and services during the day time when popular sporting events such as Australian Football, Cricket and Tennis matches have been telecasted. Australia laws allow gambling operators to advertise their services only after 8.30 pm but exceptions are made during top sporting events. However with the increase in gambling addiction over the country, the Responsible Wagering Council has called on the government to review these laws as they believe gambling is hurting Australians.
Bigger Players Monopolizing The Market
The gambling industry is one of the most competitive industries in the world and most of the small operators struggle to stay afloat and outdo the big players. Most of these smaller operators either go out of business or sell-out to bigger players who are happy to acquire them and expand their market share.
Top casino operators rely heavily on a merger and acquisition strategy to gain a bigger share of the market and then cross-sell their competitions products and services. Some of the recent acquisitions include Australia’s Tabcorp acquiring competitor Tatts for $4.9 billion, UK’s GVC acquiring Ladbrokes Coral and Scientific Games acquiring NYX Gaming Group.