Consulting firm PricewaterhouseCooper LLP (PWC) recently released the results of a study on global gambling that show that worldwide gambling revenues will rise by 8.8% annually from $82.2 billion last year to $125 billion by 2010. Revenue from bets placed on the Internet specifically, excluding the United States where it is illegal, are expected to double from $5.1 billion to $11.4 billion by 2010.
The prediction is fueled by the growth in online gambling as well as the expansion of legalized casino gambling in some markets.
Britain passed gambling legislation in 2005 that is expected to spur revenue growth of 16.8% per year increasing it from $3 billion to $6.6 billion in 2010. Singapore also overturned a gambling ban last year and is expected to take in $150 million in casino revenue by 2010.
The Asia-Pacific region is expected to see the fastest growth due to the Chinese gambling enclave of Macau which has exploded since handing out new licenses in 2002. They will surpass revenue from the region encompassing Europe, the Middle East and Africa when they hits $23 billion by 2010.
According to the PWC study, even without legalized online gambling, the United States is predicted to remain the world's largest gambling market, and see gambling revenue grow from $53.4 billion in 2005 to $74.5 billion in 2010.