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Financial Report Predicts Online Casino Boom

The April 18, 2023, By Quirino De Luca

A financial report from accountants KPMG reveals that the worldwide betting market may grow by 42 per cent to $32 billion by 2012.

As the world's market economies continue to suffer the effects and after effects of the economic breakdowns of the past several years, countries are trying hard to find other sources of revenue from taxes, among them online casinos and gambling. The head of KPMG's Australian gaming industry practice Anthony Travers said that Australia was just one of the countries expected to help cause a worldwide upsurge in online casino profits.

"With the potential for growth in the sector increasing, the market we see now could be just the tip of the iceberg," he said. In an attempt to revitalize the country's economy, the recent Productivity Commission filed a report urging deregulation of the gambling industry as well as recommendations to repeal restrictions on online casinos during events and lift the ban on Australian companies operating online gambling establishments.

Even so, the optimism in Australia is somewhat mired by threat of the upcoming federal elections, as well as Prime Minister Kevin Rudd's aversion to gaming machines and slots. However, the trend is that in the longer run, prohibition will be lifted, as it is proving ineffective, and costly.

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