Gambling Articles

Recent news from the online gambling industry has some good news for those connected to the industry. According to the recent survey by Manx eGaming Association the online casino gambling sector job opportunities has increased by 18% in 2009 and it expects this phenomenon to continue this year as well. At a time when the stock markets around the world are turning sluggish and earnings are becoming a question, this turns out to be a welcome news for the gambling industry. The taxes due to gambling in the Isle of Man were £11.2 million for 2009 and for 2010 it is expected to be at £19.1 million.

MeGA members were very happy about the survey results yet they felt that it fell below their expected target. The change in economic policy and the general economic uncertainty that prevails were cited to be the reasons for the shortfall in the achievement. Almost 50% of the increase in employment in the gaming sector was generated locally and it does provide for other economic activities with its cascading effect.

The second big news is from Cyprus where the agencies like Global Betting & Gambling and Online Gambling Consultants carried out a recent study which was reported in the Cyprus mail. Ionas Nicolau the acting chairman of the Legal Affairs Committee revealed that revenue from online gambling alone had contributed to about €2.5billion in 2008 of which 30% was contributed by just one operator. The gross profit from online gambling operations by Cyprus was estimated to be €400million. Another notable result from the study was that online gambling using credit card was about €100million. The study projected that the online gambling revenue will double to about €5 billion by the year 2012 and the profits will follow suit.

There are some doubts as the online gambling legislation in Cyprus is getting to be ratified to be compliant with the EU laws. It is believed that it would come as a protectionist measure.