The past few months have certainly been a turbulent time for the online gaming industry with the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the U.S. on October 13th, 2006, a truly unlucky Friday the 13th for many.
As a result, there have been arrests and online gambling operations have also been minimized due to the lack of profits, major buy-outs, mergers and acquisitions, which have really hit the online gaming sector hard.
Nonetheless, even with all the troubles, there is a glimmer of hope that the online gaming industry can hold on to. The question is: how can online gaming companies take advantage of it before they all perish?
An important study conducted by the European Commission in October of 2006 reflects the current state of the industry. Thankfully, the outlook has improved, indicating that there is much untapped potential in the industry. Furthermore, the gambling market accounts for about 3% of the total Gross Domestic Product (GDP) of the European Union and is set to further increase as U.S. based gambling operators shift their attention toward the European Market.
Back in 2003, over $51 billion were generated via gambling activities (the lottery sector contributed about 45% and the betting sector about 17%). The European Mobile Gambling Market is set to take the mantle now in 2007.
Lee Richardson, the CEO of Chartwell, said that the current trend towards licensing activities in Italy will offer new opportunities for operators all over the world. Chartwell is also excited about taking part in these great possibilities.
The time for European on and offline gambling has come and the best way to experience it is by taking part in the ongoing growth yourself.