Fun in Gambling

Gambling is still frowned by many but there is no stopping its phenomenal worldwide growth. Everywhere, casinos are being built, so are racetracks, stadiums and betting stations. There is government-sponsored gambling, entertainment gambling, sport gambling and recently a new horde called online gambling is joining in for the party.

Perhaps the world economy is already ripe for many people to splurge on a stress-relieving venture. Or maybe the thrill of the real world is too slow, the returns are also too sporadic and the excitement too whimsical. Betting on stocks and properties make no appeal and investment take too long for the modern man with money to spend and a stressed out mind to de-clog, the glitz of the casinos and the thrill of the roll is still the best way to go.

International auditing group PriceWaterhouseCoopers estimates the gambling world to rake in as much as $155 billion by 2012 as more cities see the potential of gambling to lure tourists and more investors see the business of the lucrative industry. And we are only talking about regulated gambling here. The industry may not have heard of the global economic slowdown.

The United States led by its big four Las Vegas, Atlantic City, Chicago land and Connecticut still tops the world despite the economic crunch. In 2007, the United States raised more than $60 billion from gambling revenues. Indeed in many cities, casinos and gambling is the biggest tourist attraction. Las Vegas alone attracted more than 36 million visitors in 2009. They do not go to Sin City for the sun or the zoo. They go for the dice, the boxing, the cards and the great time. By 2012, US gambling capitals are set to hit $74 billion in revenues.

However, the United States may fats lose its domination. East Asia, powered by Macau and newcomers Thailand and Singapore is fast becoming a powerhouse. Europe and Africa have also caught on the vibe; even laid back Canada is investing billions into the industry in the hope of cornering a significant chunk of the high-rolling American market.

The global industry generated $114 billion in 2007 but since then Asian cities are posting double-digit growth in their revenues and visitor arrivals. As Americans reel back from the economic slowdown the Asians is set to take off, thanks to their exotic destinations, colorful culture and their natural resources – spectacular side trips for gamblers from all over the world looking for a great overall relaxation experience. By 2012 these Asian cities are foreseen to corner a quarter of the world’s gambling revenues.

Old powerhouse Europe with Monte Carlo and Monaco may have lost their lofty positions, but they have certainly not lost their spunk. Along with African and Middle Eastern cities, they are expected to make a comeback especially as oil-rich billionaires from Arab countries and even Russia starts to splash their well-earned cash on the table.

There is indeed no stopping the gambling industry. It is hopeless to stop it and even futile to deny its economic power. For those who were quick to grab the opportunity, billions of dollars have come knocking on their economies. However, with the world set to go to another boom after the economic slump, we should expect more people to work hard, earn their wealth and party harder.