Wagers on the Rise, Along With Ethical Concerns
NEW YORK, JULY 8, 2006 (Zenit) - Global revenue from gambling is expected to reach $125 billion by 2010. The estimate comes from a report by consultants PricewaterhouseCoopers, Reuters reported June 21. Last year, revenues were $82.2 billion, and are expected to increase by 8.8% annually.
The United States, the world's largest gambling market, could see revenue grow from $53.4 billion in 2005 to $74.5 billion in 2010. Another booming sector is revenue from gambling sites on the Internet. Revenue is expected to double, from $5.1 billion to $11.4 billion by 2010.
Most forms of online gambling are illegal in the United States. But according to a March 19 article in the Washington Times nearly two-thirds of all online wagers are placed by Americans. Gambling sites get around the legal restrictions by operating outside the United States.
Gambling companies are now pressuring for changes in U.S. law, to allow them to operate legally in the country. As an incentive to lawmakers, they dangle the prospect of increased revenue, stemming from legalization.
"I could pump $1 billion into the U.S. economy right away," Peter Carruthers, chief executive officer of BetonSports.com, told the Washington Times. His company operates out of Costa Rica and earns most of its revenue from U.S. bettors.
This is a temptation that is proving difficult for legislators to resist, the Wall Street Journal noted March 30. It gave the example of slot machines. State-sponsored slot machines are in use in nine states, according to the Journal, and other states are debating their introduction. A 10th state, Pennsylvania, will soon be on the list. The types used are often referred to as "video lottery terminals," similar to the electronic slot machines with push buttons now common in casinos.
Not counting Pennsylvania, there are now about 86,000 slot machines authorized by the states. By the end of 2007 another 49,000 will be added. These are in addition to the 675,000 or so slot machines in private venues, including casinos and cruise ships.
All of this adds up to a big payout for government revenues, the Journal pointed out. Rhode Island's lottery, for example, is expected to contribute $325.1 million to state revenues during the current fiscal year, no less than 10.6% of the projected total. In New York state, in the fiscal year ended June 30, the lottery brought in $2.06 billion.
The dangers of expanding gambling opportunities, however, were highlighted by a marriage counseling service in Ireland. John Farrelly, director of counseling at Accord, a Catholic marriage-support service, said that more and more families are coming under pressure due to gambling addiction. His comments were reported June 8 by CatholicIreland.net.
Farrelly said that when Accord brings its counselors together for training, the problem of gambling sites comes up again and again. "The family is under pressure because the industry has no interest in them except to exploit them," he said.
Internet gambling, meanwhile, is growing rapidly in England. The London-based Financial Times on June 18 cited data showing a 50% growth in users in the past year, with 10 million people visiting a gambling Web site in the first three months of 2006.
And the gambling opportunities are set to increase. Britain's government has authorized 17 new casinos, and a competition among cities for the new sites is under way.
Betting in the United Kingdom have risen sevenfold since 2001, with around $92 billion wagered last year, reported the Independent newspaper May 25. The most successful form of gambling is the National Lottery, said to be played by 70% of the country's population. Currently only 3% of the population regularly visit casinos, but operators expect this to increase notably once the new sites open.
According to the Independent there are 370,000 problem gamblers in the United Kingdom. This is expected to increase to 700,000 within five years.
Doctors who gathered at the recent annual conference of the British Medical Association termed gambling a "social poison," the Scotsman newspaper reported June 28. "Gambling addiction is as corrosive as drug addiction and alcoholism in terms of family breakup and financial ruin," said Dr. David Sinclair, a general practitioner.
Canada's Vanier Institute of the Family was also critical of gambling. It released a study June 11 entitled "Gambling with our (Kids') Futures: Gambling as a Family Policy Issue."
The author, Arlene Moscovitch, noted that the country abounds in places where you can lose your money: 87,000 gambling machines; 33,000 lottery ticket centers; 60 permanent casinos; and 250 racetracks and teletheaters. There are also 25,000 licenses for ...
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