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Merging the Gambling Industry with Mobile Technology

Posted on December 1st, 2010

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The legalization of online gambling in the United States is seen to be a major threat to casinos as well as other gambling facilities because it takes away customers and clients. However in UK, online gambling is legalized together with other online games. The platform uses social media as a way to attract costumers. Today, the gaming world has produced a lot of modern technologies like the PSP, the Wii, as well as a multitude of mobile phones. To date, the mobile technology has been a basic commodity that almost every individual is in possession of.

Just recently, a Gaming Expo was held to discuss the gambling industry and how today’s fast paced technology is affecting it. With the internet, gambling has grown from an already booming industry to a business empire with multibillion-dollar revenue. Like Frank Fahrenkopf said – the CEO of American Gambling Association or AGA, “The Internet had been a game-changer for the gambling industry”. According to statistics, Europe is crowned as the world’s largest online gambling market today. The country earned a total of $29.3 billion from online gambling in the year 2010 alone. This information inspired gambling enthusiasts to put forth before the US congress propsals that for the legalization of the industry, stating the lucrativeness of this endeavor. However, it can not be helped that some parts of the United States prefer to consider online gambling as illegal.

Cantor Gaming Chief Executive Officer Lee Amaitis mentioned that the industry had to operate with some amount of people or system that will regulate the industry in order for it to be free from fraud and other issues. With this in mind, one of the panels suggested a regulator which will necessarily take charge of the industry’s functions. With the regulator, lesser problems will be incurred during online and mobile gambling. Regulations will be followed throughout every game and violating these rules will mean disqualification. An example of the games discussed by congress is online poker, which attracts a lot of players and handles a big sum of money. With the games’ rapid influx of money, some delegates suggested that a tax should be imposed on the game. Aside from the tax, some also opted to make the game legal in some states where it was originally illegal.

Some of the states in US are slowly accepting the legalization of poker. California as well as Florida are a few examples. Another is New Jersey which is close to processing legislation which will lead companies and businesses to start operating online casinos within their state. Gambling games such as blackjack, poker, as well as baccarat is on the list of proposed online gambling games for the state. However, some people doubt that this proposal will be approved. “It would take a lot of review” as some critics say. It was estimated that legal online gambling would bring about a total profit of $350 million as annual revenue for some of the states such as New Jersey. In addition, data was received that Nevada, which is known as the gambling capital of the world, showed a tremendous profit that “never got off the ground” – as some critics say.

One of the panels demonstrated the potential profit of a mobile lottery game by setting the VODone lottery of China as an example. According to China’s lottery, the mobile lottery game gathered 9 million users for the game and is still increasing every month. Sources also suggest that both African and Latin American countries are progressing exemplarily in their online gambling ventures. Therefore, the discussion was concluded that a huge amount of profit can be gained if the system is done properly with all the rules and regulations carefully followed.

With all the possibilities considered in legalizing mobile gambling throughout the US, the proposal was signed and will be legalized after 2 years. While many believe that this move will promote gambling, critics also say that it will coversely be good for their state since it will necessarily bring an influx of revenue that would be beneficial to the state and its residents.