LONDON, UNITED KINGDOM -- (Marketwired) -- 04/09/13 -- According to a report from JackpotCity the outlook for online gambling is remarkably healthy. A representative from the site has cited a forecast from top industry analysts at this year's Global Gaming Expo in Las Vegas, which predicts huge growth in the US market over the next few years - especially if it can overcome out-dated legalities.
The report found that 61% of survey respondents see the US market exceeding $10 billion over the next several years. The biggest talking point remains the issue of online poker legislation, which 39% believed would pass within two years. A further 28% envisioned legalization of online poker within three to five years.
The results come from the 10th G2E Future Watch survey, an ongoing research project which releases results in conjunction with the annual G2E. This year's survey polled 18 veteran gaming industry executives, regulators and analysts, asking them a series of detailed questions about their projections for the future. Central to the 2012 survey - as has been the case for the past few years - was the question of how likely online gambling is to become fully legal in the US.
And yet only 6% of the experts polled expect US legalization of online poker to happen within the next year. The contention dates back to the 1961 Wire Act, which prohibits gambling 'over wires', a law renounced by one G2E attendee as 'preposterous' to enforce in 2012. The US Dept of Justice under all three administrations in the post-internet age - Clinton, Bush and Obama - have upheld and enforced this law with regard to online gambling. Offshore and foreign casino ventures, as well as the difficult-to-police nature of the web, have colluded to make a mockery of the Wire Act, with a number of contradictory precedents being set in courts across the land during the 21st Century.
In the wake of this year's G2E, the global gaming industry continues to call loudly for the repeal of the 1961 act to bring US law into line with the rest of the world.
Legal precedents: http://www.americangaming.org/government-affairs/key-issues/online-gambling
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