Securities and investment firm Bear Stearns has just released a report that confirms the rapid growth of the online gaming industry – and the American government’s inability to address the issue once and for all.
According to the report, titled E-Gaming Revisited – At Odds With The World, the number of online gambling web sites has doubled over the past year, to somewhere between 1,200 and 1,400 sites. It goes on to suggest that this rapid growth has opened the door for companies looking to cash in on an industry that could be worth $5 billion by 2003.
The report also tackled the hot topic of online gaming legislation. In recent years, there have been several attempts to ban Internet gambling in the U.S. But Bear Stearns gaming analyst, Marc Falcone noted, “I get the impression most legislators realize how difficult it would be to ban online gambling from every computer in the United States. I think they would be much more successful in at shaping a regulatory landscape.”
Bear Stearns suggests that several brick-and-mortar casinos in the U.S. are prepared to take advantage of any opportunities provided by legalized online gambling. The majority of online casinos are currently located in offshore destinations such as Antigua, Bermuda, Costa Rica, and South Africa.
The report presents some interesting statistics about online gambling, and online gamblers themselves. It suggests that this group generally has a lower income than the majority of Internet users, but that they spend more on e-commerce transactions than other users.
Furthermore, it notes that almost 50 percent of gambling web site revenues come from the U.S., in spite of the legal issues surrounding online gaming in the United States.
$102k Winner at Lucky Nugget and $186k Jackpot at Omni
There were several big winners this past week, and three of them hit the jackpot at Lucky Nugget Casino.
On March 12, Vic M. of Michigan hit the jackpot of a lifetime on the Cash Splash Slots. Vic opened his Lucky Nugget real money account 12 days ago, and after 12 days of playing, Vic got lucky – really lucky. He took home a phenomenal single jackpot win of $102,685.17 on CashSplash.
On the same day, Kim C, also of Michigan, won big on Lucky Nugget’s Fruit Fiesta Slots. She collected $42,143.81
The day after, Karin H. of Austria also won $11,645.45 when she was dealt a lucky Golden Hand on Lucky Nugget’s SupaJax Poker.
There was also lots going on at Singapore Online Casino Jackpot Madness this past week. Cash Splash player Blake R. won the highly popular progressive slot an amazing three times, for more than $80,000 each time. His total winnings amount to an amazing $272,957.56! Blake is just one of several multiple winners on the Microgaming-powered progressives.
The biggest news on the jackpot front is Omni Casino’s $186,000.00 progressive jackpot. The jackpot is currently the highest on the Internet, and is attracting a lot of attention. Be sure to check it out.
InterCasino announced on Wednesday that the Jackpot for its Triple Olives Slot machine game is now at a remarkable $21,834, for a 25 cent play. The size of this Jackpot is a very rare event.
ClassicCasino.com is offering players a chance to cash in on March Madness with their $1,000,000 College Basketball Challenge. Participants simply select the teams that they think will be victorious in each game during the 2001 NCAA tournament. Good luck to people who have already registered, because selections are then submitted prior to the start of the tournament. We’ll have the contest results when they’re available.