ricewaterhouseCoopers did a study back in late 2007 that showed how much money was expected to be generated by the online casino industry over the next ten years. The results of that study were staggering.
The Unlawful Internet Gambling Enforcement Act was put in place back in late 2006. That left a full year of a supposed government ban before the PricewaterhouseCoopers study came out. Even with the UIGEA, the study revealed that US customers were driving the online gambling industry.
The study predicted that the US could stand to profit up to us$ 17.6 billion in the next ten years if regulations were created for online casinos. Barney Frank and a couple of other representatives took note.
Frank is trying to have the UIGEA overturned, and it is that us$ 17 billion he will point to as a good reason to do so. The economy in the US is at one of its worst in history, and over us$ 17 billion could certainly help.
One of the intriguing areas of the study had to deal with sports gambling. The study indicated that if sports leagues were to join the regulation process and embrace gambling on their sports, the revenue figure over the next ten years would jump to us$ 42.8 billion.
Judging by those figures, PricewaterhouseCoopers is estimating that people in the US are losing over us$ 2.5 billion a year betting on sports. Right now, that money is going either overseas, or to illegal bookmakers.
The new administration takes office today, and it may be time for them to take a long hard look at the 2007 PricewaterhouseCoopers study before they make any decisions on the future of Internet gambling in the US.