Internet gambling has just been declared the fastest growing form of internet commerce in the world according to a report recently released by one of the trades many publications. Money made in this trade is growing at a rate of more then 21 percent a year.
The trade publication quoted a study by Merrill Lynch where they predict that the global internet gaming industry could reach as much as 528 billion dollars a year by the year 2015, even though the current market is only estimated to be between 12 billion and 30 billion per year it is growing strong.
But there have been some stumbling blocks this year thanks to the Unlawful Internet Gambling Act passed by congress in the summer and signed into law in October by President Bush. Many online gambling companies have been showing a loss because of the new American law, and one such company has posted a 471 million dollar loss since the law was signed and they shut down their American operations.
After the companies CEO was arrested in a New York airport by the American Authorities, for running illegal gambling operations in the United States, his company decided to sell of all of its American gambling operations worth billions of dollars for just $1.
Currently Online Gambling only makes up about 3% of the gambling done in the world.
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