Online casinos top land-based venues during economic slow down
February 20, 2009
A recent report released by Ernst & Young indicates that online casinos are faring far better than their land based counterparts during the world economic slow down. The report details the analysis of research conducted across 135,000 individuals from around the world and confirms that gamblers are frequenting brick and mortar casinos less in order to cut costs but are in turn visiting online casinos.
Due to the fact that online casinos are easily accessible via the world wide web, these groups can successfully target vast international markets and offer a variety of language and currency options in order to accommodate players in an environment where they feel comfortable. While land-based venues on the other hand, have long enjoyed their “destination” status offering mammoth resorts, outstanding shows, decadent cuisine and additional entertainment to attract gamblers and their families, during the present recession and tough economic times gamblers are choosing not to travel, and these properties are feeling the effects of the large losses of revenue.
Interestingly, the report notes that in addition to providing solubility to online casino companies themselves, the tax revenue generated from these properties is contributing to keeping some state budgets afloat. Countries, like the UK, who have effective tax regulations in place are already benefitting from this large stream of income as the economy falters.
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