Online Casinos Thriving Despite Recession, Says Report

Global gambling revenues fall but online casinos benefit from the promise of escapism, says Ernst & Young.

A new report has stated that the online gambling sector remains in good health, despite the impact of the recession.

Analysts at Ernst & Young concluded that online casino portals offer consumers an accessible form of escapism, which can become lucrative for operators during times of economic difficulty.

Jim Bowden, senior manager of Ernst & Young UK's betting and gaming team, told the Birmingham Post that global gambling revenues decreased during the recession, but online casino firms remain well-placed to take advantage of the recovery.

"Online games provide a form of escapism for people during the difficult times and the potential audience is huge - anyone who has an internet connection. The past year has seen continued growth and innovation in this area," he commented.

Mr Bowden went on to describe online casino games as a "fun, cost-effective alternative" to other leisure pursuits.

A report issue by Ernst & Young in February stated that gambling companies which manage to survive the recession will enjoy "potentially unparalleled" opportunities for growth, due to the current trend for deregulation in global gaming markets.