Online gambling is set to be one of the next big businesses on the Internet, with revenues exploding to more than $10 billion (#6.1 billion) worldwide by 2002, new research from Datamonitor has found. The online gaming business will explode in value over the next few years. By 2000, it will be worth more than $1 billion (#0.6 billion). The existing traditional gambling market is worth over $700 billion (#429 billion) today in the US and Europe alone, and gambling firms perceive a huge audience reach and potential savings in operating over the Internet in addition to traditional forms.
However, there are big question marks over the legality of gambling over the Internet, given the complicated betting laws in operation in different countries. There is a particular problem in the US, where gaming laws can be very strict and differ widely from state to state. Several arrests have already been made in the US in connection with online gambling services.
As a result, major players are staying out of the market until the legal issues have been resolved.
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