As online gambling activity in the UK shows substantial increase due to growing poker popularity, a lot of providers embark on new poker sites
UK e-gambling industry cashes in on poker growth
Online gambling is likely to be one of the most rapid-developing industries around the world as it has grown to $9.2 billion globally since its launch in 1995. Experts predict that the business may produce a 22 percent compound annual growth rate between 2003 and 2008, fuelled by poker activity. Some companies are looking for reaping extra benefits with launching poker sites. New enterprises are likely to be undoubted success thanks to current e-poker popularity that is predicted to double in 2005. According to some estimation, the number of Britons gambling online has increased more than six times in the last year.
Thus, e-betting company Ukbetting has launched a new poker site, which will boost its shares. Swedish, German and Italian versions of Ukbetting's sites are also planning to broaden its reach.
"In the last year the arrival of broadband Internet connections has really made online gambling potentially a very, very big business," Ukbetting Chairman Peter Dubens.
Gamblers lost $237 billion to gaming companies worldwide in 2004 and will be losing about $277 billion a year by 2008, states a report by investment bank Dresdner Kleinwort Wasserstein.
In the UK, one of the few gambling jurisdictions, the gaming industry also performs stunning results boosted by poker activity. Sports betting represents 45 percent of total online gambling spending with other gaming representing 32 percent, but both could be overtaken by poker by 2008, if not earlier, it added.
Online poker providers boast financial stability resulting in good share listings. PartyGaming, one of the major e-poker companies in the world, said it was considering what would be one of London's largest share listings in over three years - estimated at over 3 billion pounds. The leading e-betting firm Sportingbet reported that its shares soared by over 50 percent following its acquisition of Paradise Poker, a rival to PartyGaming.
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