Mucho Gusto -- Online Gambling Soaring in Spain
The online gambling market in Spain is expanding rapidly, and experts anticipate that it will surge to around $5 billion by 2010, according to a new industry report.
Dublin-based Research & Markets, an investment research firm, reports the Spanish gambling market is potentially the fastest growing market in the industry, with the potential to grow to around $50 billion by the year 2010, with online gambling expected to contribute $5 billion to the total.
The report by Research & Markets is entitled "The Spanish Gambling Market – a Key Region for Future Growth".
Though online gambling industry has suffered somewhat in countries like the U.S., Germany and France, there is a growing demand for online gambling companies to be based in a less-restrictive jurisdiction, like Spain.
Last year, the Spanish government decided to regulate the gambling industry, and, since then, there have been a flood of applications for the licenses on offer, the report said.
The report enumerated the following reasons as to why Spain is seen by gambling entrepreneurs as an attractive jurisdiction:
• Increasing liberalization – Autonomous regions throughout Spain are working towards a liberalization of the gambling market.
• Major gambling companies are poised to expand into Spain.
• Growth potential is high – the market is expected to increase by up to 240% on current levels.
Experts said there is also a "Lotto fever" there, as the Spanish lottery market is one of the largest in the world and shows that gambling is "entrenched" in the Spanish culture.
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