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Americans Spent $2.6 Billion on Online Gambling in 2012

Americans Spent $2.6 Billion on Online Gambling in 2012

According to a study released by the casino industry this week, in 2012 Americans spent $2.6 billion on gambling websites. The study came as part of the industry’s renewed push for Congress to regulate online gambling.

Americans Spent $2.6 Billion on Online Gambling in 2012

Despite its dubious legality, Americans spent an impressive $2.6 billion on online gambling in 2012.

The study was released by the American Gaming Association which said that the results highlight the need for federal legislation in order to end the current state of ambiguity on online gambling.
The study was carried out by research firm H2 Gambling Capital and found that Americans accounted for a significant proportion of the $33 billion worldwide online gambling market.
After treating online gambling as illegal, in late 2011 the Justice Department released an opinion saying that only sports betting should be prohibited under the 1961 Wire Act. This created the possibility for American’s to legally enjoy online poker and possibly other casino games.

Geoff Freeman, president and chief executive of the AGA, said, “Americans account for nearly 10 per cent of the global online gaming marketplace at a time when the business is illegal in all but three American states. It is past time for policymakers to put necessary safeguards in place.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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