With more and more online customers striving to keep their heads above water, the online gambling scene is also struggling for air.
Rising debts on credit cards will create an unparalleled dent in the online gambling industry by a massive $11 billion dollars between 2009 and 2012, according to a new report released by Global Betting and Gaming Consultants (GBGC).
Warwick Bartless, CEO of GBGC commented, "The charge off rate is not all, credit lines are forecast to be cut by $2 trillion for 2009 in the US alone and the average default rate has risen to 10.4% of people and continues to rise with further job losses."
A Global Phenomenon
The phenomenon is not just focused on the US market, with the credit shortfall also leaving a trail of destruction in the UK gambling sector.
With 70% of all internet gambling transactions funded by credit cards, the credit crunch is dealing a heavy blow for the global online gambling sector.
With fewer new customers expected, and a reduction in the sums of money being waged, the market is expected to cut costs and consolidate.
Global Betting and Gaming Consultants
GBGC is a specialist international gambling consultancy who provide statistics, forecasts and reports on the global gambling market.
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