Online Poker in the Face of a Faltering Economy
31 March 2009In what seems to be a trend, more and more casinos are reporting losses, while online poker and gambling sites are doing well in this economy. The latest news, this time from Jamaica, as reported by the Jamaica Observer: The local gaming industry is bracing for the worst in the ongoing economic meltdown that has cost some industry players up to a third of gambling revenues over the past six months. At the root of the problem, executives say, is the erosion of disposable income due to inflation, the collapse of the alternative investment schemes, and other financial pressures in the weakening economy, the newspaper reported. The fallout has seen a dramatic slowdown in sales in an industry where consumer spending is largely discretionary. According to provisional statistics provided by the Betting, Gaming & Lotteries Commission (BGLC), the industry posted flat performance last year in Jamaica, the Observer reports. The betting sector, which mostly deals with the wagering of money on horse racing, appears to be the most adversely affected so far Online poker sites will continue, in my opinion, to do better and better financially despite the economic clime. The ease of use and convenience of online poker will continue to make it king.
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