According to GBGC (2015) worldwide gambling outlook, there has been a positive growth between 2009 and 2015, with the overall market estimated to be 450 billion US dollars. Sports betting and casino are the present day primary sources of revenues in the gambling industry facilitated by technology (Allen Consulting Group 2015, p. 2). The sector in Europe, Asia, and the US countries seems to be experiencing a revival after the 2008-2009 global economic crisis. There are varying legal, social, economic, environmental, political and technological factors facing the global gambling sector described in the PESTEL analysis below.
Political and Legal Impacts
Political factors that affected the gambling industry in global perspective long time ago still, pose relevant challenges today. Currently in the US and the UK, as suggested by ECA, 2013 report, political control over the gambling industry can be analyzed regarding the political influence imparted by local authorities, government and trade regulatory bodies. There is a noteworthy change in the UK gambling regulatory policies. For example, in the UK after the legalization of the industry in 1968, it saw the political effect taking place after the governmental legislature introduced the ban of laws that illegalized the operation of casinos, the chief contributor of gambling in the UK. Similarly, after the noted effect of gambling in the tourism industry in the UK, the postmodern political realm in the present day has taken effecting the entire EU zone as characterized by the recent removal of bans regarding ownership and foreign investment of casinos (Felsenstein & Freeman 2014, p. 17). In Asia, the political condition regarding the criminalization of bingo was changed in 2012, after the noted global contribution of gambling to the revenues of developed countries such as the US and the impact it had on UK tourism (Frey & Eadington 2014, p. 11). Politics is said to be….