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Online Gaming a Gamble Or a Sure Bet?

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Online Gaming a Gamble Or a Sure Bet? INFORMATION, COMMUNICATIONS & ENTERTAINMENT Online Gaming A Gamble or a Sure Bet? KPMG INTERNATIONAL © 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Foreword For thousands of years, people have been playing games of chance or wagering on the outcomes of various games and events. Today, that activity often takes place at casinos, game parlors, bookmakers and—increasingly—online. The online gaming market represents one of the fastest growing segments of the gambling industry. H2 Gambling Capital, a leading supplier of data and market intelligence on the global gambling industry, puts the size of the global online gaming market at about US$21 billion, hitting US$30 billion by 2012. But that may be just a drop in the ocean, considering that some of the biggest potential markets—such as the U.S., China, Japan, and South Korea—still prohibit many forms of gambling over the Internet. Market prospects could abound in the coming years. While it is difficult to predict political and legislative action, many markets that now ban online gaming could easily change their laws as a means of authorizing what is now an underground economy and increasing tax revenues—something that the current recession may be making more urgent. Another key opportunity may lie in the regions where online gaming is now legal. For example, KPMG firms are now starting to see a shift in online gaming regulations in Europe; state monopolies may now be giving way to privately owned websites, as we see beginning to occur in France, Italy, and Denmark. Other important trends include: • Industry consolidation: As is the case in many maturing markets, some KPMG firms are seeing an increase in M&A activity related to online gaming. • Business-to-business expansion: Established gaming sites are looking to license their software and services platforms to establish new revenue streams and gain market presence. • Entrance of land-based casino operators: Looking for incremental revenue, companies like U.K.-based Rank have already moved into the online space to complement their traditional casino and bingo services, while casino giant Harrah’s and gaming technology leader IGT are also taking steps in this direction. • Emerging platforms: Gaming is moving to the same mobile and social platforms that are exploding for casual games. We are pleased to present this overview of the state of the global online gaming sector and some of its major players. This is a dynamic and rapidly changing business, facing unquestionable consumer demand. Many operators, media, software and technology companies, payment solution providers, regulators, attorneys, and investors alike are all keenly watching how this industry will develop. Sincerely, Gary Matuszak Global Chair Information, Communications and Entertainment © 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. 2 ONLINE GAMING: A GAMBLE OR A SURE BET? A Gamble or a Sure Bet? The online gaming business is progressively moving into markets around the world, changing the model of the gambling industry as many consumers turn to the Internet to bet on sports, gamble on slots or play cards. Despite potential political and legislative restrictions, the market, which already produces more than US$20 billion in worldwide revenue,1 may be ready to grow further as new geographic regions open up and many governments become more receptive to Internet-based gaming. One attraction of the online gaming market is its very high rate of growth. H2 Gambling Capital, one of the most widely quoted sources of online gaming statistics, says the market for global interactive gaming will grow about 42 percent to US$30 billion in 2012 from US$21.2 billion in 2008. This is significantly faster than the 15 percent growth that H2 forecasts for the gambling industry as a whole over the same period.2 The online gaming market is composed of a number of different types of games, each with its own business models and technology. They include: • Sports betting: Betting on sporting events such as games, horse races, dog races, etc. • Online poker: Like land-based (or traditional) poker, the provider often takes a commission from wagers, and may be less risky than other casino games. • Casino games: Games of chance such as slot machines or roulette that operate the same as in a traditional casino. • Online bingo: A web-based version of the ages-old game. • Online lottery: Online versions of frequently government-sponsored lotteries. The market for global interactive gaming will grow about 42% to US$30 billion in 2012 from US$21.2 billion “ in 2008. 1 eGaming Report,” H2 Gambling Capital, July 2009 2 Ibid. © 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. ONLINE GAMING: A GAMBLE OR A SURE BET? 3 Key Trends Potential of the U.S. market Online gaming growth continues worldwide as the potentially richest marketplace remains largely unrealized. Many companies abandoned the American market in 2006 with the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) that year. But the issue of Internet gambling hasn’t ended there. Bills to end the online gaming restrictions have since been introduced3, although few expect any bill to sail through the legislative process.4 Separately, the U.S. Treasury Department and Federal Reserve Board announced in November 2009 that they were delaying enforcement of the UIGEA for six months.5 Taken together, these activities suggest a public policy debate that could still evolve and in so doing regulate and tax online gaming. U.S. land-based casinos and global online gaming enterprises are actively preparing6 for and betting on that very outcome. Deregulation of other markets While the U.S. may be an alluring gambling market, other geographic regions may hold more short-term, and even long-term, promise for the online gaming industry. Many European countries, for instance, have been shifting their online gaming regulations to open up markets to non-native competitors. In France, legislators have been discussing a bill that would end the state monopoly on online gaming, allowing privately owned websites to offer wagers on horse racing, soccer and poker. Italy, one of Europe’s largest gaming markets,7 has also been reforming its gambling laws. Perhaps even more attractive are Asian countries where online gaming is still outlawed, but where traditional gambling is often thought to be part of the culture. China is an exploding market for Internet games; however it does limit land-based casino gambling activities to Macau, and prohibits online gaming altogether. Korea, an enormous market for online multiplayer games such as World of Warcraft, may have online gamblers, however gambling online remains illegal in Korea as well. 3 “Frank Introduces Internet Gambling Regulation and Enforcement Act of 2007”, Press Release, April 26, 2007. Retrieved from http://www.house.gov/apps/list/press/financialsvcs_dem/press042607.shtml, http://www.forbes.com/2009/05/06/ gambling-barney-frank-markets-equities-online.html 4 “Online Gambling Moves Need Traditional Backing,” Financial Times, November 8, 2009 5 Retrieved from http://www.federalreserve.gov/generalinfo/Foia/Reg%20GG-UIGEA-Comments.pdf, http://www.pokernewsdaily.com/uigea-regulations-officially-delayed-six-\“;months-6701/ 6 “Harrah’s Hire Ex-Party Boss for Online Push”, GamblingCompliance Ltd., April 14, 2009. Retrieved from http://www.gamblingcompliance.com/node/36950. 7 “Market Data Focus: Italy,” eGaming Review, October 2009 © 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. 4 ONLINE GAMING: A GAMBLE OR A SURE BET? Entrance of traditional “land-based” casinos Many major casino players—including Harrah’s, Rank, MGM Mirage and Las Vegas Sands—have been looking into online gaming as a way to increase their market share and reach consumers who might not be willing to come to their The online gambler is physical casinos. In early 2009, for example, Harrah’s (which owns the World Series of Poker) brought in the former CEO of online poker site PartyGaming often a loner. to head Harrah’s Interactive Entertainment, a new company that will handle its — Joseph M. Kelly online operations. Then in August, Harrah’s Interactive Entertainment entered into a long-term deal with Dragonfish, the business-to-business technology arm of gaming site 888 Holdings, to power the Harrah’s site.8 Moreover, much of this effort is likely to be for incremental revenue, coming from people who don’t ordinarily go to casinos. “The online gambler is often a loner,” says Joseph M. Kelly, a business law professor at the State College of “ New York (SUNY) in Buffalo and co-editor of the Gaming Law Review. “He is not the kind of person who would go to Las Vegas and play blackjack or craps.”9 Industry consolidation Online gaming growth rates have also helped to drive market consolidation,
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