The paper "Online Gambling and Market Responsibility" is a great example of a Marketing Case Study. Gaming refers to the wagering of cash or property on the outcome of an individual event such as a game. The intent of gambling is to win more goods or money. The activity of legal gambling has resulted in the gaming industry. Some typical examples of gambling and gaming include poker, casino games, horse racing, lotteries and more recently the online gambling. Online gaming has economic and social benefits. However, there are ethical issues related to online gambling.
This report explores the structure of online gaming market, critical moral issue and the roles of the stakeholders in this market to the ethical issue. Market Overview Online gambling is the fastest-growing segment of the gambling industry. For over thousands of years, people have participated in betting on the outcome of different games and events. Betting is common in places such as casinos, game parlors, and bookmakers. Increased provision of broadband services together with greater use of smartphones and tablets are the key factors promoting the growth of online gambling.
According to Smita (2017, p. 20), online gambling comprises players who provide online gambling and betting platforms as well as gaming solutions. In the meantime, there exists an increased progress in developing comprehensive online gaming and betting solutions with an aim to enhance user's experience. Bookmaker market and bet exchanger are the two common market structures for the online gaming market. In the bookmaker market, the bookmaker determines the odds of the event. He is the oponent in all gaming business deal leaving the gambler to make a take-it-or-leave-it decision.
Today, online sports gambling in the most traditional form of bookmaker market structure (Egon, Erwin, & Nuesch, 2010, p. 449). Person-to-person give-and-take wagering has currently taken an altered wagering structure. People now use online platforms to contract their various predictions. They post the prices they want to place the bet on these online platforms, which records the latent demand for the wages. Therefore, they display the most attractive odds corresponding to the available volume. Egon, Erwin, & Nuesch (2010, p. 450) refers to this structure as the order-driven online gambling market. Global online gambling market is on the rise.
A study by Smita (2017) predicts that the market value will project to $96.89 billion by the year 2024. This projection translates to a 10.8% increases from the 2016 market value. By the end of 2016, the global online gambling and betting had reached $42.63 billion (Smita, 2017, p. 30). The increasing adoption of the faster internet services in mobile devices will continue to have a positive impact on the online gambling market. Chart 1: Market value of global online and betting market in 2015 (Smita, 2017). Online gambling is a primary source of revenue.
Based on the different types of games, online gambling recorded a 26.4 % increment in revenue in 2015 (Smita, 2017, p. 43). Then revenue obtained from online gambling forms an important portion of government revenue that can improve the social living standards of the citizens. As noted by Lee (2011, p. 23), the revenue from online gambling can support health services, community education, and research. The persistent rise in revenue from online gambling presents more opportunities for improving provision of social services.
Allsop, R., & Julie, N. (2009). Free to Gamble: The Roles of Gambling Industry and Policy in a Modern Australian Society. Sydney: Institute of Public Affairs.
Cleese, J., & Jonathan, M. (2016, September 14). The Ethics of Gambling. Retrieved January 19, 2017, from newphilosopher.com: http://www.newphilosopher.com/articles/the-ethics-of-gambling/
Egon, F., Erwin, V., & Nuesch, S. (2010). Prediction Accuracy of Different Market Structures - Bookmakers versus a Betting Exchange. International Journal of Forecasting, 26(1), 448-459.
Lee, K. L. (2011). Social and Economic Impact Study of Gambling in Tasmania. Melbourne: The Allen Consulting Group.
Little, M. (2015, November 30). Gambling Addiction and Ethical Issues. Retrieved January 19, 2017, from Livingstrong.com: http://www.livestrong.com/article/149406-gambling-addiction-ethical-issues/
Robert, J. W., & Wood, T. R. (2007). Internet Gambling: A Comprehensive Review and Synthesis of Literature. Alberta: University of Lethbridge.
Smita, D. (2017). Online Gambling and Betting Market (2016-2024). Transparency Market Research Journal, 1-128.
Welch, A., & Crowley, D. (2017, January 2). Online Gambling: Types of Online Gambling & The Ethic of the Issue. Retrieved January 19, 2017, from Slotozilla.com: http://www.slotozilla.com/blog/types-online-gambling-ethics-issue