The New Zealand government is poised to expect a booming regulated online casino market that could potentially reach up to $500 million in revenue, according to a recent report by iGaming Business.
The online gambling industry has been steadily growing in popularity in New Zealand, with an increasing number of players turning to the internet to place their bets on various virtual casino games. This surge in demand has led the government to take steps to regulate the industry in order to ensure consumer protection and generate tax revenue.
The government’s plan to regulate the online casino market comes as no surprise, given the significant potential for economic growth and job creation that the industry holds. With an estimated $500 million in revenue expected to be generated once the market is fully operational, the government stands to benefit greatly from the additional tax revenue that will be collected from licensed operators.
Furthermore, the regulation of the online casino market will also help to protect consumers from unscrupulous operators who may be operating illegally or engaging in fraudulent activities. By implementing strict regulatory measures, the government can ensure that players are able to enjoy a safe and fair gaming experience while also reducing the risk of problem gambling.
According to the iGaming Business report, the New Zealand government is currently in the process of developing a framework for licensing online casino operators, with plans to launch the regulated market within the next year. This move is expected to attract a range of domestic and international operators who are eager to tap into the growing market in the country.
Overall, the government’s decision to regulate the online casino market is a positive step towards creating a thriving and sustainable industry that will benefit both the economy and consumers. With $500 million in revenue on the horizon, New Zealand is poised to become a key player in the global online gambling market.
