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January 1 - 2008 was a busy and significant year for the South African gambling industry. New legislation, economic impact and local boys making it big in the world are just part of the highs and lows of the past year.
Perhaps the most important development during 2008 was the passing of the National Gambling Amendment Bill, with special emphasis on internet gambling. The new legislation essentially makes provision for a carefully regulated online gambling industry, well thought out and welcomed by operators and players alike. When the Bill was passed in May a statement was issued explaining that "the purpose of this bill is to ensure that all gambling activities are conducted responsibly, fairly and honestly and to protect minors and other vulnerable persons from the negative effects of gambling."
The South African National Gambling Board, which is still working on enforcing the new bill and bringing about the necessary changes so that citizens can finally enjoy regulated online wagering, said that gambling revenues (excluding internet) jumped from R6.2 billion in 2002 to R13.5 billion - more than double.
Nevertheless, poor economic conditions leading to less disposable income has meant that many land based casino in South Africa have reported poor growth or even losses. Significant losses, however, have been offset by tourists who keep coming into the country, especially with the favorable rand rate on their part, and spending their cash at the many casinos spread across South Africa.
2008 was also a year that home-grown gambling tycoon, Sol Kerzner, launched his biggest product to date - the Atlantis casino and resort in Dubai. This unstoppable self-made entrepreneur continues to strive for bigger and better, despite his 73 years of age.
As the South African gambling industry looks to the new year, it will need to take into account the continuing credit crunch, as well as the growing popularity of online gambling worldwide.
Happy New Year!
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