Everyone Feeling the Heat
 
July 29, 2009

The world is fighting a recession almost as bad as the Great Depression, and everyone is doing the best that they can do.  But there are some industries that are faring much better than others, or at least have been so far. The online gambling industry is one of those areas that has been doing really well so far, but that is about to change.
 
The online gambling industry says that they have been doing very well up until now. In fact they saw a boost in their revenues when things started going south as so many people who enjoyed gambling turned to them instead of making their trips to the land based casinos. The land based casinos were all too aware of the change in their revenue, and they saw their money head to the online gambling site without much they could do about it.
 
But now it looks as though the credit crunch may have caught up with them. The various banks and credit card companies across Europe are waiting to see what happens as more and more people are defaulting on their loans. Now this would seem like a bank problem except for the credit card debt that is being defaulted on. Much of the credit card debt that is sitting out there is online gambling debt. This debt is a major source of income for the online gambling sites.
 
But not only will it be tough to get that money back, but it will also be difficult for them to collect that which is owed them out there and they may be forced to give up some that has already been collected. No one is sure what is going to happen over the next few months but you can be sure that the online gambling community is watching it closely.

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