Gambling revenues: Hitting the jackpot

In a recent draw for EuroMillions, an association of nine European lotteries, two sets of entrants from Britain shared winnings of over €102m ($152m). The odds of scooping that jackpot were one in 76m, but for those who run lotteries lucrative returns are almost guaranteed. Lotteries in Europe, which are mainly state-run, generate more revenues than other sorts of gambling. Americans and Asians are fonder of casinos. Gambling as an industry is growing: global revenues increased by 24% in the four years from 2004, totalling some $358 billion in 2008. Revenues from online betting are a small share of the total, at $20.2 billion, but are increasing fast. However the recession has hit the industry in the past year or so. Casino revenues in Nevada, for example, fell by 8.9% in September compared with a year ago.