The online gambling news has been brisk worldwide over the past month. As the United States continues to mumble and bumble their way to financial mediocrity in the eyes of the world, the smallish country of Italy has taken a leadership role in taking care of its mounting debt.  Italy’s Prime Minister Silvio Berlusconi has authorized the addition of 200 online casinos which will provide ample revenue for the country to stave off a debt crisis.

It is unfortunate that the politicians in both houses of the United States Congress could not put aside their trivial differences and establish legislation that that would have prevented Standard and Poor from downgrading US Treasury Bonds from a AAA rating to a AA+ rating, with further downgrades quite possible in the near future.

This week, the U.S. political machine came to another grinding halt in Washington.  In downgrading the U.S., Standard and Poor sighted the intense bickering by the politicians as the major cog in preventing effective legislation from being produced, legislation that would have cut $10 trillion in ten years and staved off this disgraceful downgrade. In their report, S & P also cited the ineffective leadership of President Obama as another factor that contributed to the downgrade.

Thanks to the Foresight of Prime Minister Berlusconi, Italy should have no such problem. At present, the money spent on online gambling machines represents 4% of the total gross domestic product in the country.  Online gambling news in Italy has been pleasant lately as online gambling has increased 12.9% since last year, and another double-digit increase is expected by the end of 2011.

Berlusconi is very hopeful that the revenues produced from online gambling in Italy will replenish the revenue funds and put Italy back on an even financial keel. If any country can use online gambling to save it from the abyss of financial insolvency, Italy is a prime candidate.  Despite possessing only 1% of the total population of the world, Italy accounts for 23% of the world wide gaming market, which is estimated to be about $370 billion annually.

However, the Italian leader feels that strong and pronounced measures need to be taken to avert a financial catastrophe, and online gambling is just the tonic to rescue the country.

We shall monitor this situation and keep you abreast of all online gambling news in our next edition.

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