Though it’s not entirely inaccurate to call gambling a “curse,” no one can deny that it can be very good for a country’s economy, especially if the government can manage to establish a regulated industry. In this article, we will take a look at how and why gambling is good for the economy.
A good source of Govt Tax
In countries where gambling is legalized, there are still many casinos that are running in secret. The number of physical casinos might not be much, but there surely are loads of online ones. It’s quite obvious that there are many people who don’t abide by the law as long as they don’t get caught. So these casinos also have a lot of players. As a result, every year, casinos earn a huge amount of money through their players.
there is a house edge in every casino, which is usually always in the casino’s favor. As a result, the amount of money a casino with a fairly decent number of players can earn on a regular basis is quite high. They earn even more if they have a lot of players playing a lot of games; and buying promotional offers and VIP memberships.
However, all the money these casino owners earn stays entirely with them. This is because they do not have to pay even a single penny of tax on these. So their money does not benefit the country in any way. Instead, only contributes to the rich people of the society. But taxes are a government’s main source of income. If the casino industry is added to that source, then it can be quite a game-changer for a country’s economy. But you can obviously guess that the taxes can’t be imposed on something that is illegal. The government cannot mooch off money from an industry they have themselves banned. This is because that would be hypocrisy.
So what would happen if gambling is legalized? The casino industry can actually make a significantly huge contribution to the Gross Gaming Rate or GGR of a country and simultaneously benefit the overall GDP of the country.
A good example of that is France, where gambling is legalized, and the GGR is as high as 83.5 percent. A great part of this GGR comes from gambling. For countries lagging behind in this sector, a legalized and properly regulated gambling industry will bear many economic benefits.
Creating side career for many people
Though it is absolutely not recommended to make gambling the main source of income because of how unreliable it is; it can certainly work as a side hustle. It’s like earning a bit of money while having fun. If you can keep the playing sessions under control and stick to your budget without getting too greedy; it’s actually possible to make a decent amount of money from gambling.
Of course, the amount you earn can easily be lost if you are careless in the next playing session. This is why it’s important to set a lower limit for yourself. After you have lost a certain amount of money, you should call it a day. Stop playing until you have some more extra money to start again. If you play with care and patience, then you won’t lose much. You can save a lot of money in the long run.
Because of this, it is possible to increase the PCI of a country. For one, since gambling isn’t exactly a job but more of a hobby, people won’t have to worry about getting degrees and all of that stuff to do it. Anyone can gamble as long as they have the necessary money too. So by making it a side career, they can hope to increase their overall annual income.
Benefit on the tourism sector of a country
For many people, gambling is more than just a pastime; it’s a passionate hobby that they are willing to spend a lot of time and money behind. These are the kinds of people who sometimes visit different countries on vacations and choose casinos as one of the spots they want to tour and try out. Sometimes they go to a country simply with the intention of visiting their famous casinos.
These people travel to different countries for different casinos to gain experience and learn new tricks from fellow players. There are also people from countries where they cannot gamble freely. Among them, those who can afford trips abroad but don’t want to risk going against the law travel to countries where it’s legal just to gamble.
As a result, good and well-known casinos become a hub for tourists who either want to play casino games while on vacation or simply want to try visiting a famous spot. That’s why casino havens like Las Vegas and Macau get millions of tourists every year to visit their famous mega-casinos, generating a huge amount of revenue for the tourism industry.
And there are also indirect economic benefits of this. For example, there will be lots of small shops and restaurants surrounding a legal and famous casino. Since a lot of people come to visit a casino, the restaurants and shops surrounding it will get more sales, especially from foreigners. This again benefits the economy on an individual level as well as on a national level.
Creating More job opportunities
Another reason why gambling is good for the economy is its huge number of job opportunities. Because the casino industry is huge, the number of jobs and the kind of jobs are also huge. Starting from people who work as waiters and waitresses inside a casino to engineers specifically in charge of designing slot machines, the number of people that can be potentially employed will be a lot.
According to a financial report published on this topic, the gambling industry can provide as many as between 125,000 to 152,000 jobs for people from all stages of society. In fact, in the US, a regulated gambling system can add up to $2.9 billion to the annual profit of casinos nationwide by also benefiting those that are going bankrupt all over the country.
Moreover, the jobs that will be created won’t be low-wage jobs either. Since the casino industry is rich in general compared to others, the jobs here are also very high-quality jobs with fairly good wages. An Oxford University study published in 2017 calculated that these jobs will contribute between $6 billion and $7.5 billion to the total annual wages.
The same study from Oxford University further revealed that gambling could contribute between $11.6 billion to $14.2 billion to the USA’s gross domestic product or GDP. That’s no surprise, given the revenue that casinos can bring. Furthermore, the Per Capita Income of a country will also show significant development. An average salary of roughly $48,000 for a typical worker in the gambling industry is possible to be ensured! Casino hosts, for example, can earn up to $10,065 to $209,666 a year in the US, with a median salary of $37,952. So it’s obvious why the PCI will go up.
Conclusion
It’s obvious that gambling can benefit the economy from multiple directions, which is why countries should seriously consider legalizing it. You could start contributing to the economy by dropping at our platform here today: Malaysia online slot sign up! Good luck and play safe!
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