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Industry News

Positive Effects of the Gambling Industry

Few industries receive as much negative press as the gambling industry. Media reports enjoy highlighting the industry’s downsides, but very little focus is ever placed on the massive positive effects that gambling can have on a community. Typically, gambling is perceived as an addictive and dangerous form of recreation, but, statistics indicate that for the vast majority of players, casinos and other gambling institutions represent a fun, safe way to kick back and enjoy a great time. Let’s take a moment to review some of the massive benefits that the gambling industry can have if implemented correctly.

Economic Boosts and Career Opportunities

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There’s a reason that more and more states (and countries) are beginning to legalize gambling in one form or another: it is massively beneficial to the economy! Whether in the form of casinos, race tracks or bingo halls, the gambling industry provides an injection of employment opportunities for the community. In addition to jobs, most people who visit casinos, (let’s take Vegas for example), want to do more than just gamble; they want a complete, all-around experience – which means good places to eat and drink, somewhere to party, and a place to relax such as a spa, etc.

This is why casinos in large cities tend to see a large influx of tourists each year, and also why casinos are usually surrounded by multiple amenities and entertainment options. Commercial businesses around these establishments typically experience massive growth, leading to even more jobs. Few actions can give economies the immediate and substantial economic growth offered by entering into the gambling industry.

Tax Revenue

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Taxes on gambling revenue are substantial, giving local and state governments a huge bump in available funding. Gambling statistics indicate that with this contribution, the gambling industry can play a part in improving schools and infrastructure while limiting personal income tax. The economic impact of the gambling industry can’t be overstated, as both citizens and governments are able to benefit from the massive influx of sustainable tax money.

This doesn’t mean that online casinos aren’t also subject to hefty tax rates. In the UK, the 2014 Gambling Bill stipulates that every licensed online casino must pay a consumption tax of 15%, while in U.S. gambling statistics – a large proportion of the $45 billion dollars per annum is monopolized by offshore betting websites and businesses; meaning much of the revenue is lost to these offshore accounts and not reinvested back into the country’s economy. Of course this is a bit of a downside, but fortunately, the majority of casinos online comply with tax revenue regulations.

Entertainment

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If you’ve ever lived in a sleepy town, you’ll understand how difficult it can be to find a relaxing hobby to take your mind off of your busy schedule. Casinos provide working class people with a convenient escape, complete with luxurious bells and whistles to keep things interesting. For couples with kids, few places make for a more fun date night than a casino. Adults have been proven to be more efficient throughout the week when relaxed and happy, and the gambling industry provides a great way to unwind.

Many large casinos are also part of a resort. This means that you will generally discover a hotel, events and function center, spa and wellness facilities, theaters, night clubs, bars, restaurants, golf courses, aqua parks, and the lot! Not only does this bring in a mass of customers to local companies and businesses, it means more revenue for the state/region, as well as more career opportunities. Like the previous 2 points – it’s all connected!

Increased Sense of Community

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Particularly for the elderly, casinos and bingo halls can become a type of therapy. By allowing visitors to socialize and interact with like-minded people, the gambling industry can help alleviate the loneliness and isolation experienced by some members of the community. Particularly in smaller markets, gambling locations allow people to get out of the house and socialize – which is never a bad thing when it comes to improving the daily lives of residents.

On the flip side, if you are a bit of an “insular” gambler who would rather not play games in a social setting, online gambling provides a more private, esoteric environment for players to engage in instead. So in this sense, both online and offline casinos serve a purpose beneficial to both types of gamblers when it comes to their playing preferences.

Final Thoughts

As with all forms of entertainment, gambling is best enjoyed responsibly. While there are certainly some outlying cases, it’s important to remember the massive overall benefits that the gambling industry can have on a community. Despite negative media reports and gambling industry statistics, the benefits offered by gambling establishments have led to continued growth and adoption in states, as well as countries around the globe. With proper limitations and discipline, visitors to casinos and other gambling institutions have plenty of fun and, with a little luck, some major winnings coming their way.

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