Positive Impact of Gambling on Economy and Society

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Impact of Gambling on Society and Economy

The media often criticize the casino industry, and some people believe the stereotype that gambling is just another vice, which uses the human desire of hoping to the financial benefit of a small group of business owners.

In reality, though, gambling does open up many opportunities for local communities in terms of taxes, employment, and tourist attractions.

Taxation

Casinos are supposed to pay taxes, and players who win it big are also required to fulfil their obligations. But in the US, the rate differs from state to state. All gambling houses pay a unified corporate income tax, which is the same as for any other business in the country. In Nevada, casinos pay an additional 6.75%. And on top of that, there are various local fees as well! Gamblers, in turn, have to give up around 25% of their winnings (the sum starts from $1,200 on slots and $5,000 on poker).

Apart from taxes, this industry can offer more direct advantages from the economic point of view: casinos fund a lot of charities, while also supporting plenty of social initiatives aimed at improving the quality of life of other people.

Jobs

Casinos provide thousands of people with jobs and career opportunities. People starting as dealers can grow into managers or similar senior positions. But the casino industry is like no other entertainment or service sphere! Because since these venues earn significant sums, they are able to pay their workers more. In addition, dealers and waiters always get astounding tips from the customers!

Legalized gambling plays a crucial role in boosting the employment rate, and not only in cities which primarily depend on such business but also in more self-sufficient and independent megapolises as well! Oh, and speaking of small towns and secluded areas: gambling employment has been the salvation of many Indian reservations suffering from low standards of living.

Statistics show that countries with casinos have a higher employment rate (by around 8%!) And wages in states and cities that have casinos are also higher. It is clear that the industry has the potential to bring positive changes to their local communities.

Tourism

In most cases, casino resorts combine hotels, nightclubs, restaurants, entertainment centers, wellness salons, and shopping malls all in one place. As for Las Vegas, for example, it is known all over the world for these attractions. Such resorts turn many tourists to the country, which increases the revenue and the international status of the state.

The same happens in other world gambling centers: entrepreneurs are building new complexes around casinos in Monte Carlo and Macau. It turns out that people spend significantly less money on gambling itself than on various services, wellness procedures, restaurants, and high-end shopping. Again, with all the taxation that comes from this, states which embrace gambling have an opportunity to enhance their infrastructure.

Sports Betting Segment

Sports betting is another segment of gambling which is profitable for the economy. Not only because of taxes, but also because of the opportunities it gives to various businesses to attract more customers who are interested in the particular sports events covered by the betting agents. So sports betting is an inevitable part of the local culture which also works great for tourists: signature sports competitions are part of the long-standing, historically established appeal of various tourist-friendly countries.

For instance, Tour de France betting is an activity that engages a lot of cycling enthusiasts. This cycling event is an incredible phenomenon which is regularly covered by TV spots and written articles all around the globe. Every year, thousands of devoted enthusiasts follow the event on television, or even visit France to catch the best highlights personally!

Arguments Against Gambling

Opponents speak of the social costs of gambling and the harm done to society. Crime is often associated with large casinos (and cinematic representations often intensify this image!); furthermore, the problem of gambling addiction is also on the rise. However, these aspects have less impact than the long-term economic and social benefits. All reputable venues have policies that deal with the prevention of problem gambling. They also contribute money to some organizations that help those who did get addicted to gambling to finally recover. Various research has also shown that there is no connection between the expansion of the casinos and the level of addiction.

Casinos are obviously a significant cultural phenomenon, and they do play an important role in the lives of many people. Indeed, they have even become a rich source of inspiration for many books and movies. Casinos are places where people can socialize, have fun with their friends, get an adrenaline thrill, and win money. And according to one survey, winning some cash is actually far from being the initial purpose of most gamblers. And the benefits of online gambling are also undeniable: digitized forms of entertainments allow for easier access, and this means more people can try it out absolutely free!