Positive Impact of Gambling on Economy and Society

1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 2.00 out of 5)
Loading...
Positive Impact of Gambling on Economy and Society

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.

 

gambling impact on society and economy

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!

good impact of gambling on economy and society

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!

Related Posts

Read more

Top 5 Highest Wins in the History of Las Vegas

All of us have dreamt of winning it big in Las Vegas, and since not everyone had an opportunity to play at its famous casinos, we decided to create a list of the ones who did and became famous. In Las Vegas, dreams come true, and it is never too late to give it a […]

Read More

Link Between Sex and Gambling Addiction

The existence of addictive behaviors is still a controversial topic among many experts. While some argue that addiction is something that some people are genetically predisposed to, others don’t recognize that pathological gamblers are people with genuine behavioral addictions; they think this is simply a question of bad habits. Nevertheless, when looking at the characteristics […]

Read More

How to Control Your Emotions While Playing Card Games

By its very nature, gaming is a social phenomenon. For many of us, gaming is a great way to fight boredom and get in touch with other people; this is because of the strong emotions plus the very specific kind of tension we experience, which all makes us feel really good. Of course, different kinds […]

Read More

Craps Hedge Bets: A Good Betting Strategy?

The game of craps is not difficult at all, but the diversity of possible bets might seem a bit confusing, especially for beginners. What kind of wager is better at this particular moment of the game, and why? The reasons behind betting this or that way can be different, sometimes even controversial, and it can […]

Read More
YOU MAY LIKE IT