Never miss a story

Get subscribed to our newsletter


×
The global gambling industry is estimated to be worth around $90 billion by 2023. Pixabay

By Rahul Rana

Gambling as a form of leisure has been around since the dawn of modern civilization. It has undergone many different evolutions and has branched out to different forms and iterations over the years. But industry analysts and experts have come out to say that the growth within the gambling market has been rather substantial over the past two decades. In fact, the gambling industry is on such a steep trajectory that many experts say it could grow to become as high as a $90 billion industry by 2023. This will make it one of the biggest and most highly potent industries in the world.


More than just serving as a prosperous economic hub, the gambling industry is also leaving dramatic impacts on the sociological aspects of society. In East Asia, many families gather together to gamble as a form of establishing closer family ties and forging better relationships. In Western civilization, people gamble as a form of recreation and stress relief. Even with just the slightest glimpse, one can ascertain that gambling is impactful on the way that society is structured.

Follow NewsGram on Twitter to stay updated about the World news.

But given that meteoric rise of the industry as of late, what does that imply to the global economy as a whole? How does the economics of gambling really impact the money movement in the world? With this article, let’s explore the many ways that the gambling industry has affected the sociological and economic aspects of the world.

Booming Employment

When you think about the manpower that’s required to effectively run a casino, whether it be land casinos or online casinos, there are definitely a lot of people involved. From dealers to software developers, line cooks, servers, bartenders, floor managers, and more. The casino industry has served as a hub for career opportunities for many working people.


The casino industry has served as a hub for career opportunities for many working people. Pixabay

Government Tax Haven

Again, the global gambling industry is estimated to be worth around $90 billion by 2023. That’s why many governments all over the world are doubling their efforts in legalizing and regulating casino or gambling operators within their jurisdiction. They understand that the taxes that they can earn from local operators would be too good to just pass up. This has incentivized many governments to expedite legislation favoring local casino operations.

Tourism Booster

Think of places like Las Vegas, Atlantic City, Macau, London, and Monte Carlo. These are great tourist spots that have also been known to be gambling havens. These tourist destinations have some of the world’s most luxurious and lavish casinos. But aside from just contributing to their individual governments in income taxes, they also manage to rake in a lot of tourists from the entire world. Tourism is always going to be one of the highest-earning industries in most countries.

Professional Competition

Contrary to popular belief, the gambling industry isn’t just composed of people who gamble on a casual basis. There are many people who actually engage in gambling as a professional career. One popular example is the World Series of Poker. Every year, poker players rake in millions of dollars in commercial revenue because of its spectacle as a sport.


The industry has been experiencing substantial growth over the decades. Pixabay

Moral Arguments

As the gambling industry has continued to grow and proliferate all over the world, it has also garnered the attention of its fair share of critics, particularly with the moral aspects of gambling. It’s hard to escape the fact that gambling has had a negative impact on the lives of many people. There are numerous individuals all over the world who have developed addictions to gambling. Many have also fallen into serious financial problems as a result of gambling.

ALSO READ: Online Casinos In India – Is Online Gambling Legal?

There are also various forms of gambling that are considered criminal because they aren’t properly regulated by the government. This is especially true in developing nations that incorporate gambling into activities like cockfighting and dogfighting.

A Continuously Growing Industry

Regardless of the challenges, whether legal or moral, the gambling industry is going to continue to thrive moving forward. There is very little reason to believe that this isn’t going to be the case. The industry has been experiencing substantial growth over the decades and there are no signs that suggest that this upward trajectory is going to dwindle down anytime soon.

(Disclaimer: The article is sponsored and hence, promotes some commercial links.)


Popular

Unsplash

Canadian researchers have discovered an overlooked gene that plays a major role in the development of antibodies

Canadian researchers have discovered an overlooked gene that plays a major role in the development of antibodies, which help the immune system recognize and fight viruses including SARS-CoV-2, bacteria and other causes of infectious disease. The gene -- FAM72A -- facilitates production of high-quality antibodies by enabling the effect of an enzyme called AID (for Activation-Induced Deaminase), the researchers showed.

Immunologists have known for two decades that AID is essential to produce antibodies capable of clearing infections, but the full mechanism of its effect has remained unknown. "Our findings answer the long-standing question of how AID does its work," said Alberto Martin, a professor of immunology at the University of Toronto's Temerty Faculty of Medicine. "FAM72A helps AID to promote mutations in antibody genes that are essential for the development of effective antibodies," he added.

Virus Pathogen Antibody - Genetic mutations that lead to lasting changes in DNA occur through a process called mutagenesis. | Pixabay

Keep Reading Show less
IANS

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India will set up a 50 megawatt (MW) solar power plant in Odisha's Sambalpur

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India will set up a 50 megawatt (MW) solar power plant in Odisha's Sambalpur at a total cost of Rs 301.92 crore, moving steadily towards its goal to achieve carbon neutrality by 2024. MCL has placed a turnkey order to set-up a 50 MW solar power plant with a Chennai-based firm M/s Hild Energy Ltd, which will establish this green energy project within a timeline of 10 months, the MCL said in a statement on Saturday.

This solar plant would cater to the captive power requirement of MCL. The Central PSU had successfully set-up a 2MW solar power plant in Sambalpur in 2014. The company said it has pledged a target of installing 182 MW of solar power by 2024 in order to become a net zero energy company, aligning itself to use cleaner forms of energy for coal production.

white and blue solar panel system The company said it has pledged a target of installing 182 MW of solar power by 2024. | Photo by Mariana Proença on Unsplash

Keep Reading Show less
IANS

As the nation celebrated the 114th birth anniversary of his father - renowned poet Harivansh Rai Bachchan - megastar Amitabh Bachchan remembered his dad as he penned a heartfelt note for him.

As the nation celebrated the 114th birth anniversary of his father - renowned poet Harivansh Rai Bachchan - megastar Amitabh Bachchan remembered his dad as he penned a heartfelt note for him. The actor took to his blog where he poured his heart out and also shared an unseen photo with his father. The image in question is from Big B's wedding in 1973, where the two are caught in a sweet moment as they look at each other.

Amitabh Bachchan wrote on his blog,

"My Father , my all .. November 27th his birth in the year 1907 .. Which makes it his 114th Anniversary .. He is in the heavens, with my Mother and they celebrate .. as do we , in thought word and deed .. (sic). But first."


Keep reading... Show less