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.
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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.
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.
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.
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.
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.
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.
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.)