Over the past decade – at least, the online gambling and gambling industry has grown massively. The availability of cutting-edge technology has meant that casinos are available much more widely around the globe, and the variety of options out there is better than ever before. They have never been more popular.
Despite common perceptions that online casinos aren’t necessarily a significant contributor to economic growth, the reality reveals something entirely different – the surprising and positive impact it has on local and national economies. The economic benefits go way beyond simple entertainment – indeed, it can play quite a big role in the growth of the global economy.
Job Creation
Firstly, online casinos consistently play a role in the creation of new jobs. From roles in risk analysis and software development to customer service, writing and even game testing, the variety of jobs available in this industry is quite significant. With millions already employed in the gaming industry globally, the online casino sector looks set to generate even more jobs in the future as technology continues to grow.
Tourism Benefits
As well as directly benefiting the national economy, online gambling also has the potential to improve local and regional economies, particularly when it comes to the increase in tourism. There are obvious examples – cities like Macau and Las Vegas, which have become famous all over the world for their incredible casinos and hotels. People who regularly pay at online casinos are more likely to choose these as holiday destinations.
These cities get a significant portion of their tourism revenue from their legendary casino resorts, which is yet another example of the role that online gambling plays in promoting and attracting local tourism.
Boosted Local Economies
Online casinos can also be an important economic boost for local communities. The revenue that they generate often stays within the local economy – and this can create even more job opportunities for those who live in the area and potentially increase sales for local businesses. Furthermore, the increased income received through taxes paid by these casinos can benefit local governments – which means they can use this money to improve services and infrastructure without taking money from the locals.
Tax Revenue
For as long as it has been around, the online gambling industry has been a solid source of tax revenue. Online casinos contribute a lot of money to local government coffers through the taxes they are liable to pay.
These tax contributions go on to play an important role in funding various sectors, such as education and healthcare, which can directly have a positive influence on the well-being of locals. Again, this could potentially mean even more job opportunities – which may not even be linked to the gaming industry. Thus, the GDP grows, and the economy as a whole reaps the benefits.
Reduction in Crime
This may not be an obvious benefit, but playing online casino activities can actually contribute to a reduction in crime. But how? Well, as players can enjoy these games from the comfort of their homes, they’re not on the street mixing with others with tempers flaring. Unlike traditional brick-and-mortar casinos, where interacting with other players could potentially lead to disputes, online casinos can provide a safer alternative.
In physical casinos, the potential for fights and aggravation, particularly when playing under the influence, can be a concern. Playing at an online casino minimises the chance of players breaking the law and totally eliminates the risk of getting into a physical confrontation.
Innovation and Advances in Technology
The online gambling industry has also been at the forefront of technological advancements. Online casinos generally use the most cutting-edge software – and often play a huge role in boosting the growth of online casino software developers. What’s more, the demand for secure payment systems from online casinos has been a major contributor to the ongoing development of financial technology.
More Competition Between Operators
The ever-increasing popularity of online casinos has led to even more competition among gambling operators, with each site looking to attract and retain their customers over the long term.
This increased competition is great for customers, as it means a better selection of gaming options, more generous bonus funds to be claimed, and even more perks as they play.
Sports Sponsorship
You’ll often notice that online casinos enter into big-money sponsorship deals with sports teams and leagues, such as Premier League teams, the NFL, NHL, UFC, and NBA. These partnerships are highly beneficial for both the casinos and professional sports teams.
Charitable Contributions
Many gambling operators, particularly national lotteries, make massive contributions to local, national and international charities and programs. For example, American lotteries reportedly contribute billions to philanthropic causes every year, supporting all sorts of initiatives – from senior citizen programs to youth educational schemes.
Conclusion
Online gambling has become popular all across the world – and the industry is expected to continue growing year on year – bringing all sorts of economic advantages for both players and governments.
Undoubtedly, online casinos have a hugely positive impact on global economies. They create employment, provide a boost to local and regional economies, and even attract tourism. As long as you play sensibly and safely, online gambling really can be a good thing.