How the legalization of gambling has affected the U.S. and Chinese economies
The Impact Of Legalized Gambling: The Economic And Social Effects Of Gambling Legislation
You can often hear criticism of gambling in the media. Some people say it can only lead to unfortunate consequences, among which gambling addiction is often mentioned. You can read more about it at: https://en.wikipedia.org/wiki/Problem_gambling. However, the legalization of gambling entertainment has many advantages. It positively impacts social issues, such as new jobs and improving the economy. A great example of this is cities famous for their large number of land-based and online casinos. Las Vegas, Macau, and Monaco are just some of the places where millions of tourists come every year to visit the most popular gambling establishments with hundreds of slots and card tables.
Based on the above, we can conclude that with the right approach, the legalization of gambling results in the development of the country and the improvement of its economic and social spheres. With iGaming expert Maryna Mykhailiuta, we will discuss how land-based and online establishments affect people’s lives and their role in the state’s financial performance.
How Gambling Affects Economies
Online betting legality is an issue on the minds of even those not connected to the gambling world. The fact is that this business has a significant impact on the country’s economy. Many cities are actively developing, thus improving the people’s living conditions. The global revenues from the gambling business are around 130 billion dollars per year. And the above money means salaries for employees, taxes and, of course, tourist fees. The table below will give you detailed information on how casinos affect the economies of individual cities and countries.
|Las Vegas, USA||This city is rightfully considered the true capital of casinos. There are more than 80 establishments with several thousand gambling pavilions in the city. Many people from other states of America come to Vegas as tourists to visit its famous establishments. The annual number of people who visit this city is over 42 million. On average, each of them spends about $540 on bets in slots, poker, or roulette. At the same time, tourists also spend money on other entertainment, which increases the total revenue of the city. The amount of money that the establishments pay as taxes reaches one billion dollars. It does not include the percentage of casino winnings, so the total profit for the country’s economy is very impressive.|
|Macau, China||Macau can be described as one major gambling hubs in the world. Previously it used to be a Portuguese colony but now it is the only city in China where gambling is allowed. Despite this, gambling is very common among both residents of the state and its tourists. Tourism brings about 40% of the city’s GDP, and the annual revenue from the gambling business is about 40 billion dollars. It should be also noted that 70% of Macao’s population is employed in casino-related areas. That is why we can say that Macau is a place that shows how properly organized gambling is a great impetus for the social and economic development of the country.|
|Monaco||Monaco is a city-state in Europe, which is famous all over the world for its chic casinos. It is worth noting that gambling is prohibited for residents of the country, so the entire business is designed exclusively for foreign tourists. There are four casinos in the country and they bring an income of 210 million euros a year. Moreover, more than a thousand people are officially employed in land-based establishments with good salaries. If we talk about the percentage, the gambling business brings only 6% of GDP but it should be understood that such a small figure is explained by low taxation rather than the popularity of establishments.|
|Philippines||Gambling has only recently become legal in the Philippines. The decision of Rodrigo Duterte, the former president of the republic, resulted in the opening of a huge number of online casinos that focus on the Chinese market. The business has grown to an impressive size within a few years. Annual revenues have reached the twenty-five billion mark, and the unemployment rate has dropped significantly.|
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Social Impact Of Gambling: Key Points
The legalization of gambling entertainment has a significant impact not only on the economy but also on the social sector. It is possible to emphasize two key points which have been affected the most:
Gambling opens up many opportunities for local communities in terms of employment. However, one must never forget that they can hurt a specific category of people. This is why gambling age laws were implemented. They allow only users of legal age to place bets. Whereas the age in land-based clubs can be checked visually and confirmed by a document, a verification procedure is used in online casinos. To complete it, the players must provide the project managers with a scan of their passports or driver’s licenses. Only after that can users withdraw funds won from spinning reels.
Casinos provide thousands of people with not just jobs but career opportunities. People who start as dealers eventually become managers and even hold executive positions. At the same time, the salaries that all employees of land-based and online casinos receive are relatively high.
It is worth noting that the legalization of gambling has significantly reduced the unemployment rate, and not only in large cities. Statistics prove that the employment rate is higher by about 8% in the countries that legalized casinos.
Gambling inevitably leads to an increase in the number of tourists. Many people come to other countries and cities to try their hand at roulette, blackjack, or poker (for more information on this game, see the article at https://www.britannica.com/topic/poker-card-game). Aside from this entertainment, tourists also spend money on other necessities: lodging, meals, gifts, and sightseeing. And given that most casinos are combined with hotels, nightclubs, restaurants, and entertainment centers, the flow of tourists only grows.
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