How Big Has the Gambling Industry Become and How Does It Affect the Economy
The gambling industry is an economic rollercoaster today. It is an industry faced with mixed feelings of love, fear, and confusion between the three. Authorities hate to love gambling because the amount of tax it contributes to the exchequer is humongous, yet they feel it is wrong, somewhat. The industry pumps billions of dollars into economies across the globe every year. Therefore, one cannot ignore the power of gambling on economies at the global, national and individual level.
Estimates show that the industry generated over 115 dollars in 2016. The figure has since grown and is set to hit 140 billion dollars by 2020 if the 2019 estimates are anything to go by. Europe has the severest gambling fever, with most of the betting revenue emanating from online sports betting.
The gambling industry received a major boost since the introduction of online betting and gaming. The images of outlaws puffing Indian hemp and the negative publicity that gambling sported have faded away fast. Online casinos have helped the industry grow not only through making the game safer and a more acceptable economic and pastime activity but by increasing the options on one’s cards too. It has also increased the odds and amounts of winning in the game. Since there are many more players, the casino companies can afford to pay more. They can also afford to issue bonuses to new players wishing to join in the game. In addition to the odds and amounts to win, online casinos have diversified gaming options. Several games have been added to the older ones. While poker is still one of the most commonly played casino games, other games have gained popularity. Sports betting seems to be the biggest beneficiary of online casino activities. The advent of mobile phones and the advancement of smartphones technology have boosted the industry too. You can bet from virtually anywhere that you can access the internet. It is also possible to bet remotely minus the internet but via the mobile phone service provider platforms. Indeed, mobile devices account for the lion’s share of gambling-generated revenue.
Broadening the Fan Base
Gambling has grown in the number of people that play on online platforms. By 2015, it was found that there were over 170 million gamers online. Further, the income generated from online gambling activities including sports betting hit 40 million USD by 2017. Things are looking up for both the online gaming houses and gambling enthusiasts. It is estimated that the industry will generate up to 60 billion USD by the close of the year 2020.
Why Countries Need Gambling
As mentioned earlier, many authorities around the globe have historically had qualms about allowing gambling activities to continue uninterrupted. However, it is interesting to note that it is a position that has remained for over a century. Indeed, gambling is many years old. The opposition has been there for all the time it has existed. So why are authorities unable to stop the game? Well, did you know that gambling is one of the biggest tax contributors in many jurisdictions? Gambling is viewed as a source of revenue even at an individual level by a significant number of people. The huge jackpots issued by betting companies cannot be ignored. Besides, in sports, betting is believed to add a personal stake in the game, hence eliminating the high voltage rivalries that were typical of fans of opposing teams. On the social front, gambling adds to the recreational options of people. It is an enticing recreation since one can also generate some income from it.