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Does the Rise of Online Gambling affect Economy?

Gambling has been a pastime for many over many years, with it having originated in the Palaeolithic period, before written history even began. While there are more records and certainly more stringent rules nowadays, the impact of gambling is something that only continues to grow. Many love gambling as a way to while away time, to play games and to indulge in something to help them wind down. 

Gambling used to be in the form of physical betting and games at casinos, with the majority of games played being slots, roulette and blackjack. In recent years however, the growth of the internet has seen gambling boom online. The benefit to this is that games can be accessed from anywhere and at any time. Not only can you sit at a computer and do it, but you can also gamble from your phone or your iPad on your way to work, sitting on the sofa or from your bed. While this gambling is legal and certainly enjoyed by a plethora of people, it has some wondering the impact on a bigger scale. Here we look at the impact on the economy and what it means.

How does the gambling industry affect the economy?

The rise of online gambling affects the economy in a few different ways. While it used to be physical gambling that was popular, digital advancements have made it easier than ever to reap the benefits. Be sure to check out new uk casinos not on gamstop. The effect on the economy includes:

It has staff that are employed

Photo by Denner Nunes: https://www.pexels.com/photo/man-holding-playing-cards-2631067/

Online casinos employ more staff than physical ones, providing jobs and helping to boost the economy. The online casino world needs handlers and dealers to play the live games, people to man the support teams, tech workers and so much more. The amount of job opportunities that are created are vast. The more jobs that are made, the more money employees have to spend and the more money is put back into the economy.

There is greater tax revenue to state and local governments

Depending on where you are from, you might have to pay tax on your winnings which can impact the economy positively. If you’re in the UK you are exempt from this – leaving you with more to spend in the local community which is also a positive income to the economy. If you are in countries such as America or France however, you are taxed on anything that you win via gambling.

It increases local expenditure 

A lot of online casino games pay out big winnings. When people win this, they take the money and spend it in their local community. The more money that is spent locally such as in stores, restaurants and cafes, the more of this is pumped back into the economy, having a positive impact. Local expenditure is increased and sometimes you don’t need to bet a huge amount in order to get a lot back. 

These are just a few things to consider when it comes to how gambling affects the economy. What are your thoughts? Let us know in the comments below, we’d love to hear from you.

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