How Big Has The Gambling Industry Become And How Does It Affect The Economy/Society

January 9, 2020October 15, 2021 Doris Jensen

The gambling industry has been growing steadily throughout the years, with the trend constantly rising, it is no wonder that casinos nowadays could go up to the size of shopping complexes, and even be equipped with facilities such as swimming pools, nightclubs, and movie theatres.

What Is the Current Gambling Industry Become And Its Effects?

All these show how important and big the gambling scene has become as the casinos are constantly improving and expanding in order to cater to the needs of the increasing number of customers.

How Gambling Industry Affect The Economy/Society?

While some view gambling as just a recreational activity, it is also an activity that is frowned upon by many, such as governments and religious groups, as it is considered to be opposing the Morales of their religious teachings. However, with the generation and culture change, gambling is not just a game of betting anymore, do you know it can actually be an industry that can fuel the economy of a country?

For instance, it is reported that the gambling industry contributed a staggering amount of 137.5 Billion US Dollars to the economy of the United States, with the well known Las Vegas Sands Casino contributing revenue of 12.88 Billion U.S. Dollars. This is of course, not limited to the United States only. Gambling is enjoyed by people worldwide, with hotspots such as Macau, London, Singapore, and Aruba being visited by thousands of people each year. With gambling being so popular around the world, the gross gambling yield in the global gambling market was expected to reach 495 Billion US Dollars this year.

The technological advancement of this era has also opened up new dimensions for gambling, with online gambling becoming more popular. Now, gambling can happen anywhere at any time, as long as you have internet access. Developers are constantly creating new applications and games, and everything’s made to be convenient where transactions and interactions can happen in our smart devices.

The elevation of the gambling industry also leads to economic growth, as more employment opportunities are created when more and more casinos are opened. Just last year, the United States casinos reportedly provided 730 thousand people with job opportunities. Other financial benefits include increased tax revenue for the country, enhancing the area’s tourism and recreational opportunities.

Everything has its downside though. With more and more people starting to gamble, social issues start to arise as well. Those who are identified to be pathological gamblers may face individual difficulties such as being involved in a crime. Gamblers have more tendency to be in a financial bind, as they need money in order to gamble. If they are desperate enough, they might have to resort to unethical paths, which is often illegal, in order to obtain money.

Some descriptive studies have mentioned that the crimes that gamblers often commit are fraud, stealing, embezzlement, forgery, robbery, and blackmail. This is mostly explainable as a gambling addiction, where the gamblers are unable to manage their finance, and their heads are stuck too far up the thrill of gambling with luck. With that said, gambling can be enjoyed but should also be proceeded with care.

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Doris Jensen

Doris is a professional casino blog author that writes about everything about the online casino industry.