Gambling’s Role in the Economy: How much it really Helped?
Gambling whether it is offline or online like in is a controversial topic with both sides having their own opinion on whether or not it’s a viable form of revenue. This blog post will discuss the economic benefits, and how the gambling industry has grown in recent years.
United State’s Economic Gambling History
We can see how much gambling has grown in the 30 years since 1988. From 1988 to 2008, there was a yearly growth rate of 10%. In 2009, this number decreased to 2%, but this is still an increase from the 0% in 1988. The economic benefits from gambling have been significant. This includes both direct and indirect effects of gambling’s influence on the economy. From 2000-2010, gambling had a total annual economic impact of $1 trillion.
This includes contributions to capital formation and gross domestic product (GDP). On average, every dollar spent on gambling had $4 in economic impact for the country as a whole. There are several factors that contribute to this high impact on our economy, including federal spending on lotteries and tax revenues from casinos.
In 2010, 44 million people were employed by gambling industry in the U.S., which resulted in $64 billion in wages and salaries paid to workers nationwide. This is a huge piece of evidence that shows how important gambling is for our economy because it brings money into the economy and puts people to work where they would not otherwise be working.
It was Expected
The positive impact that the gambling industry has provided only makes it logical that the industry as a whole will keep on growing and continue to help the economy in the long run.
The Rise of Online Gambling
The rise of online gambling is one of the biggest changes to the economy in recent years. Online gambling has been around for a long time, but it wasn’t utilized as often until recently. This can be attributed to technological advancements that made it easier for people to access the internet and gamble with ease.
One example of technological advancements is the introduction of smartphones. Smartphones make it easy to play on your phone without having to go anywhere or spend any money, which makes online gambling a more accessible form of entertainment than ever before. With all these new ways to access the internet and gamble, gamblers are becoming more and more likely to participate in activities that used to be reserved for casinos only.