Gambling is a divisive topic. There are even those who think it should be illegal. But where’s the sense in that? No matter which side of the debate you fall on, it’s clear that people would still find a way to gamble. So, the industry may as well be used as an economic tool and kept it within a safe and regulated environment.
For gamblers, the benefits of a regulated gambling industry are obvious. These days, it isn’t difficult for a player to find a licensed casino and feel safe in the knowledge that their money isn’t being hauled off somewhere. They also have more control over which payment method to use, with the ability to choose whichever one they feel the safest with. There are online casinos that accept interac, bitcoin, altcoins, regular debit/credit cards, and more. But what about the industry itself? How does regulation benefit the gaming industry exactly? Here are a few ways how gaming can thrive with regulation.
Every year, millions of people the world over travel to such gambling destinations as Macau and Las Vegas. Complimentary offers attract those high rollers who put a lot of money into the economy. And it isn’t just those who provide economic benefits either.
All sorts of people visit gambling destinations, from bachelor/bachelorette parties to families on a trip. The rising trend of casino tourism in such places as the Philippines, Singapore, and Cambodia is a huge boost for the industry too, as is cruise ship gambling.
The gaming industry has created more than 1.8 million jobs globally. This is a combination of employees from land-based and online casinos. When it comes to land-based casinos, the traffic that walks in the doors helps other businesses in the surrounding communities. In that sense, gambling has not only created jobs in the gambling industry, but other industries serving within their vicinity. So if a new casino has recently opened up in your city, this just might be the right time to negotiate a job offer. This next one isn’t technically job creation, but some players also become professional gamblers, meaning that their activity becomes a legitimate source of income.
This one doesn’t benefit the industry, but it does benefit the government, showing that it isn’t only players who gain from a regulated gaming industry. There’s a lot of revenue that can be earned by taxing casinos. As the saying goes, “the house always wins”. That’s how you know casinos are making a lot of money. Many companies gain a huge boost from casinos being taxed on their gross gaming revenue (GGR). While GGR and gambling taxes varies, it’s always a percentage of the net profit.
Governments have a hard time setting tax rates, as they don’t want to deter new business. Equally, however, they want to get their hands on the potential profit to be made. Along with the tax benefits, the economy also benefits from the jobs provided. The gambling industry in the state of Nevada, for example, provided employment to 166,741 in 2018 alone.
So, while some people might want gambling to be illegal, there’s certainly more reason for a legalised and regulated gambling industry than not. It not only creates avenues for players to enjoy the activity with the assurance of security, but it also benefits the industry, which, in turn, benefits the economy. And that helps keep the industry out of the hands of criminals, which is never a bad thing.
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