How does the Gambling Industry affect the Economy / Society (2019)
Gambling Industry Helps the Economy Boom
The gambling industry as a whole has come a long way from when gambling was considered something unholy to today. Now, there are casinos in almost every state in the United States, and several countries that have tried to outlaw gambling have found it impossible due to online gambling. As technology increases, the gambling industry continues to grow. Now, one country alone has a gambling industry that is worth $2.5 billion. Worldwide, the gambling industry is worth trillions of dollars. It helps the economic boom on both a national and global level.
More Money into the Economy
When people spend their hard-earned cash at the slots, that is more money that is going into the casino. That means more jobs for people that work at the casino, and more people are making sure that they are working a full week so that they can enjoy the rush of pulling the trigger at the new slot machine. The economic cycle is seen in full when it comes to gambling.
Higher Employment Rates
On a smaller scale, it was discovered that areas with a casino had higher employment rates than areas without a casino. Casinos require a lot of people to run them, and that means that a plethora of jobs are created as soon as a casino opens its doors. This explains the higher employment rate, and how casinos can benefit the economy. More employment means more economic growth.
Problem Gambling is a Small Cost
One of the primary arguments used against the legalization of casinos on a worldwide scale is that casinos increase the potential for gambling addiction. These problem gamblers will not be a cost to society if there are no casinos.
While this makes sense, it does not ring true in every situation. Often, the area surrounding a casino will see a significant rise in gambling when a casino first opens. This is likely due to many people wanting to see and enjoy the new entertainment in their area. After the new feeling wears off, gambling tends to stabilize in those areas.
Gambling addiction does still occur, but this makes up under 2% of all people that gamble. Studies conducted have also been inconclusive regarding the societal cost of gambling addiction. Most individuals that suffer from this are also plagued with other addictions, such as substance abuse and alcohol abuse. This makes it almost impossible to determine the exact cost of the gambling addiction itself to society.
Casinos remain a topic of controversy in many places. Often, policymakers weigh the costs and benefits of a casino before they give the okay. The primary benefits of a casino include:
– More jobs
– Increased employment rate
– More tax revenue if casinos are required to pay taxes
Primary costs associated with casinos include:
– Increased crime rate
– Gambling addiction
Often, the costs associated with a casino are the same that are associated with other businesses, such as bars or horse races. It is impossible to eliminate those costs from the world.
The benefits of casinos also greatly outweigh the costs. Most communities enjoy having another place nearby to spend their leisure time, and they appreciate the jobs that casinos bring with them. Overall, it is obvious that casinos are wonderful for the economy.