Home Business Insights & Advice Gambling, what are its impact on the economy and social life?

Gambling, what are its impact on the economy and social life?

by Sarah Dunsby
3rd Dec 18 10:52 am

Gambling industry continues to grow rapidly in the UK. Not only is the growth of the gambling industry experienced in the UK alone, but gambling is also becoming quite popular across the world. This is because smartphones and mobile phones are now more available than ever, and the internet is quite affordable.

In the United Kingdom, the gambling industry is regulated by the Gambling Commission under the Gambling Act 2005.  This Act updated the UK’s gambling laws which includes the introduction of a new structure that protects children and vulnerable adults.

There is a massive market for gambling in the United Kingdom. This has led to the growth of betting sites such as mansion which enables players to place their bets, and win if they are lucky enough. Online betting in the UK is estimated to be around £ 650 million.

Many people perceive gambling the wrong way, but it should be taken as an entertainment like watching a movie or a playing a favourite sport. The reason many people perceive gambling the wrong way is because of how some people lose control over themselves both mentally and financially. Gambling becomes dangerous especially when a person feels that gambling is a must for them, and so they have to be at the casinos every day or gamble online throughout.

Even though gambling has some negative impacts, it also has some positive impacts on both the economy and social life.

  • Economy

 Casinos create employment

It is no doubt that casinos create employment because there are so many people that are employed in casinos. The local employment rate increased after casinos were introduced. This is a clear indication that casinos helped to lower the local unemployment rate.

Casinos generally require labour, and this labour is likely to come from the local area. This, in the end, reduces unemployment in the locality. Some of the staffs that can be employed by a casino include accountants, security officers, card dealers, etc. When the locals are employed at the casinos, their lives improve as well as the economic growth of that particular locality.

Tax benefit

Casinos are also taxed as well and these revenues are used to fund the government programs. The state and local governments promote casino tax revenues as benefits. The revenue is a benefit for the recipients of taxed casino revenue. Taxes from casinos are a result of income from casino owners to state and local governments and to recipients.

Casinos help to boost local retail sales

The casino players substitute casino gambling for other activities such as going out to the movies or dining out. Again, most of the casinos have restaurants, hotel rooms, and shops for casino players. All the goods that are purchased from these facilities are taxed under sales tax laws. All these are great proofs that casino gambling boost the local retail sales.

  • Socially

 It is a form of entertainment

Gambling can be quite entertaining especially after a long day at work. There are a group of people who play at casinos to relieve themselves from the hassles and stress of life. By playing on sites such as source, you are giving yourself the chance to get refreshed, and be emotionally and physically ready for another day at work. Besides the entertainment aspect, gambling has also proven to help in exercising the brain and keeping it healthy for a long time.

The opportunity to win money

Gambling offers a chance to players to win money. And it is not just money, people can win a sizeable amount of money for that matter. Everybody likes to get the opportunity to win money, and gambling is one of those things that give people that opportunity. This feature has attracted many people to start gambling with the hope that they may get lucky and win huge sum of money.

It’s worth noting that winning a gamble is not that easy, and it can get hard especially for those who gamble full time. But some people are determined to beat the odds and they have practiced a lot and mastered so muck skills on gambling.

Leisure time activity

Gambling is one of the best things that you can do during your leisure time. Those people that are afraid of getting addicted to gambling should know that it is your personality that determines the outcome of your habit.

Self-discipline is the only way that you can protect yourself against the evils of gambling. If your self-discipline is great, and you are not taking gambling as a career, then you have nothing to worry about. Just remember to gamble responsibly and enjoy the game without going overboard. When it comes to gambling, moderation is key.

Please play responsibly. For more information and advice visit www.begambleaware.org

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