Gambling has been around for a very long time with the roulette wheel being one of the oldest games to be played. Over time, gambling has had a negative and a positive effect on the economy due to the sheer number of people getting involved in these games. While some people like to think that gambling needs to be removed from our society, there is a massive industry making money every single day that is contributing to our economics.
In this article, we are going to look at how gambling helps to grow economics. Keep reading if you’d like to find out more about gambling and how it is affecting the lives of people in the UK.
The history of gambling
It could be easy to believe that gambling is something which has become popular in the past 10 years due to online gambling advances but this activity has been popular for so much longer than that. If you take a quite look at some online gambling history, you’ll find that gambling in the UK has been around since before the Romans were around. Gambling at this time involved betting on chess and card games for the rich while the poor gambled on dice games.
Since then, gambling has grown a lot and there have been many changes in the industry since then. Online gambling has become even more popular and some reports are suggesting that this is bringing in more profit than land-based gambling. We have so many different ways to gamble that this industry is growing every single day.
Employment
One of the great ways that gambling helps to grow economics is through the increase in employment. Over the years, many betting shops and casinos have opened around the UK and this has led to more jobs for those who live there. It is also important to remember that some betting shops have then shut down in recent years which didn’t have such a positive effect on employment.
Casinos are still as popular as ever, despite the growth of the online casino industry. Casinos need so many different kinds of staff from the management level to the dealers and even those in the restaurants and bars. New jobs are always welcome in the UK and it is safe to say that the gambling industry has helped to grow the number of opportunities and in turn the economy.
Taxes
Did you know that casinos and gambling operators in the UK are taxed for operating? This is something which is managed by the government and enforced by the UKGC who monitor the industry. The UK Gambling Commission is the licensing body for the industry and they ensure that everyone is acting as they should be. Each time an online casino in the UK or a betting shop pays their taxes to the government, our economy is boosted.
The taxes that those in the gambling industry in the UK need to pay are 15% on profits that they have accrued. This is a large percentage and it has meant that many operators have had to change the way that they work in order to keep their business afloat. For the British economy, however, this tax is very beneficial.
Promoting entrepreneurship
Another benefit of gambling on the economy is that it helps to promote entrepreneurship. With many businesses failing in recent years, many people avoid starting their own business. The truth about the gambling industry is that it is relatively easy to start your own business and get involved, making a lot of profit along the way. This makes this kind of activity very desirable for those hoping to start a business and so they end up getting involved. With every new business up and running, the economy will be impacted positively. While it might be tricky to inspire entrepreneurship in young people these days, the gambling industry is certainly making an effort to change things.
Tourism
The final reason that gambling helps to grow economics is through tourism that is often attached to these kinds of activities. Many people are willing to travel the world just to visit a large casino that is giving them the opportunity to make some money. Take the casinos in Las Vegas for example – these have done wonders for the economy of this location and this is something which has been mirrored around the world.
With new gambling opportunities come new tourist opportunities. It is possible to open up some hotels, restaurants and even put on shows nearby. This is often known as the multiplier effect and it can massively increase the economy of a country if put into place. Even if you aren’t involved in the gambling industry, it is possible for you to benefit from their actions and the tourists that they have brought along for the ride.
Tourism is something which is very important in the UK and there is some evidence to suggest that gambling has contributed to that. Of course, it is important to keep in mind that there is little to no effect on tourism when it comes to online gambling.
Final verdict
As you can see from this article, there are many economic benefits to having a solid gambling industry. Growing the economics of a country can be very difficult, especially when there are many businesses who are struggling to see any kind of growth themselves. Gambling and iGaming is such a profitable and powerful industry which only means that it can contribute positively to the economy.
For those interested in getting involved in this industry and contributing themselves, it is important to understand the limitations. The UKGC is taking great strides to limit these companies, despite the positive impact that their businesses can have on the economy.
Make sure to consider everything that we have discussed in this article and don’t forget to keep an eye both on this industry and the economy in the UK and around the world.
Please play responsibly. For more information and advice visit www.begambleaware.org
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