How gambling can effect the economy of a country [Part 1 - USA]

[avikz]

In our society, the general idea about gambling is negative. People don't miss a chance to criticize gambling even if they have never experienced it in their lifetime. I have been fighting against this particular social taboo through this community. I have already created two threads about it and you are welcome to pour in your feedback to those threads as well.

Thread 1:
Why gambling is portrayed negatively almost everywhere?

Thread 2:
Benefits of gambling? Yes - it exists!

Today's topic is another addition to my fight against this social taboo. Not many people know how the economy of a country can be befitted from gambling industry. Today is the first part and we will talk about USA. The next parts will be based on Macau and so on. I came across an article on this exact point, published by CNBC. Even though the article is almost 4 years old, but didn't loose its significance. It shows how gambling industry has benefited the economy of USA.  

Few key points mentioned in the article:
1. Direct employment of 570,000 people, with total jobs impact of 1.7 million (including nearly 200,000 government jobs)
2. Revenues of $81 billion in 2013, including $30 billion from Native American casinos
3. $38 billion in taxes paid
4. $102 billion in direct economic impact, and when you throw in all the spending done by employees in the general economy, the total impact is $240 billion (this does not include spending on casino construction).

You may hate gambling due to many reasons, but you can't really deny these positive points about gambling industry which are directly impacting the economy of a country favorable to it. So spread love about it, not hate!

Article source: https://www.cnbc.com/2014/09/30/casinos-and-gambling-business-jackpot-gamings-impact-on-the-us-economy.html

[boy130]

I agree that there can be some positive impacts to the gambling industry, when the industry is controlled then there are some economic benefits as a result of taxation, but you also have to consider the human cost of this. Many of the people that play at casinos are actually addicted, and are causing severe impacts to their life by the amount of money they lose. I think this is the next step that regulation needs, some sort of damage control system.

[Your Point Is Invalid]

Gambling is always good for the country overall but it often doesn't turn out the same way for the individual. Gambling is portrayed negatively because of the negative impact that it often has on people's lives. Also, may people believe gambling is bad because of their religious beliefs.

[ocid]

gambling can have an addictive effect on the players, it may be exactly the same as those who are addicted to drugs. not a few people who play gambling experience a massive defeat so that all walks of life are able to assess gambling as a negative activity that can spend money. but most people who are used to gambling they think gambling is a game that is very fun and can provide benefits.

[maydna]

the effect of gambling for personal maybe they can lose their money in many of games without having a chance to recover their money. but for the country, I think gambling industry can give an income for the country because the owner should pay the taxes of the business and indirectly, it helps the economy of the country to grow and if the economy can grow, it means people can get a better facility for their life. maybe this is what I can see that because, in every business, there will be a taxes that will pay to the country which will give contribute to the economy of the country itself.

[milewilda]

Gambling is always good for the country overall but it often doesn't turn out the same way for the individual. Gambling is portrayed negatively because of the negative impact that it often has on people's lives. Also, may people believe gambling is bad because of their religious beliefs.

Religious beliefs is one of the reason why gambling is portrayed out to be a negative thing which same as you said we do easily notice on how this thing do destroy ones life but still this is just really a game and as a player we should really be responsible on the risk behind it.When we do talk about economy then i do see a positive outcome or contribution with this one considering taxes would really be add up for further development of a certain country but ofcourse there would really be a negative exchange.

[mostkey]

for the country of gambling is indeed a real greed. because revenue from gambling is huge. let alone from tax revenues. gambling houses are companies that dare to pay big taxes. even 20% of the income they are willing to pay. when the average company only pay 10-15% tax. and this is certainly one of the advantages that can be from gambling.
and when the establishment of a gambling house, they can cut 5-10% unemployment rate in the city

[Don Pedro Dinero]

I suppose OP means how it can affect the economy.

Any economic activity affects the economy of the country. Prostitution and drug trafficking also affect the economy even though they are illegal in most countries, look at what happens in Mexico for example.

Gambling in Macau and Las Vegas affects the economy a lot but in a middle-sized city with just one casino it doesn’t affect so much.

[Cacingkemi]

There is a positive element of a negative stream contained in a casino that I think the article is really thankful to have shared it,but still if someone loses a lot of money as well as the assets of the house of the land all in the gambling it includes crazy losses.Better to distribute everything for the people small or can be called a beggar,still he can play just for fun only.

[hatshepsut93]

Most of that profit generated from gambling is concentrated in hands of owners, investors and top management, you don't need to have many employees to run a casino. So, the positive effect of gambling industry is relatively small, comparing with the amounts of money flowing through it. But the biggest problem is that it has a negative impact of making poor people poorer and ruining lives of those who develop addiction - this is clearly a negative social and economic impact of gambling.

People are wrong for stigmatizing it, because it makes the problem worse, what is needed is better education, teachers should be covering gambling in schools when they teach probability at math classes. Cryptocurrency casinos are also better from economic point of view, because they offer investment opportunity to broader public, instead of making few rich people richer.

[pixie85]

Most of that profit generated from gambling is concentrated in hands of owners, investors and top management, you don't need to have many employees to run a casino. So, the positive effect of gambling industry is relatively small, comparing with the amounts of money flowing through it. But the biggest problem is that it has a negative impact of making poor people poorer and ruining lives of those who develop addiction - this is clearly a negative social and economic impact of gambling.

People are wrong for stigmatizing it, because it makes the problem worse, what is needed is better education, teachers should be covering gambling in schools when they teach probability at math classes. Cryptocurrency casinos are also better from economic point of view, because they offer investment opportunity to broader public, instead of making few rich people richer.

Money don't disappear. The money flowing through the casino isn't a bad thing. It's just a thing. Morte money is flowing every day through your country's central bank but you aren't calling it a bad institution with negative impact on the economy. You can't really protect people from addiction. The existence of gambling doesn't make them addicted.

[yoseph]

Gambling has so many positive side of it yet some people term it bad.

Though it effects on the people are mostly bad, Gambling has a positive effect on the economy of the country due to the taxes that gambling companies end up paying to the government. In some countries the state itself engages in gambling like the lottery.

[crwth]

I love how it could really affect the country and many people benefitting from it, and you can't lie, that it has definitely an impact. Like anything else, there are a lot of pros and cons in things, and it wouldn't be enough to justify what is currently happening. Hopefully, the casinos are actually paying taxes to the government and in the right amount. There is nothing wrong with gambling as long as people control themselves. It's the people who let themselves to addiction.

[crzy]

Gambling is always good for the country overall but it often doesn't turn out the same way for the individual. Gambling is portrayed negatively because of the negative impact that it often has on people's lives. Also, may people believe gambling is bad because of their religious beliefs.

The house will always win and government will also benefit on that. Gambling is a big thing in one country because they can really boost the economy, increase the employment rate and generate higher profit thru taxes but the small gamblers suffer on this thing simply because of the greed. Gambling is actually not a bad a thing but people misunderstood the real purpose of gambling and they ended up broke.

[avikz]

I agree that there can be some positive impacts to the gambling industry, when the industry is controlled then there are some economic benefits as a result of taxation, but you also have to consider the human cost of this. Many of the people that play at casinos are actually addicted, and are causing severe impacts to their life by the amount of money they lose. I think this is the next step that regulation needs, some sort of damage control system.

Damage control system is hard to implement. Instead right education can control most of the things here as you've correctly pointed out. An educated gambler never becomes addicted to gambling because he knows where to stop. But if a person is playing completely out of greed, can become addicted easily if that person manages to get one or two wins.

If I have $1,000 with me as a surplus money, I may indulge myself with gambling with probably $200 and rest I can keep for other things. But if I indulge in gambling with the entire amount, I really can't blame anyone if I don't have money for food that day. I can only blame my addiction to gambling. That's what makes the difference between an educated gambler and an addicted gambler. Proper education about gambling can reduce the negative impact of gambling to a great extent.

[qwertyup23]

I agree that there can be some positive impacts to the gambling industry, when the industry is controlled then there are some economic benefits as a result of taxation, but you also have to consider the human cost of this. Many of the people that play at casinos are actually addicted, and are causing severe impacts to their life by the amount of money they lose. I think this is the next step that regulation needs, some sort of damage control system.

When we consider gambling and its positive effects, mainly it revolves around the economic aspect in the society. Facts stated that it provided job opportunities to individuals, yielded large amounts of revenue, and collected taxes which the government needs for expenditure. Again, economically speaking, gambling provides a win-win situation between an employee and the government.

Now when we consider its social impact to the society, gambling can be destructive mentally and socially. It can create various mental illnesses and problems like addiction, which can affect the well-being of an individual. With the generated income they received from casinos, the government now has the sole responsibility of addressing these issues to prevent any further damage. The problem will only persist once they do not implement laws/regulations catering to these individuals.

[ethereumhunter]

Gambling is always good for the country overall but it often doesn't turn out the same way for the individual. Gambling is portrayed negatively because of the negative impact that it often has on people's lives. Also, may people believe gambling is bad because of their religious beliefs.

The house will always win and government will also benefit on that. Gambling is a big thing in one country because they can really boost the economy, increase the employment rate and generate higher profit thru taxes but the small gamblers suffer on this thing simply because of the greed. Gambling is actually not a bad a thing but people misunderstood the real purpose of gambling and they ended up broke.

but I don't think that in a country that bans the gambling, it could give some income to the country because the government prohibits the gambling owner to run their business and people don't play gambling in that country. but somehow, I agree that in a country that allows gambling will take a big revenue from the gambling section so it will increase their economy.

[gowobonyok]

the point is tax. if the state takes taxes in every gambling house or gambling site, the country will definitely get a good impact. but on the other hand, the losers will lose their money as well. which means the economy is no longer balanced if not mutually beneficial.

[Juggy777]

This is an excellent article bud, I'm glad you shared it here with us. The pro activists have been telling the government to legalise gambling in all countries so they earn tax and people earn amusement. This article is a slap in the face who have called gambling to be taken off the table, it is our money that aid your development mofos. I hope all countries realise it's potential and legalise it.

[Devawnm367]

It is positive on our economy, if I hit a 1000$ jackpot after taxes I get back close to 700, the federal government makes 300 dollars off of me making 1000$ ( 670 after taxes)

Take the lottery for example you can go check the page and see to this date how many people have gotten scholarships off of people playing mega millions and powerball!!!