How can online gambling help to kickstart the global economy?

[Kakmakr]

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception.    

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

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[Findingnemo]

What other positive things can you think of that online casinos can add to the global economy?

People who uses online casinos can save money over while they are playing in a physical casino which means individuals will have more money to spend on their necessary things.Basically any kind of spending on regulated casinos will benefits the government because they have to pay taxes for profits.

[stadus]

The government will weigh the effect of the gambling operation to its people, that's the reason some countries are banning gambling, it could be due to religious belief (like Islam) which would contract if they let gambling operate or like I said the effect to the people.

However, speaking of taxes, that's the benefit of the countries economy that's why they regulate gambling sites.

Top 10 online gambling companies in the world.

https://www.marketresearchreports.com/blog/2019/05/24/top-10-online-gambling-companies-world

Based on the overall revenue of the top 10 online gambling companies in the world are:
1-International Game Technology PLC : USD 4.83 billion
2-GVC Holdings PLC (Ladbrokes Coral Group) : USD 4.14 billion
3-bet365 : USD 4.03 billion
4-Scientific Games : USD 3.36 billion
5-Paddy Power Betfair : USD 2.64 billion
6-William Hill PLC : USD 2.28 billion
7-The Stars Group : USD 2.02 billion
8-Playtech : USD 1.75 billion
9-Kindred Group PLC : USD 1.28 billion
10-888 Holdings PLC : USD 0.54 billion

All of them are regulated and their revenue is billion of dollars, so that's a big help to the economy on the cut the government will get through taxes.

[Haunebu]

Online gambling cannot kickstart the economy since the profit gained through taxes, employing people in casinos etc are mostly wiped out by the losses faced by people who play there.

These casinos could help the economy in a small way though, but nothing drastic enough to kickstart the economy. Under current conditions, it will probably take a couple of years for world economies to recover as long as everyone gets vaccinated.

The focus is primarily on the virus and secondarily on the economy currently almost everywhere which is why we need to find ways to control the virus asap.

[Darker45]

Of course, gambling helps the overall economy because it pays taxes. But the gambling industry alone cannot kickstart the global economy.

As a matter of fact, the success or failure of the gambling industry highly depends on the economic condition of the people. In a place where people are having a very hard time making ends meet, we cannot expect the gambling industry to thrive. After all, gambling businesses are dependent on people squandering money.

[GreatArkansas]

(...)
What other positive things can you think of that online casinos can add to the global economy?

Tax is really the player here in terms of the global economy or the way casinos can help the government.
Casino for me is also almost the same with other businesses out there since they are still paying their taxes, they got employees and it also helps the economy, people will get the job, people will get money from their salary.
Although casino gambling can have any disadvantages especially to some people who keep losing their money, still there are some advantages of it for some people.

[minairia3]

If its not adding value on global economy then this is not worth to establish. Like others mentioned here; its contribution significantly in the form of taxes. Many private casinos are earning huge but they have been required to pay their tax dues which given value to our global economy.

Many countries have employed casino as one of the profitable industry, it may sound addiction or only rich people but believe me they are helping some other people through donations and sometime relief mission.

Pandemic case or not, gambling will continue and preventing it will only cause damage to possible income that it may incurred to the government.

[shield132]

Gambling doesn't destroy lives, it's you who does that. I can't understand one thing, what's the purpose of life? To feel happy, right? If gambling doesn't make you happy, then why do you gamble? And if it makes you happy, then - why not to gamble? I have seen a lot of gamblers who are rich, bet high and get fun from it, this behavior doesn't ruin their life. But at the same time I have seen more likely a poor or normal budget people who gamble with high bets that exceeds what they can afford and idea behind their gambling is more and more profit. So, guess what destroys lives? Laziness, lazy people who want to get money easily by gambling, fail and then blame this business and call it a monster, death machine.

But gambling can't kickstart global economy and economy doesn't really depend on gambling as it shouldn't even be. Gambling is an entertainment and we all need it or any other kind of entertainment like tourism but economy should depend on people's actual job and only doing/making things can kickstart global economy. You need to give people stimulus and invest in their education, this will work synergistically and will kickstart economy.

[ethereumhunter]

When it comes to online casinos, I think the money will come to the owner and the staff because the government can not use their hand to reach the online casinos. Maybe only a few governments can ask the owner of the online casinos to pay the tax or something like that, but the rest will not pay that taxes because the business is run on the internet.

It will not be the same if the casino is run offline because the owner needs to report their income to the government, so the owner should pay the taxes, which the money will return to the government and economy. The employee's life will increase because they can get an income from that casino, but the employee needs to pay the tax to the government.

[plvbob0070]

Well, online casinos are just like any other business running. They pay tax, but aside from tax revenues (which is really big help in the economy especially when the casino is one of the major taxpayers) and jobs, I think we can also add having a good relationship with other countries when a foreign gambling site is operating in other countries. It's part of globalization. But the online gambling industry also has its major downside, especially if the casino does not have licensed to operate so basically, they are illegal which is not helping the economy.

[Wexnident]

Taxes. Bout it basically. Unless gambling companies would start pushing for infrastructure buildings to hire more people, then that's about it. Gambling casinos often just move money from the user, to them, then to the government, that's basically most of it's contribution to the economy. What we need right now is for people to spend money and for the government to fix the problems of unemployment, of which the first one, none would probably spend money on gambling when they're suffering right now, and two, employment is quite limited in casinos.

Gambling doesn't destroy lives, it's you who does that. I can't understand one thing, what's the purpose of life? To feel happy, right? If gambling doesn't make you happy, then why do you gamble? And if it makes you happy, then - why not to gamble? I have seen a lot of gamblers who are rich, bet high and get fun from it, this behavior doesn't ruin their life. But at the same time I have seen more likely a poor or normal budget people who gamble with high bets that exceeds what they can afford and idea behind their gambling is more and more profit. So, guess what destroys lives? Laziness, lazy people who want to get money easily by gambling, fail and then blame this business and call it a monster, death machine.

TRUE. Most people and some specialists even think of Gambling as some sort of drug. Why even? Gambling is an intangible thing, in a sense, is a form of entertainment. If you were to consider that as a drug, you should also consider sports, games, etc. Specialists should really start by telling addicts how Gambling isn't the one destroying you, but you yourself.

[Latviand]

For me, I see this online gambling as an alternative way for those physical casino customers to pay taxes because until now, most of the physical casinos are still not operating. Online gambling can also help the promotion of the use of cryptocurrency in the gambling platforms.

It can strengthen and helps the use of cryptocurrency in most of the online gambling casino to introduce its importance about helping the economy grow.

I wonder if there's is such thing as a way on paying taxes using cryptocurrency so it is less hassle when you try to pay the government taxes for the economy to somehow recover.

[AmoreJaz]

Well, online casinos are just like any other business running. They pay tax, but aside from tax revenues (which is really big help in the economy especially when the casino is one of the major taxpayers) and jobs, I think we can also add having a good relationship with other countries when a foreign gambling site is operating in other countries. It's part of globalization. But the online gambling industry also has its major downside, especially if the casino does not have licensed to operate so basically, they are illegal which is not helping the economy.

thats right, the government can generate good income from these online casinos. that is, if they are legit. but we all know that a lot of these online casinos have no license, so they are avoiding to pay their taxes. so better play in licensed online casinos, at least you are also helping the economy of that country where it is licensed from. check also if your country is included in those that you don't have to pay tax of your gambling winnings. otherwise, you need to declare such winnings

https://marketbusinessnews.com/online-casinos-tax-revenue/190926/

https://www.taxback.com/blog/the-ultimate-guide-to-gambling-tax-rates-around-the-world

[FontSeli]

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception.    

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

How gambling affects the economy can be seen in the example of Las Vegas. There, casinos can be considered city-forming enterprises. Most of the tourists come to play at the casino. If the casinos are not working, then the places in hotels are empty, restaurants are idle. A lot of people are out of work.
Because of the coronavirus, businesses that were directed to work with people suffered the most.

[Tipstar]

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception.    

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

How gambling affects the economy can be seen in the example of Las Vegas. There, casinos can be considered city-forming enterprises. Most of the tourists come to play at the casino. If the casinos are not working, then the places in hotels are empty, restaurants are idle. A lot of people are out of work.
Because of the coronavirus, businesses that were directed to work with people suffered the most.

But what we need to remember is gambling is a service that adds no value to the economy. Though it would fulfill the needs of some people and give them jobs, it would not have any positive effect on economic development. The money spent on gambling, tours, travels, restaurants would employ some but would not yield any positive outcomes or boost for the economy.

[batang_bitcoin]

People who uses online casinos can save money over while they are playing in a physical casino which means individuals will have more money to spend on their necessary things.Basically any kind of spending on regulated casinos will benefits the government because they have to pay taxes for profits.

I agree on this and at the same time, they save time. The physical gamblers can spend a lot of time going back and forth to their respective casinos whilst on the transition of new normal, they will consider online gambling which they don't have to waste their time in commuting.
And with that, they can do some other things that can be productive which could make them money and that shall also contribute to the economy.

[kryptqnick]

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception.    

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

I don't think gambling is destructive per se. If I'm not mistaken the vast majority of gamblers don't get addicted, so it's unfair to focus on those who do. Legalizing the online gambling business might indeed bring a lot of taxes to the government, and good conditions might lead to more people getting jobs. But no matter how hard I try to come up with economic benefits other than those you listed, I fail. It does have a big health-related benefit with people staying at home during these difficult times, and safety should come before profits. But I agree with Haunebu that online gambling it unlikely to help the economy significantly.

[avikz]

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception.    

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

Well, back in 2018 I created some posts one similar topics to show how gambling can help the economy of a country. It was not about online though. But I had taken two countries as example, USA and Macau. Below are the links of those two posts,

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

How gambling can effect the economy of a country [Part 2 - Macau]

Like any other business, gambling business has its own impact on the economy of a country. It's indeed a billion dollar industry and they pay huge amount of taxes which in turn funds the development activities of government. Now with the post-corona world, gambling businesses will have to shift their focus to have a solid online presence. because people will not be comfortable to flock in casinos in big numbers and may prefer home based gaming entertainment.

It is opening up big opportunities for the online gaming operators to strengthen their online footprint. Probably not now, but in future, we will definitely see a huge impact of online gambling business on the economy. This is especially beneficial for small countries like Macau, Malta or Curacao where gambling is legal and also crypto friendly.

[iv4n]

Gambling is the industry for itself, and I don't think that just one engine is enough to keep the plane flying! You need to have other engines as well if you wish to maintain some control! And when you take a look around some industries suffer a lot, while some are making money (like in the best days). It is simple to compare tourism with pharmacy, gambling with little shops on the street.
Gambling, at least the legalized part will pay taxes in the registered country and if they are good they will pay higher taxes and that will be used by government for the government, not for ordinary people of course! Do you really believe that governments are helping ordinary people or rich people to stay rich and get richer!?

[Kakmakr]

Let's also not forget that the online gambling was a nice way for Brick n Mortar casinos to survive through this epidemic, because I know of several local Brick n Mortar casinos in my country that switched to a online casino to keep the profits going, when they were not allowed to open their doors.   

The online casinos also have several software developers behind these projects, so it even creates jobs for them. Some of these casinos also have live dealers, which adds even more jobs.