Gambling is a popular pastime for many people around the world. According to a study by the American Gaming Association, as of 2011, there were almost one thousand commercial casinos in the United States alone, and these generated over 37 billion U.S. dollars in revenue (American Gaming Association, 2011). This figure does not include revenue from Indian casinos, racetracks, state lotteries, and other forms of gambling. Gambling is also a popular pastime in other parts of the world, such as Europe and Asia.
In recent years, there has been a growing trend of people gambling online. Online gambling is defined as “a wager made over the internet on the outcome of an event or game” ( Online Gambling, n.d.). This includes online casino games, sports betting, and poker. The convenience of online gambling has made it popular among many people who would not otherwise gamble. According to a report by Juniper Research, the global online gambling market is expected to grow from 33 billion U.S. dollars in 2015 to 40 billion U.S. dollars by 2020 (Fry, 2015). Here are some consequences of online gambling
One of the economic effects of online gambling is that it generates revenue for governments. This is because governments typically tax gambling winnings. In the United States, for example, gambling winnings are subject to a federal tax of 25% (Internal Revenue Service, n.d.). This means that the government receives a portion of the money that is won by gamblers.
The revenue that is generated by online gambling can be used to fund public services such as education and infrastructure. It can also be used to reduce the deficit or debt of the government. In the United Kingdom, the government has estimated that online gambling will generate up to 1 billion pounds in tax revenue by the year 2019 (Gambling Commission, 2016).
Another economic effect of online gambling is that it creates jobs. This is because online gambling requires businesses to set up websites and to provide customer support. These businesses also need to have employees who are skilled in marketing and advertising. In addition, online gambling can lead to the development of new technologies that can be used in other industries.
The jobs that are created by online gambling can have a positive effect on the economy. They can provide employment for people who are otherwise unemployed. In addition, they can provide income for people who are living in poverty. In the United Kingdom, it has been estimated that online gambling could create up to 20,000 jobs by the year 2019 (Gambling Commission, 2016).
Another economic effect of online gambling is that it can promote tourism. This is because people who gamble online often travel to the country where they are gambling. For example, many people who gamble online in the United Kingdom often travel to London to visit casino days online. In addition, online gambling can lead to the development of new casinos in tourist areas.
The tourism that is generated by online gambling can have a positive effect on the economy. It can provide revenue for the government and businesses. In addition, it can create jobs for people who are otherwise unemployed. In the United Kingdom, it has been estimated that online gambling could generate up to 500 million pounds in tourism revenue by the year 2019 (Gambling Commission, 2016).
Online gambling can have a number of economic effects. It can generate revenue for governments, create jobs, and promote tourism. These effects can be positive or negative, depending on the perspective.