The concept of gambling is not a new one. In fact, it has existed ever since people started playing games of chance and put bets on the results. What started with commoners’ scrap games in pubs and nobles’ betting on horseracing has now turned into a global industry that is on a constant rise. Casinos are present everywhere and betting opportunities are aplenty. And with the rise of online gambling, this accessibility has only increased.
But despite its global presence, gambling is still not completely legal everywhere. Each country has its own laws to regulate it or ban it completely. That is why it is very important to find out a country’s laws on gambling before you use a casino review service to start looking for an online casino real money option to play some roulette in. Knowing the legality of gambling is crucial because gamblers can often find themselves in trouble if the law doesn’t permit winning the jackpot in a certain country.
Once you figure out if gambling is legal or not in a certain nation, you might start to wonder why it isn’t fully legal everywhere. That’s a good question. In fact, many believe that completely legalizing gambling can significantly help raise a country’s GDP. Let’s see how that can happen.
But First, What is GDP?
If you’re asking yourself, ‘What is GDP?’, the answer is quite simple. GDP stands for Gross Domestic Product. In very simple terms, this is the total value added that has been created within an economy. ‘Value added’ basically means the value of all the products and services created, after subtracting the value of products that were required for their creation. This is a quick answer if you’ve ever wondered what is GDP or how is economics growing in a country.
How Gambling Can Help Increase GDP
There are many ways in which gambling can help improve the GDP of a country. Here are some of the most prominent ones:
- As seen in countries like the USA and Thailand, casinos can boost economic development quite rapidly. Not only do casinos increase the income of a place, add to the tax revenue significantly, and boost the value of property in areas, they also lead to other businesses setting up in nearby spots due to the increased commercial value and foot traffic. This can help certain areas get developed quite rapidly and become commercial hubs.
- The more casinos open up in places where gamblers are welcomed, the more tourists will come. Tourism not only increases the income of the casinos but also adds a lot to the country’s economy because of lodging, food, and other expenses that have to be met. Tourism is such a big part of a nation’s GDP that some countries have legalized gambling just for tourists and not for locals. Even if gamblers travel to a place to get some free spins in a casino, it’s a winning situation for the nation.
- Casinos also create a large number of jobs which is good for society as well as the economic development of a nation.
There are many examples of how is economics growing in countries that have legalized gambling. Austria, for example, has been seeing increasing levels of revenue generated from betting and gambling. From 2001 to 2016, this revenue increased from €1,237 million to €1,610 million. In Italy, the revenue increased from €14,515 million to €95,000 million in the same period of time. Whether it’s the locals that visit casinos in these countries to get some free spins every few days or travelers that come here to bet to their heart’s content, it leads to the generation of revenue that helps the nation grow in terms of economy.
As can be seen by these examples, the gambling industry is on an upwards trajectory and has been for a while now. People love to play games like poker and roulette and aim to win the jackpot. When they can’t do that in their own country, they travel to places where they can easily gamble. That is just one of the ways in which casinos help improve the GDP of a country. Legalizing betting and gambling, therefore, is a very good way for struggling economies to generate some much-needed revenue.