It is no longer the case that government leaders who desire to enforce ethical norms in their communities constantly criticize gambling as an activity. Gambling has been accepted and encouraged as a legal method of economic growth in some regions across the majority of the country. From a theoretical standpoint, lotteries, racetracks, casinos, and electronic games have the potential to fill the coffers of the government with revenue that may be used to support important government projects.
Those who are in favor of gambling argue that it has the potential to provide employment that comes with favorable advantages to those who are currently without work or who are underemployed. However, in order for gambling to be considered legitimate, it must shift from being seen as a societal issue to being regarded as a morally neutral source of amusement or even as a constructive factor for the growth of the economy, with activities like joining casino’s VIP program becoming more mainstream.
Gambling is a Very Lucrative Industry
Although the concept of state-sanctioned sports betting may cause some conservatives to feel uneasy, they would be quite startled to learn the extent to which it is already taking place behind closed doors. With just three percent of those riches being wagered legally, the United States of America placed an estimated $4.8 billion in wagers on Super Bowl 52 in February. Bets made with overseas betting apps make up the majority of the remaining 98 percent.
The legalization of gambling and sports betting would allow for the retention of that money inside the United States economy, which would be beneficial to casinos that are seeing a statewide decline in revenue. Indeed, a regulated sports betting market could potentially boost the annual earnings of casinos nationwide by an additional three billion dollars, and this is just the start of the potential economic benefits.
Research published by Oxford University in 2017 indicated that the legalization of sports betting would add between $12 billion and $15 billion to the gross domestic product (GDP) of the United States annually. Furthermore, a legalized system for sports betting and gambling would result in the creation of between 125,000 and 152,000 jobs, which would lead to a total salary increase of between $6 billion and $7.5 billion. A typical worker in a new sports betting business may expect to earn around $50,000 per year, which is equal to the average pay. It is possible that the economic advantages of legalizing gambling may be even more significant than anticipated, with recent developments in online betting services and recent investments from gambling corporations such as MGM.
Opposing Viewpoints
What is known as Miles’ Law, which states that “where you stand depends upon where you sit,” accurately predicts that those who stand to benefit monetarily from gambling would favor it. There are a number of interests that either support or oppose one another with regard to the subject of gambling, depending on their immediate self-interest. In many cases, elected officials see gambling as a way to strengthen the economic foundation of the city by attracting people from the suburbs to the downtown area, which is now experiencing a lack of activity. When agencies are guaranteed cash from gaming, bureaucrats in such agencies often embrace gambling as a means of funding agency operations. Owners of major casinos often show favor towards gambling when it aligns with their interests but may express opposition if they perceive it as a threat to their business.
In 1992, for instance, casino owners in Nevada joined forces with anti-casino elements in California in order to launch an offensive against a planned extension of casinos into the state of California. The Nevada owners presented a contrasting view of casinos as potential sources of negative consequences such as increased crime, prostitution, and money laundering. They also criticized gaming as a form of entertainment that could disproportionately affect minority populations.
Gambling can be seen from various perspectives: as a personal issue, a societal concern, a potential catalyst for development, a source of government funds, and a way to support marginalized communities. Every viewpoint has its own validity. The success of the gaming industry as a legitimate tool of economic development hinges on finding common ground and resolving conflicts among different perspectives.
Casinos Help the Tourism Industry
Every year, millions of people from all over the globe go to places like Las Vegas and Macau, which are considered to be gambling havens. High rollers from all over the globe are drawn to casinos that provide incredible bonuses, and they wind up contributing a significant amount of money to the economy. Additionally, it is not only the whales who are responsible for making an impact. Gambling locations allure a diverse range of individuals, including families on vacation, those attending bachelor or bachelorette parties, and people attending weddings.
It is becoming more apparent that the growth of casino tourism in countries such as Cambodia, Singapore, and the Philippines is providing a significant boost to the sector as a whole, not to mention the gaming that is taking place aboard cruise ships. The casinos that do not have restaurants on the premises attract large numbers of visitors to the eating establishments and stores in the surrounding area, which results in a significant increase in the number of new businesses. In addition, one could make the case that casino tourism enhances diversity. In Australia, for example, casinos are now hiring more Mandarin-speaking dealers and hosts to cater to the influx of high-rollers from China. This move aims to provide a more welcoming and comfortable experience for these players.