How Does Online Gambling Affect the Economy?
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The global online gambling market is expected to reach $81.7 billion by 2022 and over $110 billion in 2025. Online gambling can create jobs and increase tax revenue for the countries that have regulated the activity. This blog post will take a closer look at each of the factors and highlight the positive and negative aspects of remote gambling.
The list of online casino operators counts over 2,000 gambling destinations. The online gambling industry is creating thousands of jobs. Market researchers estimate that the global online betting market will create over 430,00 jobs by 2022. These jobs are not just for live dealers or customer support agents, but for software developers, mobile app developers and affiliate managers.
Online gambling generates a lot of tax revenue for governments. In Malta, the tax from online gambling accounts for around 14% of total government revenue. For example, in the United Kingdom, betting and gambling tax income in 2020/2021 was £2.8 billion.
Online casinos are susceptible to fraudulent activity. Strict national regulations sometimes drive consumers to play at offshore gambling sites. This can have a negative impact on the economy and harm the reputation of the online gambling industry.
Online casinos have seen an increase in player addiction rates. This has a negative impact on the economy as a whole. However, investing in responsible operations leads to lower gambling addiction rate. In the UK, strict regulations have led to a problem gambling rate of only 0.3% in 2021.
Online gambling can positively impact the economy in several ways. It opens job opportunities for people with different career paths and generates millions in tax revenue. However, it is not without its risks like potentially higher problem gambling rates and fraudulent behavior. Governments should introduce regulations to minimize these negative side effects.
