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March 19, 2018

How betting is good for the economy


As far as spending money goes, betting and casino games sure give that extra thrill we often seek in life. Indulging in such activities, if conducted with care, could be very enjoyable experience. People will always be doing it, regardless of any political and legal issues. From the financial point of view, exploiting it make much more sense than ignoring it or fighting with it.

There is no doubt that gambling is a great business idea as is, for many people and companies. With ever-growing numbers of online poker sites that accept US players, as well as increased legal opportunities in the country, it is a branch of huge economic potential – in United States and virtually anywhere in the world. Every year it seems to exceed new highs in terms of revenue growth. Not to mention other aspects of influencing the economy, such as creating new jobs.

What is even more symptomatic, prospering business ideas tend to attract new opportunities. The famous Las Vegas Strip has long ago become much more than a place where you can pull down slot machine lever and spin roulette wheel. It is a highly developed entertainment complex oriented on pleasing all kinds of clientele.

Alongside modern and extravagant casinos, there are luxurious hotels, SPA resorts, fancy restaurants, spacious stage rooms for shows and concerts, and other venues designed for many various recreational purposes.

Las Vegas Strip
Las Vegas Strip - Photo by EconomicOldenburger / CC BY-SA 3.0

The industry drives itself and thrives on cooperation. A little bit of marketing magic, reflected in charming storytelling and slogans like “what happens in Vegas, stays in Vegas”, helps creating picturesque background to invite people from all over. Everything to make sure they would have a wonderful time and be eager to spent some money, even if not on betting.

All of that, apart from legal issues, is the reason that commonly known gaming centers are perceived as perfect holiday destinations for their own. However strong the appeal to attract professional and recreational bettors, it must be noted that from economical point of view building casinos is not that profitable. Only investing in “full service” facilities has a potential to create enough traction to become a real money-making project, worthy of attention.

In United States, Las Vegas’ study case and their success inspired the expansion of establishments in other states: Atlantic City, Reno, Biloxi and Tunica County in Mississippi – all wanted a piece of the cake. The rest of the world also didn’t stand still. On the contrary, the industry flourished in many parts around the globe, with the most notable example being Macau – very much so the new global gambling capitol.

Ceasars Casino (Atlantic City, NJ)
Ceasars Casino (Atlantic City, NJ) - Photo by William Warby / CC BY 2.0

Not only private entrepreneurs seem to be noticing the advantages but politicians and governments, too. Prohibition in pretty much any area proved to be often counterproductive, ineffective at best. No wonder the authorities would much rather see the tax profits supply annual budget than idly watch the black-market grow.

Hence new legislative propositions in the matter are considered by many countries. Brazil, for example, largely relays on tourism. Being in desperate need to increase income, serious plans to build luxurious casino resorts in Rio De Janeiro have emerged.


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