Online casino games are good for fun, for entertainment and to stimulate your logical reasoning and test your luck, but casino games may also be good economy boosters; for instance, the casino industry has grown into a multi-billion dollar enterprise, but economists have paid little or no attention to these side of casino gaming. In this article, we will focus on the economic aspect of casino games.
Can Casino Games Boost the Economy?
Experts and financial analysts at Statista believe that the casino market online generated more than 66 (sixty six) billion dollars in 2020, and this is expected to grow over the coming years. The total revenue for the same period was around 17 billion dollars and it has since increase due to an estimated annual growth rate of 11% according to Statista.
It is also important to mention that this growth has been boosted by wider access to the internet globally, wider usage of smart devices and mobile technology, and the growing acceptance and legalization of online gambling in many countries. However, regulations and laws governing online gambling vary widely across different regions, which can impact the growth and revenue of the industry in coming years.
Job Opportunities and Online Casinos
Another way in which online casinos help the economy is by creating job and employment opportunities. For instance, game developers can work for casino software companies; similarly, customer service representatives are employed to attend to the needs and queries of casino games. Not just that, employment opportunity also springs up for marketing specialists, these are the people that ensure that the casino adverts get to the targeted gamers. These may include adverts on bonuses and promotions, new tournaments, game releases, game updates and other important notices.
Online casinos must manage payment processing and prevent fraud. Payment and fraud specialists may work to ensure that payments are processed securely and efficiently, and that the casino’s systems are protected from fraudulent activity. Online casinos are therefore a good source of jobs for the exploding job marketers globally.
Casinos online can also employ financial experts to ensure fiscal regulatory compliance in the form of taxation etc. They may also hire legal regulations compliance experts.
Online Casinos and Tax Revenues
The government licenses and regulates online casino gaming – as such, they may help to shore up government revenue by paying taxes and other regulatory fees. This revenue in turn may be used to finance capital projects, health, education, and other sectors vital to the economy.
Online casinos can also help to generate revenues; this is very true of casinos that encourage tourism. For instance, some online casinos have equivalent land-based casinos, and they may attract tourists to their casino hotels and buildings, generating millions in tourist revenue to the government coffers every year.
Online Casinos and Cyber Security
It is important to mention that cyber security is vital to modern economic growth. While you are engaging in live betting online, some crooks are seeking ways to steal the casino money, which could, in essence, affect the tax revenue payable to the government. Casinos have invested in cyber security measures to protect players’ finances.
