The Healthy Effect of Online Gambling Towards the Economy
The online gambling industry is no longer considered as a small industry that doesn’t do much in a country’s economy. In 2018, the global online gambling market gained revenues of more than $16 billion and this I even bigger than how much analysts have been anticipating since 2016.
They still expect this industry to grow bigger and earn more in 2023. By then, the global gambling market will be earning more than $74 billion and that means it will continuously grow at a CAGR of approximately 10%.
There are several reasons why this industry is booming. As technology advances, people, especially millennials, are after convenience and doing things at the comfort of their home. Sure, delivery services have been around for decades, but technology made more things possible.
You no longer need to go to the grocery store to get supplies and you can even order medical tests to be done at the comfort of your own home. This is mainly why more and more people are choosing to log in to their desktop, laptop, or mobile device to play a casino game rather than take a trip to Las Vegas, New Jersey, or the EU.
The convenience that many online casinos offer makes gambling easy, relaxing, and less complicated. Playing Blackjack online for money or any other casino games at the comfort of your home just makes gambling easier to accept.
Almost gone are the days when people would immediately frown upon hearing someone placing bets at a casino. Having the privacy and anonymity of playing online is simply comfortable to many.
When it comes to comparing how online and land-based casinos work, some people would really rather go spend money on online casinos because it’s generally cheaper.
A lot of land-based casinos would always require their players to pay a minimum of $10 before they can play each game. For online casinos, there are some sites that won’t even require a minimum deposit.
When playing a simple game of blackjack, some online casino sites would already allow you to play with a minimum bet of $0.10. Surely, this is more appealing than how things work in a land-based casino.
Online casinos also appear to be more generous when it comes to promotions and bonuses, especially to their new players.
It’s just really no surprise why analysts would come up with a forecast that 2.3 billion gamers all over the world will spend more than a hundred billion dollars on gaming, and this includes online gambling.
Online gambling is categorized in three and these are online betting or sports betting, online casinos, and online lottery. For sports betting, football and soccer are the most popular sports that people place a wager on.
Meanwhile, Blackjack is currently the online casino game favorite. For lottery, the top international lottery game is in the US. Each form of online gambling is only expected to have boosted revenues in countries where they are popular like in the UK, Germany, and France.
The US has even already started seeing how the revenues from this industry are going to be useful. For example, New York is now trying really hard to have sports betting more accessible to New Yorkers. This state has always been open to online gambling since 2013, but the growth of sports betting worldwide makes the city want to benefit from it too.
The state of New Jersey would send an estimate of over 3 million dollars of tax revenue to the state. This will most likely be higher this year as last May, New Jersey finally got the top spot in gambling revenues, beating Nevada.
When it comes to how online gambling completely affects the economy, more and more states, and even countries are seeing how it can be beneficial. The US only started with just a few states like Nevada and New Jersey that allow any form of gambling.
Right now, states like Delaware, Pennsylvania, New York, West Virginia, and Rhode Island are already welcoming a few forms of online gambling. As of this moment, only New Jersey, Pennsylvania, and Delaware have legalized online casinos.
It is in New Jersey, Pennsylvania, West Virginia, and Rhode Island where online sportsbooks can operate with a local license. For people living outside these states, they are still generally allowed to place online bets in sportsbooks that are based offshore.
This is mainly why the government of some states want to push for online gambling legislation. American bettors are keen to spend a lot of money on online casinos offshore. They simply see a big loss in not doing anything about it.
