The Economic Impact of the Gaming and Gambling Industry – Insights into Global Economies

Gambling is a well-known form of entertainment praised by people from all around the world. Access to this activity was never easier with the expansion of online gambling platforms. It’s quite impressive how fast online gambling has become more popular than traditional casinos. And the reason is quite simple, it’s all about convenience. 

Many people still would rather play a game in front of a dealer while holding the chips( the real ones!). But, the reality is that you can only travel to the casino sometimes. Also, there are many countries with strict rules. 

The best example is the US, with only a few states allowing gambling. Most people choose Atlantic City and Las Vegas. Why would anyone struggle when there is a website where you can play your favorite games? For instance, those who prefer blackjack should check out BitCasino.

Moreover, the changes that are happening to the gambling market are even affecting some economies. Of course, in a positive way. And I will write more about that in the following sections. 

New Jobs

Emerging Employment Opportunities in Gaming and Gambling Industry

This one is quite simple to understand. And it is related to both the gaming and gambling industries. For example, when you visit an online casino, you will see a lot of games there, but other features are also available. First of all, the customer support. Someone must be available all the time in case you have a problem. 

And for a more popular website, that will require a team of people only to chat with users and resolve their issues. Then there is payment processing. While automation is doing most of the job, there still must be someone who will collect the data, and maintain the legal structure of the business(taxes, wages). The same is true for video games. Most of them are played online these days. 

My favorite game is Hearthstone. I notice that updates are made all the time. Also, there is a service I can contact at any moment if I am struggling with a bug, an issue with payment processing when I am buying a pack of new cards, or anything else. 

I was surprised to see that 13,000 people were working for Blizzard, the company behind my favorite video game. I also have to mention the recent trend – the streaming. You probably saw many people streaming games, but the same trend is not very popular among gamblers. 

Casinos saw their chance in all this, and they are now sponsoring popular names on Twitch and similar platforms. So, if you are not sure about the selection of a game when gambling, just check out if there is a stream dedicated to it. 

New Laws and Regulations

Revised Legal Frameworks in Gaming and Gambling Industry (1)

It is interesting to see that even states in the US are now changing their stance on online gambling. It was restricted for many years, at least in most of them. But the officials realized that this is a trend they shouldn’t go against. After all, they will ensure their piece of the pie with new taxes. Businesses must pay them.

Players must pay them. So, for the government, it is always a win. I also found a study released by The American Gaming Association that says that this market is contributing over $300 billion to the US economy. Also, around 1,8 million people are working as part of the industry, and paying over $50 billion in additional taxes to local, state, and federal government.

A Significant Boost for Local Economies

Uplift to Regional Economies Thanks to Gaming and Gambling Industry

The best example of how the gambling market can contribute to the local economy is the expansion of online casinos and resorts in the Caribbean countries. And it is not only about the hotels that offer traditional gambling, but also about the ability for businesses to register there, and share a website available to people from all around the world. 

A lot of countries even introduced restrictions related to location. So, if you level in Europe, you probably won’t be able to play on websites registered in the Caribbean. Most of the European ones are registered in Malta. 

When it comes to video games. Well, it is common for well-known companies to open their offices all around the world. Previously mentioned Blizzard has many of them in Europe, Australia, Asia, and both northern and southern America. That can also be considered as a boost for a local economy since many people are working there. Another important factor is tourism. 

How many people would ever want to visit Las Vegas if there were not so many casinos? I think quite a few. The same is true for many other places. And even those who are already popular vacation spots are gaining a lot by getting new casino resorts. 

Focus on Innovation

Emphasizing Innovations in the Gaming and Gambling Sector

Online gambling platforms are known for adopting new technologies in front of everyone else. They are collaborating with banks, but also with online crypto exchanges

As such, they are promoting progress. I think that for many people, the first payment they made online was on their online casino account. Also, there were early versions of chatbots long before the existence of OpenAI and similar technology. 

The gaming industry is also known for offering online payments for a very long time. You could buy games along with additional in-game features long before ordering food online was a standard.  So, even though this is not a direct economic boost, the fact is that the entertainment industry is leading in innovation. 

The Bottom Line

The most important part is that there is still a lot of room for improvement. Also, even though the competition is huge, ranking yourself on the market is still possible without a bigger struggle, and that is for both gaming and gambling(for video games it is more difficult!).

And if you are interested in starting a platform for online gambling, it can be highly profitable. But you will have to partner up with well-known developers and follow the marketing trends in the field, such as attractive promotions, sponsorships for streamers, and many other things. 

In the end, one thing is evident, and that is the fact that online casinos will stay at the top of the entertainment industry. The new model with cryptocurrencies is making it even more efficient and convenient. 


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