Popular culture nourishes the image of casino entertainment in good old Las Vegas where players bet all on black or roll dice.
Today, this isn’t the case. The reality of 2019 defines the migration of casinos into the digital format, and that trend affects global economy visibly.
The current state of casino performance is closely linked to the global economy. It has never happened in gambling history on the same scale before. Expansion of the latest technologies like VR and mobile gaming apps has targeted new users who haven’t shown interest in real-world gambling.
What numbers are saying today
The latest reports indicate stable, predicted growth of offline casino establishments and the rapid advancement of digital channels. According to the latest report from ResearchAndMarkets.com, the forecasted period from 2018 to 2022 will deliver the 5.9% growth of compound annual growth rate ending with $565 billion of total revenue. The numbers only show growth dynamics, but what about factors that fuel it? Among the popular ones are increased urbanization, user surge in mobile gaming apps, and new female players who invest more in online services. Notably, VR gambling stands as the most promising growth segment in casinos, sports betting, and lotteries. It shows almost a quarter of growth in those areas.
Mobile gambling also breaks the bank
The mobile market also impacts the growth of the economic impact of gambling. Recent data indicates that mobile transactions in gambling rose 95% last year. From a global perspective, mobile games bring half of the revenue into the gaming industry inside of which casino products take a fair share.
People enjoy the convenience of downloading online games that include fully-fledged casino experience, from poker to slots. Developers prefer freemium models for such products not to create any barriers for rookie entrants to enter the world of gambling. Hopefully, casinos like NativeCasinos also offer reputable online payment methods on the website.
You can read here how well they secure online payments. Game apps are not the only panacea to play a poker party.
What opponents say about casinos and economic growth
The parties that see gambling as an inferior sphere to global and local economies usually defend several bold statements. They see gambling as a damaging business that makes economy degrading. The factor leads to unfair redistribution of finances in the hands of a small number of entrepreneurs. Among discussed drawbacks of gambling tied to the economy, you can find the following:
- Increasing rates of poverty among the middle and lower class.
- Avoidance of tax, money laundry.
- Illegal activities in the shadow of casinos not allowed by the law.
- Public anxiety, increased rates of suicide.
Of course, at least several cases exist for every argument from the list. But people should know that old-fashioned casinos do not have that large share of the market these days. Mostly, e-gambling has standardized casino services, only final product available for players without any shady schemes. Such gambling enterprises as NativeCasinos offer only gambling services; it’s the main focus of a typical e-gambling venture today.
The real economic impact of gambling in the world today
However, it’s hard to deny that not only the occasional economic impact of gambling exists today. Online casinos and mobile apps create global changes in the way the economy works. The countries that house gambling usually see higher employment rates and better budget support. A prominent example of a country that has experienced the benefits of gambling legalization is the USA. The main areas where America has already experienced benefits include:
- General economic growth
- Employment opportunities for different populations
- Higher wages in the casino-surrounding areas
What is more, digital casinos additionally create space for the growth of marketing and web development specialists. While in other industries the niches are full, digital gambling always a good platform to start the career for fresh graduates. Companies like NativoCasinos sometimes hire specialists for their marketing, retention, and development departments, young talents are welcome on board.
Casinos and taxes match together
American states like Massachusetts have lessened tax pressure with the help of gambling in the past several years. Tax revenues from gambling nurture political benefits on territories where casinos feel fine in the legal field. The state is interested in keeping casino revenue taxed out, so casinos are usually located on the territory under the legislation.
Casinos keep their revenue, pay the taxes to the state; authorities do not have to review other tax areas and avoid spending cuts. In Nevada, casinos generate more than a quarter of the state’s General Fund annually. This territory solely depends on how well gambling performs and grows.
Future at Stake, or Current Gambling Predictions
Countries like the US and Cyprus already recognize gambling as the source of extra income to mitigate taxation crisis. Millions of dollars go for state budget from computers and smartphones alone. Online casinos have become a part of digital culture in social networks and app stores, so they must be reckoned with. With new audiences that are going to support the growth of revenue (millennials) gambling will have an extra impact on the global economy as more states will adjust laws to legitimize casinos.
Millennials are deeply engaged in digital experiences, and gambling companies know how to monetize such behavior. Currently, audiences attracted to gambling are already diverse, add the army of young gamblers – the recipe for successful growth is ready.
Real-world gambling tactics will have to advance their tactics to attract new audiences; otherwise, they’ll be at risk of getting the outdated meaning that outsourced e-gambling won’t pay taxes as transparently.
The world changes rapidly, and with it, many industries evolve. What was an innovation in the form of gambling houses on the Vegas Strip, today seems old-fashioned and outdated from the perspective of gambling.
Of course, such establishments generate vast revenues making local economies prosper. New working places bring opportunities for people from surrounding areas to find decent employment. Taxation of casino incomes removes pressure from authorities to proceed with compromising policies.
Gambling in digital form has gathered millions of people around the world in front of a smartphone or computer screen that would never try out making even the simplest bet. Gambling definitely has the future tomorrow, maybe not in its traditional view to say the least.