Gambling Industry A Key Contributor In US
With much of the recent focus having been on PASPA, its strike-down and the subsequent positive progress that has been made in favor of the sports betting industry, an uninformed ear could easily be led to believe that the entire industry was now completely in its infancy in the US. And yet, fantastic as the progress that has been made in terms of sports betting may be, and that it most certainly has, there is an entire other sector out there, and that particular sector has been responsible for contributing more than $261 billion to the United States economy during 2017 alone.
Yes, we’re referring of course, to the rest of the gambling industry.
Helping Out Public Services
Gambling-related revenue is a cornerstone of the US economy. A recent study performed by risk analysis and income statistics leaders Oxford Economics, clearly shows a 9.5% increase in gambling-related business income during the three years running between 2014 and 2017.
However, there’s more to that figure than what first meets the eye. The really crucial bit is that at least $44 billion of the total income revenue tallied in the sector during that time, was ploughed back into the country’s economy, into local, state and federal authorities in taxes. Taxes that are of course being employed for the social and economic upliftment of the country’s citizens.
A Public Service
Education, hospitals, public safety, critical services, disaster management services – these are but a few public service departments benefiting in a big way from the revenue income generated by the country’s gaming and entertainment industry.
This does bring us back to sports betting, with many states now planning to implement legal betting for this very reason: the multitude of benefits that the industry promises for the economy on state level.
States are noticing too, that many bettors are crossing over into other states in order to bet on sports. What this ultimately means is that neighbor states are reaping the benefits. This obviously serves as food for thought, and many states that previously have been opposed to the idea, are now re-considering their stance in relation to sports betting and gambling services.
Let us not lose track of the fact that the industry is responsible for more than 1.8 million jobs in the US, making the industry the 28th-ranked contributor in terms of non-farming sources of employment in the country.