For some, online casinos may seem like a form of entertainment or a way to make a little extra money. But on a larger scale, it’s so much more than that. The undeniable rise of online casinos has had a profound impact on the economy. As more states legalize and promote online casinos, those states experience the economic power that online casinos have.
Let’s explore the impact that online gaming has on both local and state economies.
More Tax Revenue
For states that have legalized and embraced online casinos, additional tax revenue is arguably the greatest benefit. States are able to collect taxes from gambling sites based on how much business they generate. Therefore, the more people use those sites, the more tax revenue governments can collect. In most states, this has led to a substantial increase in tax revenue. They can then use this money however, they please, often on education, welfare, or public projects designed to help people.
Job Growth
The growing popularity of online casinos has helped to boost job growth, both directly and indirectly. For starters, the tax revenue generated by states allows them to employ more people to carry out the programs and initiatives made possible by that extra revenue. Likewise, successful online casinos need to hire more people so that they can continue to grow and meet the demand of customers. This includes customer support representatives, software developers, marketers, and a variety of other jobs within the online gambling industry. The more online casinos thrive, the more jobs are created.
Increase in Tourism
While many states have legalized online casinos, not all have joined the party. This has given states where online casinos are legal a leg up in attracting tourists. Residents from neighboring states are more likely to make a short trip because they know that as soon as they cross the state line, they’ll be able to make bets on their mobile device.
Meanwhile, residents of states that welcome online casinos will be more likely to take vacations in states that also have legalized betting so that they won’t have to interrupt their normal gaming routine. Naturally, the extra tourism some states receive because of online casinos leads to further tax revenue and also leads to job creation both within casinos and within the tourism industry, boosting local economies in multiple ways.
