The online gambling industry continues to grow and now plays a major part in several economies. Here, we review how economies are developed through online wagering growth, one bet at a time.
Numerous Job Opportunities and Openings
Thanks to online gambling, several jobs are being created. This goes beyond casino operators and professional punters. The industry requires software developers, customer support teams, game testers, and more.
Let’s take Malta, for instance; the iGaming industry alone contributes over 12% toward its GDP. This has made the country a center for gambling firms. A country opened to the industry’s growth attracts skilled people and fills the country’s employment gap. Such specialized jobs also enhance education by offering new programs and professional training for those interested.
A Billion-Dollar Tax Revenue Stream
Governments seeking new revenue streams have long been intrigued by the tax potential of lightly regulated online wagering.
For instance, the UK has been open to online gaming platforms like nvcasino, and its Gambling Commission (UKGC) has reported billions in annual revenue from online wagering taxes. This fund goes directly to public services such as healthcare, infrastructure, and education.
Newly developing markets such as parts of Africa and Brazil follow the same path, looking to create regulations to better facilitate themselves.
Technological Advancements in Blockchain, AI, and Cybersecurity
Online gambling is always at the center of innovation. Active competition among betting sites and a demand for a secure gaming environment has seen a drive in modern technologies. Internet casinos using blockchain can guarantee fair play and secure transactions. AI-based algorithms, on the other hand, shape the player’s gaming experience by offering personalized services. Lastly, cybersecurity protocols like multi-factor authentication protect users’ data.
These advancements make the industry more attractive, resulting in player base growth. More players mean more revenue, which boosts the economy. This is particularly true in regions that accept crypto wagering, as revenue can be derived from players worldwide.
Tourism and Hospitality Boost
You might wonder, “It’s online; how does it involve tourism and hospitality?” The answer is that most land-based casinos offer online services, operating as hybrid gaming platforms. Players who want to experience the casino first-hand tend to travel to where the physical establishments are located. Additionally, these casinos sometimes hold exclusive events for VIP players, attracting thousands of visitors annually. Another way tourism is driven by iGaming is seen in Japan. The country combines casino resorts with digital gambling to attract international tourists and stimulate economic growth.
Online Gambling in Emerging Markets
Seeing how the gambling industry boosts different economies, new players are emerging. Jurisdictions such as Kenya, Southeast Asia, and Latin America are rapidly adopting online betting platforms. This can also be accredited to the surge in smartphone usage.
Results are already being seen in Kenya. Through the mobile betting sector, the country is expected to have $109.30m in revenue in 2025. A major share of this revenue can fund public development projects to further boost the economy.
The Future – Online Gambling’s Role in the Global Economy
The lockdown in 2020 was the turning point for online gambling. Gamers and punters were forced to stay home and could only use the internet for their favorite pastime. The industry grew exponentially, as did its role in the global economy. This growth hasn’t slowed down since then, and one can only expect more of the industry. Countries that embrace online betting will see their economies blossom!
