10 Positive effects of Gambling on the Economy and Society
by Rahul Pal Digital marketing | SEO expert
Would you believe, if we say that there are many positive effects of gambling on the economy and society? In India, gambling is mostly considered a taboo subject.
This is mainly because of the negative effects that dominated the casino gambling industry for so long. Yet, we say that there is a glimmer of positive light at the end for Indian society and the economy.
Positive effects of gambling on the economy:
1. Online gambling industry worth:
In a Statista report dated March 2021, the online gaming industry in India is worth 76 billion Indian rupees in the year 2020. A steep jump from about 65 billion rupees in 2019. The sector is expected to value over 155 billion rupees by 2023. This indicated a healthy growth of around 27 percent.
The internet is flooded with online casino websites that cater to Indian players. The casinos have quite a good Indian game collection like Teen Patti, Andar Bahar, etc.
2. Create gambling industry jobs:
The gambling industry has created new jobs. This is one of the most important economic benefits of gambling. There are many people who lost jobs and turned to online jobs right after the pandemic hit.
In India, the gambling industry opened doors to an ocean of talent. The gambling industry welcomed game developers, website developers, game testers, game graphic designers, and more.
Hence, this positive impact has helped many people to learn and develop new skills.
3. Development of virtual casino entertainment:
During the pandemic, many people killed boredom by playing online casino games. This helped in the development of virtual casinos and the entertainment industry at large.
Gambling is integrated into social media networks to encourage shares. Players can play with friends on social media apps. Mainly, Facebook has dominated this segment. So, members can join casino sites through the Facebook Application.
5. Prospects to legalize gambling:
In a few states of India, gambling is illegal. Yet, the greater part of India loves gambling. According to the Law Commission of India, if India legalizes gambling, then it could boost the economy.
Moreover, legalizing gambling could help to protect people from unwise gambling. A more regulated gambling industry will help the economy to grow.
6. Growth in esports betting:
Esports betting can see tremendous growth and help pour money into the economy. Consider 90% of people love betting on sports, especially Cricket.
7. Technological advancement:
The global casino industry has changed tremendously through technology. India is also seen similar changes. Online casinos have adopted advanced technologies like Virtual Reality, Machine Learning algorithms in slots, adoption of IPv6 network, etc.
Ultimately, all these technological advances have made online gambling fast. Thus, it provides a smooth and interactive gaming experience to players.
8. Boost in Mobile Casino Industry:
Players have found a world of comfort in mobile casinos. If you want to play casino games on the go, then mobile gambling is for you. You can play from anywhere and anytime.
So, you no longer need to play on your desktop. Rather you can enjoy all the casino games on your mobile.
9. Control Black Money Generation:
When we look at the past gambling industry news, India has been overshadowed by cricket match-fixing in the past, and black money playing a prime role in it. There has always been an inflow and outflow of black money in the gambling industry, which has created the economic system.
Therefore, if online gambling is legalized, the country can stop the flow of black money and contribute positively to the economy.
10. Boost in economy:
The economy can be boosted when gambling is legalized and regularized. The Union Territories of Daman and Diu and the states of Goa and Sikkim have made gambling legal. The state governments levy tax on casinos. They also charge renewal fees for casino licenses every year.
Therefore, this helps to increase revenue for the government. So, if other states follow suit, they will be able to see good revenue generation every year.
Benefits of gambling to society:
1. Make new valuable connections:
Casinos help with making new connections when players participate in tournaments or lotteries. Casinos have an in-built chat system that lets players interact with each other. Thus, building a good and positive effect on players.
2. Alternative source of income:
Gambling is an alternate source of income for many. The main point to note here is that players are focused and use game strategies that work.
However, this level of expertise comes from a lot of practice. Hence, players study the game very closely to understand it.
3. Play and bond with friends:
Casinos encourage and reward players to refer friends. Players can play with them. This helps players to build a bond and stay connected with them.
4. Become a gambling expert:
One of the most popular gambling industry trends is the rise in gambling experts across India. Many people who used to play and win for fun, started to give expert advice to other players on Gambling groups. This niche group of experienced gamblers can help and encourage many people to build confidence to gamble online.
5. Improves brain activity:
Gambling is proven to activate and improve brain activity. During this process, positive hormones are released and new nerve connections are made. When players learn a new game or skill or strategy, it helps their brain to make new nerve cells. When players win a game, it releases adrenaline throughout the body.
Hence, this in turn can increase blood flow to the brain. Strategic games like Poker have shown a positive brain function in players.
6. Stop illegal activities:
When gambling is legalized and regulated, it can positively see a drop in crimes like illegal gambling and money laundering. So, the income earned from gambling can flow right back into the economy to create more revenue.
Therefore, there are many positive effects of gambling on the economy and society as a whole. The bottom line is to play responsibly and know when to stop. People need to have awareness of the positive effects as well as the negative effects.
In conclusion, proper legalization and regulations in place can help boost the economy and reduction of crime rate and illegal activities.
Created on Aug 9th 2021 00:46. Viewed 142 times.