Economics of gambling

Economics of gambling

One of the results of betting is to cover the debt in the extreme lengths. Many of gamblers are used to gambling because they have become addicted to the games played at the casinos. Some of the gamblers can suffer from depression when they become bankrupt as result of regular loss of their bets. Some of the gamblers may even go into bad debt and thus they can become to start worrying about such problems which can be caused by gambling. But for those gamblers who by luck win the games on a regular basis will always have to smile all the time.

The social costs which are posed to the society are not the same in different societies. Such costs include; unemployment benefits, family services and medical treatment services offered to the gamblers at the casino.

Economics of gambling

Economics of gambling
Economics of gambling

In the periods of success economic which can be attributed by casinos, they tend to lure labor supply away from any neighboring business. Luring of workers from other surrounding business can be as result of lucrative salary which is offered at most of the casinos. This will also cause the customers who initially used to have their meals at the neighboring restaurants switched to the restaurants attached to the casinos for food. The fact that the customers of the competitor restaurants cross to theirs showed that not all of growth of casinos cannot result to the growth of economic of a certain region because they merely transfer customer to their business thus causing the growth of their own business.

Economic benefits attributed by gambling

This sector provides the citizen of any state with job opportunities because all the game services need labor. Any casinos require worker who will provide the companies with several different services. Such workers include security guards, technical supporting staff, gaming staff that include game dealers among others.

Among the employees in U.S in 1996, those working in casinos who are believed to be around 300,000 workers pocketed a total of US$7.7 billion. The number which earned that much is exclusive the number of those benefit in the gambling business indirectly, which may include racing organizers.

Because gambling will always involve workers who work at different stages it not easy to estimate the employment which is a result of betting industry in any state. Entertainment is believed to be related to gambling. Services which are offered at some of big hotel will always be on a high demand because of high and active number of gambling sites.

For every US$10, US$1 out of them in US was used in gambling activities and thus this kind of the money goes to the economy for the activation.

Reasons for gambling sites

Any state would wish to encourage gambling but in really sense the business is of benefit to the economy of any state. For example the economy of U.S has really benefited from such businesses. It is believed that if American government would not have made betting legal business in the country then its economy could have been behind. Residents from other states could travel to these sites for gambling. In so doing if the local state resident do lose their bets then the revenue is being taken away from such states to the state where gambling is allowed. And also at the casino these residents will have to have their food at the casino and thus there is an in increase of revenue which is used to raise the economy of the state.

Gambling is being practiced in a state whether it is in recession or not. For example in the state even if the recession was slow the revenue increased.

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