Across the world, gambling is driving revenue, providing jobs and taxes to governments and states. In addition, many companies in the industry give donations to social causes and sponsorship money to smaller organisations. So how could a booming gambling sector benefit the Irish economy?
Part of the industry growth has been down to the booming iGaming industry. This is the sector placed online, through casino games and sports betting. Yet it is not only the websites that provide revenue. As the industry grows, third parties’ businesses and start-ups grow with them.
For example, a quick look at Betfair’s casino online roulette page sheds some light on how many different skills go into keeping the industry afloat. Not only can you see the development work that went into those games, but you can also see which third parties work on auditing them. The Gambling Commission, Malta Gaming Authority and others all play huge roles in the industry, bringing jobs and revenue with them.
When added to the gambling review sites, marketing agencies and start-ups that go alongside it, a sprawling web of related companies evolves. Not only does this bring increased taxes, but many of these companies put money into social causes or sponsorship.
Creation of Jobs
All these companies need people to operate them. On the surface, they need high-quality developers and programmers to keep them running. One benefit is that not only does iGaming provide jobs for local talent, but it can also attract the best employees internationally. Bringing them to Ireland is the key to a healthy jobs market.
In other ways, the sponsorship opportunities for gambling also provide extra income, both to local workers and social groups. Many gambling companies are sponsors of lower league sports teams. This gives them a vital source of revenue and helps keep them afloat.
Physical casinos should also not be overlooked. When they attach to hotels and restaurants, they boost the hospitality industry. Even when patrons do not choose to use these, a night at the casino is usually accompanied by a meal and drinks elsewhere. This can provide welcome revenue to struggling city centres.
This can also bring tourists to the area. Even if towns are not the mecca Las Vegas might be, a quality casino in an entertainment complex can attract visitors from quite far away. In some places, such as Macau City, the gambling industry is the biggest employer, providing jobs for thousands of citizens and bringing in tourists.
The final product of increased jobs and tourism is tax. All countries and states can employ a levy on gambling. This can be very lucrative. Currently, many US states are in a gold rush of sorts with iGaming and online sports betting more popular than ever with revenues in some states nearly doubling in the last couple of years. It is estimated in the US that gambling companies give $40 billion to the US treasury every year.
However, the US is not the only place this happens. Closer to home, Great Britain makes a huge amount every year from its gambling revenues. While Ireland is already benefiting, with the right support, the gambling industry could seriously benefit the country.