When people think of casinos, they think of their benefits to players and casino operators. Take the growth of online casinos as an example. The best online casinos have benefitted players by easing access to games, offering variety, reducing the cost of buy-ins, and enabling interaction with worldwide players. But these casinos have not just affected players. Their advantages trickle down to the local economies in many ways:
Why Local Economies Need Casinos
The casino industry accounts for billions of dollars in annual revenue. But does all this money end up in the pockets of players and casino operators? Not at all. Instead, it also benefits other people in the following ways:
Employment
Casinos require many people if the operations are to be smooth. Take land-based casinos as an example. They have security staff, managers, waiters, cleaners, dealers, accountants, and many other professionals managing the premises. These people earn money from providing these services and are thus able to support themselves and their dependents. Online casinos are not different as they employ people in the following sectors:
- Service providers: Online casino operators liaise with game developers, customer service teams, graphic designers, IT support, and many other professionals to run their sites.
- Hardware companies: While online casinos run in the virtual realm, setting them up requires reliable hardware and accessories. As such, companies providing such support can hire people to meet this growing need.
The rise of virtual and augmented reality has also created employment opportunities for people who can bridge the gap between online and physical casino games.
CSR Efforts
Most companies like giving back to their communities through corporate social responsibility (CSR) operations. Casinos are not any different. They often invest in projects that can benefit players and their families. Examples include:
- Building community halls where people can interact with each other, hold meaningful conversations, and provide a safe space for community members.
- Supporting community development projects, e.g., schools and hospitals.
Often, casinos will focus on imminent community needs based on where they operate. But since online casinos are global, they invest in almost every type of community project, from digging wells to reforesting areas affected by climate change.
Supporting Businesses
When a casino starts operating in a region, other businesses experience an influx of customers. For example, if a casino opens up downtown, the nearby stores will also get more traffic even if their products and services are not related. In the online world, this effect is felt by almost every industry. Examples include:
- People make money by teaching others how to play casino games by vlogging or blogging about it. Others even have classes where players can sign up to learn more.
- Supporting businesses, e.g., affiliate companies, can make money by driving traffic to casinos and thus earn commissions.
- Payment processors benefit from the increased online transactions as they charge fees for withdrawals and deposits.
As the online casino industry grows, more people will feel its positive financial and social effects.
Taxation
Casinos must abide by local regulations to operate. In this way, they pay for operating licenses and must also pay taxes to the local government. This money goes a long way in benefiting the local communities in the following ways:
- It pays wages to local workers, e.g., people who work in the public service sectors,
- It benefits local development projects by supporting infrastructural growth, and
- It helps local governments meet their annual financial goals.
Since online casinos operate in many regions, they often pay taxes to different governments. Thus, one casino may pay taxes in up to ten countries, impacting the livelihoods of people in all these regions.
While the house may seem to always win, this is just a fraction of its impact. Casinos provide employment, support communities through local development projects, boost supporting businesses and contribute to local revenue collections, thus significantly boosting the local economies.
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