Even though many experts predict that there will be a financial crisis soon, some people do not believe in that. Governments are printing money left and right, which is why the global economy (for the most part) is doing fairly okay.
Speaking of the devil, the global economy is affected by all industries, one of which is gambling. This is probably not the first thing that comes to mind, but no one can deny that it has a very important role in a lot of countries. This is also true for high rollers because these people are at the forefront of everything.
Many of you do not realize the impact of high rollers and the gambling industry. That’s why it is time to take a look at some of the key aspects you should be aware of.
High Rollers and Local Economies
Most people do not think about the impact of high rollers on local economies, but these people have an important role in a lot of local businesses. This is true for every part of the world with land-based operators.
The fact that high rollers attend a given casino means that they spend a lot of money. Besides using money to gamble, these people will also have to find a place to sleep and eat, and some of them also purchase different gifts. This means that casino whales pour money into the local economy and stimulate small businesses in the area.
The stats for every country are different because some parts of the world have more casinos than others. The US is agood example because it is a place where local casinos generate more than $52B. This amount of money helps many industries, including finance, real estate, health care, and others.
The Jobs
Speaking of the local economy and how casinos stimulate them, we need to talk about jobs. The fact that there are many different casinos in some parts of the world and people come to visit them creates jobs for locals. If we take a look at a random casino, we can see that they employ people like dealers, pit bosses, staff, janitors, bartenders, waiters, and more.
Things look even more interesting outside the casino. Local businesses need many people to function properly, which creates job opportunities in transportation, retail, restaurants, and more.
Tax Revenue
Where do we even start… Taxes are one of those things that it’s impossible to escape from (without legal repercussions, of course). They are different in every country, but one thing is certain – the gambling business pays a lot of taxes, no matter which state we are talking about.
In fact, it’s safe to say that one of the big reasons why countries change their gambling laws is because of the tax revenue they can generate from gambling websites and land-based casinos. The people operating a given country’s budget realize they can get billions of dollars from these brands. As a result, they decide to give them the green light to offer their services.
The reason why high rollers are important when it comes to taxes is because of the money they spend while playing. Some of them win, but others lose, and when they do that, they lose a lot of money. Since this amount goes straight into the casino, the latter needs to pay taxes on it.
After collecting these taxes, the governments can use the funds for a wide range of things. For example, it is very common for some countries to invest these funds into specific welfare projects. Others invest in education, social services, and loads of other things.
Sadly, there is one big problem that we have to address here – offshore casinos. Some governments stimulate casinos because they are registered in a specific jurisdiction and must pay taxes there. However, many online casinos are registered in specific offshore zones, so they do not have to pay taxes anywhere.
As you can guess, these casinos are a big problem for authorities worldwide. This is the reason why some governments ban them.
Certain Crime Activities Could be Reduced
For better or worse, gambling and crime are often a lot closer than many of us want them to be. It’s no secret that people use online and land-based gambling for a lot of illegal activities. Perhaps the biggest one is money laundering, which is a problem that affects governments from all over the world.
It’s really hard to stop all crime associated with gambling, but this industry and high rollers can have a positive effect on it if it is regulated. Once this industry has specific bodies that are responsible for its regulations, they can keep track of suspicious transactions and people and take action when needed.
With that said, there are also some negatives regarding crime and high rollers. Once people learn that certain wealthy individuals go to a certain casino to play, they can try to steal their money. Things, such as armed robberies or fraud are not uncommon, so it’s something that authorities have to keep an eye on.
Tourism Boost
Online casinos rarely have an impact on tourism because people can access them from anywhere in the world. Users who live in places where gambling is illegal often use VPNs to try certain sites, so there’s no need to travel to other countries. With that said, things are different when it comes down to land-based casinos.
Since operators want to use some of the world’s best brick-and-mortar casinos, they often travel to specific countries. Las Vegas is obviously, the first name that comes to mind because it is among the world’s most famous cities for casinos. This also applies to places like Macao and Atlantic City.
Besides the big gaming hubs themselves, the smaller cities/town next to them also benefit from “gambling tourism”. People worldwide come to see these places, meaning they spend money on accommodation, food, and other things.
Conclusion
Overall, we can see that the gambling industry and casino cheetahs have a positive impact on the economy. There is no arguing that gambling also has a lot of drawbacks, but it’s also true that a lot of businesses thrive because of it. Considering most country’s decisions in the last couple of years, we expected the gambling business and high rollers to have an even larger impact on the global economy.
