The Wolverine State became the latest US state to legalize online poker and sports betting, after a bill was passed in senate 68-40 in favour. Senators are looking to the example of New Jersey for future economical boosts. Five years ago, New Jersey took the step to legalize internet gambling and reported tax revenues of nigh on $32 million in the first year.
Michigan State Senators are also expecting an increase in jobs, citing the United Kingdom, where near to 100,000 people are employed by the remote sector. There will also be less government money spent on investigating and policing online betting, with part of that money expected to be put towards regulation of the industry.
That’s just the most recent example of how betting in the United States has positively affected the economy. In this article we look at the facts to examine whether a growing gambling industry is a good thing for the country going forward. We all know Donald Trump’s views on gambling, but is he right?
There’s no better place to start than the Nevada City that is synonymous with gambling. The City suffered more than most as a result of the world financial crash in the noughties, with unemployment peaking at 14% in 2010.
Yet things appear to be on the up for Las Vegas, house prices are steadily growing, unemployment is falling and average wages are on the rise again. One of the reasons for this is the recent upturn in tourism, largely driven by the gambling industry.
In 2017 the State reported the highest number of overseas visitors ever, and it’s expected that those numbers will be exceeded by the end of 2018. Annually Nevada based casinos take in revenues of just over $9 billion, which is over half of the entire gambling revenues of the United Kingdom.
These figures don’t even take into account the amount of money spent by tourists on amenities such as food and accommodation when they visit. A booming gambling industry has always been seen as an indicator of a healthy Las Vegas economy.
With regards to employment, casinos in Nevada are reported to be employing over 170,000 people in the state. Further to this, the growth of casinos leads to construction, which is proving to be another economic driver in Las Vegas.
Overall, Las Vegas is a solid example of an American City that has reaped the benefits of the micro economy of Gambling.
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