The Social and Economic Impact Of Gambling
Much of the research into the social and economic impacts of gambling goes back to the early 1990s since commercial gambling has seen a steep rise. Once only brick and mortar establishments, many casino companies have expanded greatly into the online gaming world.
The need for credible advice to consumers is paramount now more than ever. For example, gamblers from the UK can research and read online slot reviews about games they’d like to play.
While most of the social impacts of gambling have negative connotations, we will strive to keep this article unbiased not to discourage our readers who practise responsible gambling. On this note, we introduce you to Ella Houghton, our writer and expert on all things gambling-related.
Having only introduced a National Lottery in 1994, the UK has been a bit of a late-comer to the gambling industry. In 2005, legislation that paved the way for more widespread expansion into gambling laws and regulations was brought in. The majority of research done focuses on casino gambling, which has fast become the largest sector of the gambling industry.
But how has more access to gambling affected society and the economy?
Economic Impacts of Gambling
Let’s take a look at the economic impacts of gambling. You’ll note that this is the positive side of our discussion.
1. Casinos Create Employment
For a traditional casino to function, it requires staff such as managers, card dealers, slot attendants, security officers, cashiers, and the list goes on. A casino can create much employment depending on its type and size.
2. Tax Benefit
Casinos, typically very profitable, are a huge tax benefit for local and national governments. Even legal online casinos, adequately controlled, contribute much to local and national economies in taxes.
3. Casinos Help to Boost Local Retail Sales
Most casinos have restaurants, bars, hotel accommodation and shops, either of their own or located near them for their clients’ convenience. This is a significant boost for local retail sales and profits, plus more for the government in general sales tax.
Social Impacts of Gambling
This section of our article highlights some positives and many negatives.
Positives
It Can Be Entertaining and Relaxing
Before the Covid pandemic started, many people stopped at their local casinos after a long and stressful day at work. They used this to unwind and keep themselves entertained while keeping their brains exercised and stimulated.
While some people are bound to return to this ritual as lockdown regulations are relaxed, others have found that the online versions of casinos serve the same purpose. They can therefore get the same entertainment while at home.
Gambling Can Win Money
It’s been said that you can’t win if you don’t play. It’s also said that ‘it takes money to make money.’ Both of these assertions are often true and also apply to gambling, as long as you don’t become reckless.
Some people have become so skilled at specific types of gambling that they’ve taken it up professionally. Please remember that this requires a lot of practice and talent.
Activity for Leisure
Gambling is a great way to spend some of your leisure time as long as you do it responsibly. Once again, a quote: ‘Winners know when to stop.’ Keep this in mind, and you’re okay.
Negatives
Negatives related to gambling arise when one becomes what is known as a problem gambler.
Most signs of problem gambling are:
- Taking more time or spending more money than intended
- Being irritable with friends and family after gambling
- After losing, having the urge to return to win back losses
- Feeling inadequate or sorry about gambling
- Selling assets or borrowing money to gamble
- Stealing money
- Minimising the extent of their gambling
Some consequences of problem gambling are:
- Fewer savings
- Increased alcohol consumption
- Reduced study or work performance
- Financial problems
- Divorce
- Suicide
Conclusion
The social and economic impacts of gambling can be both positive and negative. As with everything in life, practised with the right approach and moderation, gambling can be an enjoyable and fulfilling activity.
