Online gambling has a huge impact on the world economy, a much more powerful impact than most people realize, you can bet on it! Gambling has gone from being seen as an immoral or illogical activity to the most popular form of entertainment. Once avoided due to religious and moral reasons that faded with time, it is now an accepted form of relaxation accepted in most communities due to huge financial benefits.
Long before the term “online” was coined, the casino industry already provided governments around the world with huge amounts of cash. The increase in money flowing into the world economy from gambling has been enormous, especially now that people can enjoy all forms of gambling from home.
Online Casinos & Gambling Where & How it All Started
First online casinos offered a huge range of slots and table games on laptop and desktop computers. Mobile gambling arrived to extend the convenience of home entertainment to everywhere you go. There are many claims as to how it all started, although here at The Slot Buzz we like to stick to facts:
- 1994 The Free Trade and Processing Zone Act was passed in Antique & Microgaming was established. 1995 Microgaming launches the first online casino called the Gaming Club and Cryptologic launched.
- 1998, Cash Splash online slot is the first by Microgaming to offer a progressive jackpot and the world’s first online poker website launch called Planet Poker.
- 2000 Isle of Man and Gibraltar start issuing online sports betting licenses and in 2001 the UK legalising online gambling and Alderney starts issuing online gambling licenses.
- 2003, eCOGRA launched in the UK. The UK Gambling Act is Passed in 2005.
- 2009 Online casino revenue in the UK reaches £1.6 billion and in 2012 mobile casinos become available for Windows, Android and iOS devices, by 2015 all new games are mobile-friendly.
Online Casino & Betting Market Global Trends, Forecasts & Industry Analysis
In 2021 the gambling online and betting market worth was 61.5 billion and it is estimated to reach 114.4 billion by 2028, with a compound growth rate of 10.9% per annum. The main driving force behind the demand for online gambling is internet technology development, the adaption of smartphones, and an increase in individual spending. What most adds to user experience improvements is new technology such as blockchain and virtual reality.
What further adds to the success of the online casino industry is the excitement generated by promotions, tournaments, and bonus programs offered by the UK online casinos. These draw the interest of new players and the world’s online casinos thereby ensuring online gambling continues to grow. The desire for sportsbetting is fueled by the fast-growing number of sports fans, the sector is most driven by hockey, football, baseball and boxing part of sports accounting for the majority of bets.
Online Gambling Market Growth Fueled by the Ease of Online Payments
Payments are easier for players since the safe and secure way to fund online casino accounts is through mobile and digital payments. Convenience boosts the online casino business, while remote payments services such as PayPal, PaysafeCard, and Trustly unlock a world of online casino possibilities for mobile and online gamblers.
Online Gambling Negative Consequences Holding Back casino market growth
Compulsive gambling, also known as pathological gambling is addictive gambling behaviour that could lead to hypertension, chronic stress and other long-term repercussions. Due to the heightened intensifying danger of behaviours such as compulsive gambling, numerous countries have banned online casino websites. The UK Gambling Commission has recently introduced several programs at UK online slot sites used for the early detection of problem gambling. Extensive staff training not only helps with the early identification of potential problems but also early prevention and assistance to control excessive gambling behaviour.
Impact Online Gambling has on the UK Economy
In terms of the best online casinos, RNG fair certified online games, the most secure payment methods, best bonus value, reasonable bonus terms, and exceptional casino gambling experiences, the UK casinos top all the lists.
The economic benefits of tax revenue can be measured by the amount the treasury received for the 2020 – 2021 tax year which came to £2.83 billion. With a significant number of sports events, the amount in the year before was £3.02 billion, and that was double the 2000 – 2001 figure.
The system used by the UKGC ensures that the tax money is ploughed back into the community, it is used to fund public services such as hospitals, libraries, and schools. The numbers speak for themselves, the number of people employed by the UK betting and gambling industry is over 100,000.
Economic and Social Benefits of Online Gambling
Licensed online casinos make big money of which a significant portion is contributed to the global economy in various forms including taxes, sponsorships and other community projects. Plus, in many countries such as Macau City, gambling is the largest employer.
Gambling Taxes
Gambling taxes vary hugely and winnings are taxable in some countries and tax-free in others.
- Highest Gambling Taxes: The percentages listed below are the highest taxes, for example, the multi-tiered UK tax system starts from 15% and increases according to GGR83.5% France | 80% Germany | 75% Denmark | 65% Austria | 51% USA | 50% UK
- Lowest Gambling Taxes:0% Russia | 5% Singapore | 10% Finland | 11% Belgium | 15% Argentina and Portugal
EMPLOYMENT
The number of people employed in the gambling sector might not be 100% correct due to the huge number of remote online employees. Although, the number of jobs provided by 5,340 global and online casinos and other gambling businesses in 2021 is estimated at 1,008,752.
SPONSORSHIPS
The connection between sports and betting became much stronger with digital or online gambling websites increasing sponsorships across various sports. The exact amount gambling sponsorships provide to different sports clubs is confidential. According to estimations, sponsorship deals with the top UK Clubs could be astronomical, and worth around £100 million per year.
The amount estimated in sports sponsorships from gambling and betting in the US based on Global Data Sports Intelligence data comes to US$396.6m channelled towards five US sports leagues.
Entertainment
Shadowed by gambling advertising policies, restrictions, law updates and suggested sponsorship bans. Is there a value that can be placed on entertainment offering enjoyment, amusement, pleasure and relaxation to an international audience? Everything, including entertainment choices, starts with a decision, and how we manage that decision has a huge impact on the outcome.
In online gambling, good decision-making starts by joining a UK-regulated and licensed online casino. One of the top and most trusted sources, The Slot Buzz offers online players a monthly updated list of the Best UK Casinos. Each reviewed and rated casino site is listed with the latest welcome offers, including information such as the minimum deposit, wagering and other bonus requirements. Several informative articles provide gamblers with facts necessary to re-think gambling choices, ranging from online payment providers to the best and biggest bonuses for UK players.
The Slot Buzz games catalogue offers hundreds of reviewed slot games by the most popular game developers including Thunderkick, NetEnt, Microgaming, Big Time Gaming, Yggdrasil Gaming and Pragmatic Play. Reviews offer important information such as game variance, return to player percentages, bonus features, and max payouts while revealing a little about the theme and why the game is exciting.
Play responsibly, online casino gambling is fun with heaps of added benefits for those who stay in control. Online casinos offer access to thousands of games, the best welcome bonuses, and excellent tournament excitement in the most convenient way.
The impact online gambling has on the world economy is phenomenal, in the end, one rule remains, where you stand most certainly depends on where you sit.
