How can online gambling help to kickstart the global economy? - page 2.

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gambling is a destructive activity

In monetary terms thats not true, the money comes in and goes back out in certain percentages and no money is destroyed. The business is as valid as any other, some businesses are horribly inefficient and make terrible products. Theres been some terrible examples of mainstream business both private and government that have been destructive even corrupt by using up pension funds or taxes owed that should have been allocated properly before bad accounting was discovered leaving behind bankruptcy and debtors to a business that never deserved to be operating.
Gambling is valid business so long as it pays its bills and offers fair terms to customers, the majority of money bet goes back towards punters who win so it is just redistributed in most cases with quite a slight house take.

Lucasgabd

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Quote from: Oceat on July 05, 2020, 02:30:08 PM

Quote from: Lucasgabd on July 05, 2020, 01:49:14 PM

add a 10% tax or volunteer donation from all online gambling transactions that must go to projects of UBI to end poverty and help people in really difficult conditions.

that would definitely help.

I don't think the value added 10% tax would help at all since it will be shouldered to the employees and the people who wants to play will be affected too since somehow there is an increase of payment to play. Did you ever imagine that would happen? And since we are in pandemic it's a burden already plus adding prices or taxes might be the reason to collapse the gambling company/industry.

collapse the gambling company/industry seems a bit exagerated.
it's a billionaire market.

have you checket Yang's proposal on UBI? in essence it's exactly what I said.

OP asked how to use gambling to help the world
this is a way

Ryker1

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Well, the gambling industry is part of the business that the government can benefit on it. The same on merchants or small sore, --registered and licensed casinos are taxed as well. The generated revenues are used to fund government programs, like any calamity or even disasters. And casino taxes do make it the simplest way for politicians to avoid spending cuts or other tax increases. Literarily, it can help to boost the global economy problem especially during this pandemic that we are all experienced recession that wants to recover from the economic problems.

ReiMomo

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Gambling revenue from the regulated and licensed company who pay taxes are extremely a good help to the economy. That's the reason why the government push to continue any licensed gambling companies after the pandemic hit because they want to recover from the economic crisis and this gambling sector business either small or big can contribute to the economic growth through their taxes.

I don't consider a global economy, let's consider those countries that strictly prohibit gambling due to their religious belief. They are excepted in this case.

Asuspawer09

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Quote from: Kakmakr on July 05, 2020, 06:05:38 AM

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception. Wink

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

Big possibility, if the online casino becomes more popular at this pandemic it would really help to boost our economy.

As every gambling casino also pays taxes and regulated by the government, just like other businesses if businesses stop operating just like what happened because of the virus the economy would surely be affected.

So having online gambling would really affect the economy like giving jobs etc.

Oceat

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Quote from: Lucasgabd on July 05, 2020, 01:49:14 PM

add a 10% tax or volunteer donation from all online gambling transactions that must go to projects of UBI to end poverty and help people in really difficult conditions.

that would definitely help.

I don't think the value added 10% tax would help at all since it will be shouldered to the employees and the people who wants to play will be affected too since somehow there is an increase of payment to play. Did you ever imagine that would happen? And since we are in pandemic it's a burden already plus adding prices or taxes might be the reason to collapse the gambling company/industry.

Lucasgabd

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There's no need to be upset

add a 10% tax or volunteer donation from all online gambling transactions that must go to projects of UBI to end poverty and help people in really difficult conditions.

that would definitely help.

YOSHIE

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Quote from: Kakmakr on July 05, 2020, 06:05:38 AM

What other positive things can you think of that online casinos can add to the global economy?

there are many things that can boost the economy of gambling casino revenue in addition to being centered on taxation & online.

For example: complexes such as restaurants, hotels, certain casino venues in each area and entertainment venues allow it to be positive to foster a global economic stimulation, the reason is simple in such an area capable of creating a gambling casino industry, with the needs provided are: transportation, drinking/food for the needs of local and international tourists.

In this case the hotel, restaurants and entertainment venues can also provide online casino gambling games at applied rates, the economy will automatically increase automatically with the facilities provided in gambling.

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Quote from: Haunebu on July 05, 2020, 06:49:24 AM

Online gambling cannot kickstart the economy since the profit gained through taxes, employing people in casinos etc are mostly wiped out by the losses faced by people who play there.

These casinos could help the economy in a small way though, but nothing drastic enough to kickstart the economy. Under current conditions, it will probably take a couple of years for world economies to recover as long as everyone gets vaccinated.

The focus is primarily on the virus and secondarily on the economy currently almost everywhere which is why we need to find ways to control the virus asap.

I do not know about online gambling but gambling in physical casinos can be very beneficial to the community, there are entire cities dedicated to gambling and whenever a city is facing problems an alternative that gets really quickly on the table to help that issue is to make gambling legal to attract tourism to the region, however as you say this is not enough to kick-start the economy of a whole country as this depends on the spare money people may have and as we know thanks to this crisis many people have lost their jobs and the ones that have not are taking care of their money in the case this happened to them.

akhjob

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IMHO, I don't think that online gambling actually adds anything to the global economy apart from the fact that the regularised gambling sites and its users pay taxes. It even cuts shorts the manpower, building space, associated property/rental taxes etc needed for running a casino. It does more damage to the global economy if you ask me.

Kakmakr

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Let's also not forget that the online gambling was a nice way for Brick n Mortar casinos to survive through this epidemic, because I know of several local Brick n Mortar casinos in my country that switched to a online casino to keep the profits going, when they were not allowed to open their doors. Wink

The online casinos also have several software developers behind these projects, so it even creates jobs for them. Some of these casinos also have live dealers, which adds even more jobs. Wink

iv4n

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Gambling is the industry for itself, and I don't think that just one engine is enough to keep the plane flying! You need to have other engines as well if you wish to maintain some control! And when you take a look around some industries suffer a lot, while some are making money (like in the best days). It is simple to compare tourism with pharmacy, gambling with little shops on the street.
Gambling, at least the legalized part will pay taxes in the registered country and if they are good they will pay higher taxes and that will be used by government for the government, not for ordinary people of course! Do you really believe that governments are helping ordinary people or rich people to stay rich and get richer!?

avikz

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Quote from: Kakmakr on July 05, 2020, 06:05:38 AM

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception. Wink

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

Well, back in 2018 I created some posts one similar topics to show how gambling can help the economy of a country. It was not about online though. But I had taken two countries as example, USA and Macau. Below are the links of those two posts,

How gambling can effect the economy of a country [Part 1 - USA]

How gambling can effect the economy of a country [Part 2 - Macau]

Like any other business, gambling business has its own impact on the economy of a country. It's indeed a billion dollar industry and they pay huge amount of taxes which in turn funds the development activities of government. Now with the post-corona world, gambling businesses will have to shift their focus to have a solid online presence. because people will not be comfortable to flock in casinos in big numbers and may prefer home based gaming entertainment.

It is opening up big opportunities for the online gaming operators to strengthen their online footprint. Probably not now, but in future, we will definitely see a huge impact of online gambling business on the economy. This is especially beneficial for small countries like Macau, Malta or Curacao where gambling is legal and also crypto friendly.

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Quote from: Kakmakr on July 05, 2020, 06:05:38 AM

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception. Wink

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

I don't think gambling is destructive per se. If I'm not mistaken the vast majority of gamblers don't get addicted, so it's unfair to focus on those who do. Legalizing the online gambling business might indeed bring a lot of taxes to the government, and good conditions might lead to more people getting jobs. But no matter how hard I try to come up with economic benefits other than those you listed, I fail. It does have a big health-related benefit with people staying at home during these difficult times, and safety should come before profits. But I agree with Haunebu that online gambling it unlikely to help the economy significantly.

batang_bitcoin

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Quote from: Findingnemo on July 05, 2020, 06:28:43 AM

People who uses online casinos can save money over while they are playing in a physical casino which means individuals will have more money to spend on their necessary things.Basically any kind of spending on regulated casinos will benefits the government because they have to pay taxes for profits.

I agree on this and at the same time, they save time. The physical gamblers can spend a lot of time going back and forth to their respective casinos whilst on the transition of new normal, they will consider online gambling which they don't have to waste their time in commuting.
And with that, they can do some other things that can be productive which could make them money and that shall also contribute to the economy.

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Quote from: FontSeli on July 05, 2020, 10:16:43 AM

Quote from: Kakmakr on July 05, 2020, 06:05:38 AM

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception. Wink

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

How gambling affects the economy can be seen in the example of Las Vegas. There, casinos can be considered city-forming enterprises. Most of the tourists come to play at the casino. If the casinos are not working, then the places in hotels are empty, restaurants are idle. A lot of people are out of work.
Because of the coronavirus, businesses that were directed to work with people suffered the most.

But what we need to remember is gambling is a service that adds no value to the economy. Though it would fulfill the needs of some people and give them jobs, it would not have any positive effect on economic development. The money spent on gambling, tours, travels, restaurants would employ some but would not yield any positive outcomes or boost for the economy.

FontSeli

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Quote from: Kakmakr on July 05, 2020, 06:05:38 AM

Most people would say, gambling is a destructive activity and that it only destroys lives... and in a way I agree with them. The thing is, everything comes with good and bad and gambling is not an exception. Wink

Regulated and licensed gambling operations are obligated to pay taxes.... right.. well every Dollar added to the government fiscus helps to fund large projects. These projects create new job opportunities and also income for unemployed people and also stimulate the economy when these people use that money in the retail industry. (Food & Services)

Some people actually win at some of these casinos and they win big, so this money also goes back into the economy and these gambling operations employ people to run these casinos, so that is also a added benefit of these online casinos.

What other positive things can you think of that online casinos can add to the global economy?

How gambling affects the economy can be seen in the example of Las Vegas. There, casinos can be considered city-forming enterprises. Most of the tourists come to play at the casino. If the casinos are not working, then the places in hotels are empty, restaurants are idle. A lot of people are out of work.
Because of the coronavirus, businesses that were directed to work with people suffered the most.

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Quote from: plvbob0070 on July 05, 2020, 09:43:23 AM

Well, online casinos are just like any other business running. They pay tax, but aside from tax revenues (which is really big help in the economy especially when the casino is one of the major taxpayers) and jobs, I think we can also add having a good relationship with other countries when a foreign gambling site is operating in other countries. It's part of globalization. But the online gambling industry also has its major downside, especially if the casino does not have licensed to operate so basically, they are illegal which is not helping the economy.

thats right, the government can generate good income from these online casinos. that is, if they are legit. but we all know that a lot of these online casinos have no license, so they are avoiding to pay their taxes. so better play in licensed online casinos, at least you are also helping the economy of that country where it is licensed from. check also if your country is included in those that you don't have to pay tax of your gambling winnings. otherwise, you need to declare such winnings

https://marketbusinessnews.com/online-casinos-tax-revenue/190926/

https://www.taxback.com/blog/the-ultimate-guide-to-gambling-tax-rates-around-the-world

Latviand

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For me, I see this online gambling as an alternative way for those physical casino customers to pay taxes because until now, most of the physical casinos are still not operating. Online gambling can also help the promotion of the use of cryptocurrency in the gambling platforms.

It can strengthen and helps the use of cryptocurrency in most of the online gambling casino to introduce its importance about helping the economy grow.

I wonder if there's is such thing as a way on paying taxes using cryptocurrency so it is less hassle when you try to pay the government taxes for the economy to somehow recover.

Wexnident

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Taxes. Bout it basically. Unless gambling companies would start pushing for infrastructure buildings to hire more people, then that's about it. Gambling casinos often just move money from the user, to them, then to the government, that's basically most of it's contribution to the economy. What we need right now is for people to spend money and for the government to fix the problems of unemployment, of which the first one, none would probably spend money on gambling when they're suffering right now, and two, employment is quite limited in casinos.

Quote from: shield132 on July 05, 2020, 09:26:10 AM

Gambling doesn't destroy lives, it's you who does that. I can't understand one thing, what's the purpose of life? To feel happy, right? If gambling doesn't make you happy, then why do you gamble? And if it makes you happy, then - why not to gamble? I have seen a lot of gamblers who are rich, bet high and get fun from it, this behavior doesn't ruin their life. But at the same time I have seen more likely a poor or normal budget people who gamble with high bets that exceeds what they can afford and idea behind their gambling is more and more profit. So, guess what destroys lives? Laziness, lazy people who want to get money easily by gambling, fail and then blame this business and call it a monster, death machine.

TRUE. Most people and some specialists even think of Gambling as some sort of drug. Why even? Gambling is an intangible thing, in a sense, is a form of entertainment. If you were to consider that as a drug, you should also consider sports, games, etc. Specialists should really start by telling addicts how Gambling isn't the one destroying you, but you yourself.

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