The Casino Industry's Contribution On Your Country By Percentage

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: Viscore on October 19, 2023, 08:03:39 AM

Good impact on the society but not on the country, some countries with major casinos are really benefiting from the industry.

Top biggest countries in the world as per https://blog.kheloo.com/top-20-biggest-gambling-countries-in-the-world/

The top 3 are ;

1. USA
2. China
3. Japan.

These are billion-dollar industries, and we can already imagine the significant impact of gambling on their country's revenue. Additionally, these are progressive countries. In short, the gambling industry could contribute to a country's economy and help it improve. Why do other countries ban gambling, aside from religious reasons?

You are right with what you said because I think gambling is mostly restricted on those top 3 countries. I think the only type of gambling allowed on them is sweepstake-based. Gambling is a huge industry because it was the operators are mostly the ones who ends up as a winner. Stats didn't lie and as we can see those top 3 countries are already well-developed. It's not easy as it sounds but maybe they also have a well-disciplined government that aren't corrupt.

On to your question, the other answer is obviously because the amount of people that are getting addicted is already high. Some governments do also care about them and not just the income that they can get towards gambling.

Z390

sr. member

Activity: 812

Merit: 315

Vave.com - Crypto Casino

I knew it! Grin

no wonder the government of my country allow casinos even when there are news of people committing suicide around the states due to debt from.gambling, there was never a single step to reduce the addict of gambling in people, it's sad that the government that was meant to protect his citizens are not showing any concerns.

People says that decentralization can't be friendly to centralized entities, I think they need to rethink again, because the only thing slowling this down is because the government are not making money from crypto, if all projects in crypto space have to pay a certain amount of money to function as a crypto project, there will be no ban on crypto at all.

This is why I used to say that the government are mad that crypto isn't from them, imagine if they are the builders of all crypto projects, they will be able to manipulate people and make large amount of money from them, millions and billions of dollars are flowing into crypto market and they aren't a part of it, they definitely not going to like this.

Pierre 2

legendary

Activity: 2436

Merit: 1366

Its sad that physical casinos are still banned in my country but there is online sports betting monopoly that you can bet and there is another private business that is running different gambling games. To be honest I believe gambling can be one of the most profitable businesses in many developing countries. That's why I always support gambling to be completely open to private businesses with very high competition. Gambling is definitely helping economy.

madnessteat

legendary

Activity: 2464

Merit: 2377

Quote from: bittraffic on October 19, 2023, 11:02:22 AM

Quote from: madnessteat on October 19, 2023, 10:01:26 AM

Quote from: robelneo on October 11, 2023, 04:23:18 PM

~snip~

In the country I live in there is a very high percentage of gamblers who play on foreign online gambling sites, because it is officially allowed to play only in a few specially designated areas for gambling. Many people do not make sense to lose a day or two to get to a land-based casino located in one of these territories, so a lot of money goes past the tax system of the country. I believe that this is a shortcoming of our authorities.

The government missed so much money that is leaving without them profiting from it. Most countries however have their own sponsored lottery game where the locals can buy tickets in different stores. If this lottery contributes a large percentage to the economy, the more the country could get if they allow online operators.

The catch however is that more of its citizens will be hooked into gambling. Bad enough with the terrible stories about housewives who are just addicted to social media. If housewives get hooked on casinos, its the end of it many will be divorced.

Many peoples of the world have been gambling since ancient times and it hasn't stopped society from coming to where we are. Why exactly now all housewives will suddenly start gambling? They have always had the opportunity to gamble. Online casinos didn't appear yesterday or even a couple of years ago, and before the advent of the internet, you could play card games with almost any neighbor, because no one could ever enforce a ban on gambling where law enforcement couldn't get in. You can't just ban something that is in the blood of many nations.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

I don't know much about this. There may be tax revenue coming into the country but we don't know how much. But the country does need to provide jobs to its citizens and try to increase income from other sectors and they may need to examine various sectors that are thought to provide more income.

But the government must also pay attention to possible leaks in tax revenues, so they need to monitor it well. They should have officers who can monitor the distribution of tax revenues to the proper places.

btc_angela

hero member

Activity: 2660

Merit: 551

Quote from: Darker45 on October 19, 2023, 08:32:53 PM

I cannot find the latest data as to what percentage of my country's GDP is contributed by the gambling industry, but old figures show that it is significant. It's probably just a single digit in 2022, considering that the country had just resumed most gambling operations after the pandemic. In 2016, however, the gambling industry had contributed almost 10% to the country's GDP. That's a considerable amount.

What's interesting, though, is that illegal gambling is probably much bigger than legal gambling. So we can just imagine how huge it is.

Isn't it ironic though, there are countries that have legalized gambling or at least they have casinos around to play or maybe even lottery station to bet. However, there are still a lot of illegal gambling, and it could also be billions involved in there.

And then we have corrupt politicians and police to protect that illegal gambling den. So it's deeply rooted to every society that this kind of illegal gambling cannot be stop because along the way there are individuals who get protection and in turn they made a lot of money and become powerful personalities in that country.

But still though, I think the numbers are not lying that legalized gambling has a huge impact to a country, not just in the GDP, but it can also give jobs to it's young population.

Darker45

legendary

Activity: 2576

Merit: 1860

I cannot find the latest data as to what percentage of my country's GDP is contributed by the gambling industry, but old figures show that it is significant. It's probably just a single digit in 2022, considering that the country had just resumed most gambling operations after the pandemic. In 2016, however, the gambling industry had contributed almost 10% to the country's GDP. That's a considerable amount.

What's interesting, though, is that illegal gambling is probably much bigger than legal gambling. So we can just imagine how huge it is.

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

Quote from: coin-investor on October 19, 2023, 07:11:47 AM

Quote from: Hispo on October 13, 2023, 11:57:33 AM

My country is quite a very interesting example of how things can go wrong with the gambling market when politics get involved.
We used to have fairly established casino industry in resorts and cities where people liked to spend their vacations in, but all of it changed when the socialist party arrived and held onto power. They assumed gambling was completely contrary to the ideology they wanted to implant in the population, so they used their power to pass laws which would limit the establishment of casinos and even closed down many of them.

Because of it, the contribution for my country from such industry is mostly null.
It is one of the few cases I have seen gambling and politics to directly involve one against the other.

It's very different for us here in our country, our politicians fully support the casino industry, because it is attached to our tourism industry, and since our country run our casino industry here they encourage the proliferation of business associated with casinos because it creates jobs, and taxes for the government.

Some countries restrict or even ban casinos, they fail to realize that there are revenues in casino industries while minimizing the exposure of their citizen, in the case of Macau they restrict their people and only allow tourists to play in casinos in their countries and they benefit a lot from this.

Well, in the case of my country, the former ruling president did not think about casinos or gambling like that, he was quite closed-minded in the use of casinos to attract tourists or as a way to collect tax money.
He did not thought there could be a reliable way to exclude his own citizens from gambling, while encouraging citizens from all around the world to spend money at casinos, because since the beginning, we have not been a quite attractive touristic destination in many years, in part because the same policies of that same president.

It is a contradiction if you ask me, a politician who talks about freedom and social security of their citizens, but at the same time is unwilling to use the means necessary to get that money he knows the governments needs to keep people happy and the system working.

alastantiger

sr. member

Activity: 728

Merit: 444

Quote from: robelneo on October 11, 2023, 04:23:18 PM

How about in your country does the casino industry contribute to your economy in terms of revenue coming from taxes, job generation, and establishment of companies that revolve around the gambling industry? do you think that your country should expand and encourage new stakeholders in the casino industry to increase revenue and employment?

In my country the casino industry does not contribute to the Economy of the Nation what actually contribute to the economy in terms of revenue is the sports bookies and they are scattered everywhere all over the country. And as a country with teeming youths who are are more conscious of gambling, we can expect that as more of them gamble , revenue is generated because of the sheer number of people involved in sports betting.

Saisher

full member

Activity: 2324

Merit: 175

Quote from: robelneo on October 11, 2023, 04:23:18 PM

How about in your country does the casino industry contribute to your economy in terms of revenue coming from taxes, job generation, and establishment of companies that revolve around the gambling industry? do you think that your country should expand and encourage new stakeholders in the casino industry to increase revenue and employment?

Yes, it is, the tourism, hotel, entertainment, and food industries are attached to the casino industry we have a lot of casinos in our country, and not only a source of income for the government but job generation as well, because it is being managed by the government, they controlled everything and they can build more businesses and industries to revolve around the casino.

All of the casinos in our country are in big hotels so it become a one-stop place for tourists, I can say we are one of the countries where we benefit from casino operations, some say it's evil but it's a blessing and income generation for our country.

lionheart78

legendary

Activity: 2982

Merit: 1153

Quote from: robelneo on October 11, 2023, 04:23:18 PM

How about in your country does the casino industry contribute to your economy in terms of revenue coming from taxes, job generation, and establishment of companies that revolve around the gambling industry? do you think that your country should expand and encourage new stakeholders in the casino industry to increase revenue and employment?

According to online data, the gambling industry contributes 1% of the gross domestic product.[1] With the growth of Casino industry in the Philipppines, it contributes to revenue through tax, it also give jobs since more estabishment is being built and since there is growth in the gambling industry in the country, more and more investors are diving into the industry.

The Philippines should not let one institution monopolize the gambling industry. They should implement just regulation and avoid extra charges so that new investors will see the venture profitable on their side thus investing to built more casino infrastructure that can lead to more jobs and revenue.

[1] https://theguidon.com/1112/main/2023/01/gambling-with-the-economy/

goinmerry

legendary

Activity: 2940

Merit: 1083

Quote from: robelneo on October 11, 2023, 04:23:18 PM

How about in your country does the casino industry contribute to your economy in terms of revenue coming from taxes, job generation, and establishment of companies that revolve around the gambling industry? do you think that your country should expand and encourage new stakeholders in the casino industry to increase revenue and employment?

As a legal establishment and business, especially in a gambling-friendly country, expect that casinos are one of the industries that are high contributors to taxes and revenues of a certain country. The gambling industry also helps reduce the unemployment rate, especially those large casinos. I think there's no need for a country to encourage new stakeholders to invest in the casinos as businessmen around the world already know the potential and how large the gambling industry is especially today.

These big people are already in action involving in big casinos, especially in a gambling-friendly country such as here in our country.

Here in the country, there are lots of big casinos in the capital. Not as big as the famous Vegas or Macau scene but we will get there in the future.

bittraffic

hero member

Activity: 3038

Merit: 617

Quote from: Oilacris on October 19, 2023, 11:55:10 AM

Quote from: bittraffic on October 19, 2023, 11:02:22 AM

Quote from: madnessteat on October 19, 2023, 10:01:26 AM

Quote from: robelneo on October 11, 2023, 04:23:18 PM

~snip~

In the country I live in there is a very high percentage of gamblers who play on foreign online gambling sites, because it is officially allowed to play only in a few specially designated areas for gambling. Many people do not make sense to lose a day or two to get to a land-based casino located in one of these territories, so a lot of money goes past the tax system of the country. I believe that this is a shortcoming of our authorities.

The government missed so much money that is leaving without them profiting from it. Most countries however have their own sponsored lottery game where the locals can buy tickets in different stores. If this lottery contributes a large percentage to the economy, the more the country could get if they allow online operators.

The catch however is that more of its citizens will be hooked into gambling. Bad enough with the terrible stories about housewives who are just addicted to social media. If housewives get hooked on casinos, its the end of it many will be divorced.

Government wouldnt really be that so dumb that they wont really be putting up control out of these things despite of benefiting huge when it comes to taxes but they shouldnt really be putting up risks
for its citizens to be that addicted on which it would really be that potentially be a huge risks or problem that they would really be able to encounter which it would really be a huge toll despite of those benefits and this is why it would really be just that right that they should really be doing things in controlled manner. This is why we do see some places or countries on which it do really puts up emphasis on gambling but still able to have that kind of control when it comes to extreme addiction into its citizens whereas there are places on which totally bans gambling due to that kind of potential risks
that it could really be applied into their vicinity on which this is something that they dont really like. As for % here in our country then it is really that totally banned or not allowed.

What the government do before everyone is hooked to casinos online is to ban advertising of the casinos. Even today it's all banned in different countries, and casinos are only exposed to people who follow some influencers who also promote these casinos.

Despite that, a lot are still driven to try playing and casinos are making money and the government collects tax. There are still benefits in regulating casinos and allowing them to operate, when it gets tougher and the government really needs money, they won't mind the risk and can soften the regulation.

Odusko

hero member

Activity: 1106

Merit: 526

Leading Crypto Sports Betting & Casino Platform

Quote from: Oshosondy on October 11, 2023, 04:30:48 PM

My country is one of the most populous in the world and there are many gambling companies with millions of users that are making money from their users. Gambling is regulated most in the way to favour the governments in tax generation. If there are many gambling companies in a country and people are using them, the government in the country will generate more internal revenue from gambling, while some will provide gambling service to people outside the country as additional way for the government to make more money.

The US case is different since their have gambling regulations and at some point only license casinos are allow to operate with the US and also almost all the gamblers in the US have to go through KYC to be able to access and gamble, this that the Us have done have helped them to achieve two significant thing in the state.
Which are, the US through the regulation have helped to minimize the incident of under age gambling, and also helped them to properly put in place mechanism for taxation both from the casino and the user respectfully.
This is not same with many other countries even with higher populations the still can not formulate gambling regulations and policies to checkmate gamblers' activities or even generate revenue through gambling, so there is a whole lot of differences between them.

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: bittraffic on October 19, 2023, 11:02:22 AM

Quote from: madnessteat on October 19, 2023, 10:01:26 AM

Quote from: robelneo on October 11, 2023, 04:23:18 PM

~snip~

In the country I live in there is a very high percentage of gamblers who play on foreign online gambling sites, because it is officially allowed to play only in a few specially designated areas for gambling. Many people do not make sense to lose a day or two to get to a land-based casino located in one of these territories, so a lot of money goes past the tax system of the country. I believe that this is a shortcoming of our authorities.

The government missed so much money that is leaving without them profiting from it. Most countries however have their own sponsored lottery game where the locals can buy tickets in different stores. If this lottery contributes a large percentage to the economy, the more the country could get if they allow online operators.

The catch however is that more of its citizens will be hooked into gambling. Bad enough with the terrible stories about housewives who are just addicted to social media. If housewives get hooked on casinos, its the end of it many will be divorced.

Government wouldnt really be that so dumb that they wont really be putting up control out of these things despite of benefiting huge when it comes to taxes but they shouldnt really be putting up risks
for its citizens to be that addicted on which it would really be that potentially be a huge risks or problem that they would really be able to encounter which it would really be a huge toll despite of those benefits and this is why it would really be just that right that they should really be doing things in controlled manner. This is why we do see some places or countries on which it do really puts up emphasis on gambling but still able to have that kind of control when it comes to extreme addiction into its citizens whereas there are places on which totally bans gambling due to that kind of potential risks
that it could really be applied into their vicinity on which this is something that they dont really like. As for % here in our country then it is really that totally banned or not allowed.

Coin_trader

copper member

Activity: 2800

Merit: 1179

Leading Crypto Sports Betting & Casino Platform

Quote from: Russlenat on October 19, 2023, 07:40:49 AM

Now, speaking of casinos, we have the POGO (Philippine Offshore Gaming Operators). These are often operated by Chinese businessmen who come to the Philippines to run their businesses. The government benefits from the tax income generated by this operation. However, there are restrictions on citizens gambling in these establishments, which are primarily intended for tourists or high rollers within the country.

To be fair, Most of the casino in the Philippines is owned by foreign investors while they only hire Filipino citizen to front due to the Philippines law for foreign ownership of businesses here. POGO alone contributes approximately 1% of the Philippines GDP which is really insane that’s why I understand the special treatment given by the government on this sector despite it was owned by foreign investors yet many politicians still criticize this special treatment despite they are the one who benefits the most on tax money. Cheesy

Quote from: Russlenat on October 19, 2023, 07:40:49 AM

By limiting access to the casinos, the government can increase tax revenue while also ensuring that the financial status of the average person isn't negatively impacted. Unlike traditional casinos, which are open to everyone, including those with limited means, this approach aims to reduce the temptation to gamble excessively. Effective control and policy implementation are crucial to ensure that the gambling industry has a positive impact on the overall economy.

Agreed on this. Besides POGO is only for high rollers so I really doubt that a typical Filipino can play in there while there’s a lot of IRL casino available like city of dreams and okada. I believe the main reason why POGO is restricted to citizen is because foreign money in there often involved to money laundering which the government trying to control or hide. This Chinese businessman obviously scared to their shit in China since they have harsh law compared to our country that pro foreigners.

bittraffic

hero member

Activity: 3038

Merit: 617

Quote from: madnessteat on October 19, 2023, 10:01:26 AM

Quote from: robelneo on October 11, 2023, 04:23:18 PM

~snip~

In the country I live in there is a very high percentage of gamblers who play on foreign online gambling sites, because it is officially allowed to play only in a few specially designated areas for gambling. Many people do not make sense to lose a day or two to get to a land-based casino located in one of these territories, so a lot of money goes past the tax system of the country. I believe that this is a shortcoming of our authorities.

The government missed so much money that is leaving without them profiting from it. Most countries however have their own sponsored lottery game where the locals can buy tickets in different stores. If this lottery contributes a large percentage to the economy, the more the country could get if they allow online operators.

The catch however is that more of its citizens will be hooked into gambling. Bad enough with the terrible stories about housewives who are just addicted to social media. If housewives get hooked on casinos, its the end of it many will be divorced.

madnessteat

legendary

Activity: 2464

Merit: 2377

Quote from: robelneo on October 11, 2023, 04:23:18 PM

~snip~

In the country I live in there is a very high percentage of gamblers who play on foreign online gambling sites, because it is officially allowed to play only in a few specially designated areas for gambling. Many people do not make sense to lose a day or two to get to a land-based casino located in one of these territories, so a lot of money goes past the tax system of the country. I believe that this is a shortcoming of our authorities.

danherbias07

legendary

Activity: 3346

Merit: 1134

Leading Crypto Sports Betting & Casino Platform

I think I've already told the story here near my place in other threads but I will repeat it just for other readers who will visit this thread or in case the other one is buried somewhere.

A cockpit was recently built here in our place, like 6 months ago. Then when they saw many players and gamblers coming because of the heavy traffic that it caused, they also worked out a parking space where car owners would also pay 20 pesos ($0.4) for their 1-hour stay. The parking space itself will accumulate a lot of money, what more with the gambling den, the cockpit.
I heard stories/facts from the gamblers who visit the area, my neighbors to be precise. They say you bet for one an odd of 1.80 for one rooster you only get 1.60 if it wins. They are automatically taking the interest out of the winnings and no one can do anything about it because everything is computerized.

Now, our city is upgrading, street lights, we felt it, paved and widened road, new city hall, and more. I am actually waiting for the next big thing, like a school, a big one that would surprise us all.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: robelneo on October 11, 2023, 04:23:18 PM

How about in your country does the casino industry contribute to your economy in terms of revenue coming from taxes, job generation, and establishment of companies that revolve around the gambling industry? do you think that your country should expand and encourage new stakeholders in the casino industry to increase revenue and employment?

The most recent research or survey by a reputable organization that I could get is in 2018 by PricewaterhouseCoopers International Limited[ (PwC). And it showed that my country earned a Gross Gaming Revenue of $58 million in 2018. This revenue can increase if waste and corruption are reduced. Statistics on the percentage of people employed by the gambling sector of my country are sketchy. But through personal observation, I can attest that many citizens especially the youths are employed by mainly sporting bet companies. The gambling sector is one of the biggest contributors to finance and employment in my country.

Topic: The Casino Industry's Contribution On Your Country By Percentage (Read 270 times)