preview

Gambling Industry Essay

Good Essays
What is the attraction of the gambling industry?
The gambling industry is an attractive mechanism which attracts a lot of excitement and glamour. This brings many visitors with it from all over the world. Las Vegas is a good example, almost nobody goes to Las Vegas without having thrown one coin in a fruit machine or did not sit once at a poker table. Las Vegas is the biggest real estate bubble in history. This is the place where an average of 38 million people come and throw the dice each year. This glamorous and exciting city does not attract that many visitors by chance. No, the gambling city makes use of various feelings, brain tricks and offers to take advantage of their visitors. The industry makes use of lots of lighting and action,
…show more content…
The economic benefits of gambling include an increase in tax revenues, increased employment, higher wages and payments to capital, and increased economic growth. However, gambling also causes some obstacles. The crime rate rises, the prosperity of the human being can be influenced in a negative way and the gambling industries cannibalize other non-gambling industries within the state. The results of studies have found that the recent gambling increase shows a short-term positive impact on the economic growth. However, after a longer period of time, the stimulus effect dies out. The increase of casinos, amusement arcades and lotteries show an increase in the demand on the labour market. The fact that the stimulus effect eventually dies can be explained by indirect competition of other gambling industries within the state or through direct competition of online gambling institutes. Online gambling becomes bigger and bigger these days and is an increasing problem for casinos. Furthermore, gambling brings a certain increase in the overall state tax revenues. The casinos need to pay tax to the government over the humungous incomes they have. However, the gambling industry needs to be careful with what they do. Studies have found that certain gambling types have good or bad relations with another gambling types. This means that if a state currently has a casino and wants to increase their tax revenues. It may wish a horse racing track and not a dog racing track (Table 2
Get Access