Employment of People In The Casinos And Sports Betting SitesAugust 29, 2019 John Isaac
The gambling industry in the USA is worth $261 billion, according to the American Gaming Association. Gambling has an impact on the economy of the United States of America. Through gambling, the states that have legalized gambling g can benefit from the creation of jobs for the people, revenue from gambling and taxes to the government. Gaming, however, harms the economy like a waste of time by youths in visiting casinos.
Gambling in the USA has led to the creation of jobs to people in the casinos as assistants and some in the places that offer sports betting as web developers.
The employment of people has assisted in improving the standards of living of these people. Gambling supports 1.8 million jobs in the country according to the gambling employment facts. These employees benefit a total of $74 billion of labor income through wages and salaries. The creation of jobs by the gambling industry has assisted the government in fighting unemployment in the country. The businesses, along with these casinos, also benefit as they supply their products to the people working there and hence, gambling has promoted other companies.
Revenue from Gambling
Gambling also provides income to the states. The USA has been able to make revenue reaching $150 billion per year through gaming. This figure is predicted to increase to $200 billion next year because of the developments in the gambling industry. The states that have legalized gambling in the USA have been in the position to use the revenue generated from gambling in development projects within the state. The various categories of revenue gambling indicate the revenue generated from different gaming options.
Revenue. The revenue government gives diverted to projects such as the development of schools and roads. The public is going to benefit from such projects, and hence gambling is playing to the companies which generate money which play a significant role in bringing development in the states.
The government also gets charges from gambling. These taxes are deducted from the winnings of the individuals in the casinos and betting sites. These winnings are categorized as income and are taxable by the government. The states where gambling is legal to make a total of $40.8 billion from taxes on gambling. The taxation system is however inclined on the wins but does not account for any losses in gambling. For instance, if you win $2000 and lose $500, then you will pay tax on the $1500, but if you earn $500 and lose $2000, then you cannot go and claim the loss of $1500. The taxation on wins only makes the process seems unfair as per the US gambling taxes. These taxes are useful to the government in funding projects.
Waste of Time and Money by Youths
Gambling in the USA has also impacted the economy negatively. The activity is highly addictive to the teenagers who end up spending most of their time in casinos. Some of the teens leave their jobs to spend time in casinos leading to low productivity. The addiction to gambling leads to the use of large sums of money wagering the games of their choice, which at most times they end up losing the money. The time and money that is lost by the youths could be diverted to critical economic projects.
Future of Gambling to The Economy
Development of gambling will impact the economy of the USA positively in the future because of the projected income to be earned from gambling. This activity should, however, be regulated to avoid the impact it has on the youths through their addiction to gambling.