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Pros and Cons of online casinos and their effects on the economy

10 November 2017, 14:33 CET

Let's take a few moments to talk about the pros and the cons of online casinos, and then we'll go over some of the effects that they have on the economy in a broad and general sense. Naturally, the impact won't be the same everywhere around the world, but there are some common traits worldwide.

Casinos, in one form or another, have been around forever. Whether it's two cavemen seeing who can throw a rock further, or a back alley back of dice during the depression, it's an ingrained part of our culture. Even diligent things like buying insurance can be viewed as a form of responsible gambling. Gambling is not a new concept at all, however being able to do it remotely, from the palm of your hand using a variety of websites and apps, has its own set of upsides and downsides. You can use your cellphone to communicate with friends and family the world over, to check sports scores, to pay your bills, and of course – to place some wagers, too.

Slot machine

The Impact on the Economy

Online casinos can be a big boost to economies around the world. Las Vegas is known as one of the gambling capitals of the world, but before we had online casinos, it was a lot harder to place bets unless you were actually there in person. Sure, there was phone betting and race tracks where you could bet in person on races taking place around the world, but it's never been as accessible as it is now. With casino websites and apps, you can play all the big casino games from anywhere in the world.

Gaming sites are often run by casinos themselves, so depending on where they're located, they're still going to bring in a lot of revenue and taxes, which can have a positive impact on the local economy. Despite that, there can be downsides as well, in particular for people who have issues with gambling. Let's go over some of the pros and cons right now:

Pros

Casino sites provide an avenue for local governments to make a lot of money off of tax revenue. Since the majority of gaming isn't limited to locals, it's possible to have players from all around the world, which means the casino can earn a lot more money online than at a physical location, and that, in turn, results in more tax revenue. There's a limited amount of people who can be playing in a casino at any time, but when it's digital, the sky is the limit.

Besides just the casino earning more money and paying more taxes, there are other advantages to the economy too.

For example, a variety of other industries that are impacted by this. Individuals can become affiliates and earn revenue by promoting casino sites which makes many web-savvy people want to learn more on online casino affiliates, and of course there's a lot of job opportunities for customer support staff, programmers, content producers, and even dealers for live online games.

Cons

If someone has a problem with gambling, it can be amplified by the ease and convenience of playing right from their phone or desktop computer. There are steps one can take to help avoid a bad situation. Gaming sites will usually have options where you can set limits, and it's always a good idea to do that, just to make sure things don't get out of hand.

You'll miss out on the atmosphere of a brick & mortar casino. For some people that's a pro, for others it's a con because they enjoy the night out and the experience, not just the gaming. Seeing a show, having a few drinks, socializing, it's mostly lost when you play online.

It's not the same as the real, live experience, but online gaming sites have become a massive industry in recent years, but they are not legal everywhere. These sites will often flock to have their headquarters in locations around the world that are the most friendly to online gaming, and in some places they're completely outlawed.

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