The Rise of Online Gambling
The online gambling industry has been exponentially growing in recent years, with its ultimate beneficiary being the economy. The advent of technology that enhances user experience, especially for mobile devices, has contributed significantly to this growth. The ability to gamble from the privacy of one’s home has also fuelled this growth. A report by Research&Markets estimates that the global online gambling market will be worth USD 94.98 billion by 2024, registering a 9.9% CAGR from 2019 to 2024.
Boosting the Economy
The Australian economy has not been left behind in this trend, benefiting significantly from the growth of online gambling. Online gambling has contributed to a steady increase in the Gross Domestic Product (GDP) over the years, which has created job opportunities, boosted consumer confidence, and stimulated the growth of other sectors of the economy.
Increased Revenue to the Government
One of the most significant contributors to the growth of the Australian economy from online gambling is the increased revenue it generates for the government. The Australian government has been strict on tax collection from online gambling, resulting in significant boosts in government revenue. According to the Australian Wagering Council, the Betting and Wagering Industry in 2017 generated over $6.5 billion in revenue, thereby contributing significantly to the country’s economy. This revenue is then used for various developmental projects such as infrastructure and healthcare sectors of the economy.
Increased Job Opportunities
The growth of the online gambling industry has contributed significantly to the creation of job opportunities across Australia. From technical support to customer service, software development, and marketing, online gambling companies require a diverse pool of individuals gifted in various areas. The employment opportunities created by the online gambling sector are significant given that the industry’s growth is expected to be sustained over the next few years.
Stimulating Other Industries
The growth of online gambling has been observed to stimulate other industries in Australia by creating demand for their products and services. For instance, online gambling has frequently led to the growth of software development companies, telecommunication companies, and even the hospitality sector, which is attracted to hosting betting events.
Affordable Entertainment for Australians
Online gambling provides affordable entertainment that is budget-friendly and accessible to millions of Australians, unlike the vast onsite casinos that remain exclusive to a limited number of individuals. The low capital requirement attached to online gambling has also made it an investment opportunity for many Australians who would not have the means to invest in conventional brick-and-mortar businesses otherwise. Young Australians, in particular, have been able to diversify their skills while benefiting from the growth of the online gambling sector. Enhance your reading experience and broaden your understanding of the subject with this handpicked external material for you. Check out this in-depth document, reveal fresh insights and supplementary details!
Conclusion
The growth of the online gambling sector is one of the most striking trends observed in the gaming and gambling industry in recent years. The Australian economy has benefited significantly from this growth in various ways, including increased revenue for the government, job opportunities, and growth stimulation in other industries. In conclusion, it is clear that the rise of online gambling has created a significant economic boost in Australia and is set to continue to do so in the foreseeable future.
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