Gambling is a popular activity that many people enjoy all around the world, including in Australia. It can provide players with a unique gaming experience and a decent profit, and it also contributes to the Australian economy in many ways.

Although the number of people engaging in gambling in Australia, both land-based and online, is constantly increasing, authorities seem unsure about how gambling affects the economy. In this article, we will reveal 10 reasons why gambling is good for the Australian economy.

Increase in Jobs

The first reason why gambling is good for the economy is that it opens the door to new job opportunities. Land-based facilities and online casinos need personnel to run smoothly, requiring people with specific knowledge and characteristics. In many cases, people who work in online casinos earn more money than those at land-based facilities, as online casinos require a good marketing and management team and skilled web developers. In contrast, at land-based casinos, those at the top and the dealers tend to make the most money. Nevertheless, jobs that pay less are still important for the economy, and the more job opportunities there are, the better the financial sector of the country.

Collecting Taxes

Land-based and online casino for real money in Australia, like any business, must pay taxes. These facilities typically pay more taxes than most other businesses. All Australian betting operators must pay a 15% tax if their revenue exceeds A$150,000 per year, and most gambling facilities in the country exceed this minimum requirement. While land-based facilities provide more tax revenue than online casinos because of their additional expenses, including taxes, both types of establishments pay significant amounts of tax revenue yearly. Furthermore, players who gamble in Australia don’t need to pay taxes on their winnings, as the government doesn’t consider them income but rather pure luck.

The Worth of the Online Gambling Industry

The online gambling industry has been growing for several years and is set to become even bigger in the future. In 2022, the online gambling market was worth A$96.4 billion, a substantial sum. Online gambling in Australia alone reached an estimated A$6.8 billion in 2022, and experts believe this industry will continue to grow, leading to much larger revenue and a larger economy in the country.

Mobile Optimization and Casino Apps Influence

The mobile optimization of online gambling sites and the appearance of online pokies apps have made the industry even bigger. Gambling from a mobile device is more convenient than gambling from a PC, and players can enjoy Australian mobile pokies at any time and place, as long as they have a stable internet connection. This has led to punters engaging in online gambling more frequently, which increases casino revenue, and operators pay taxes on their revenue, with the larger the income resulting in a higher tax. Mobile gambling is almost certainly the future of online gambling since smartphones are the most used electronic devices in the world.

Control the Black Economy

Gambling in Australia is legal, which helps control the black economy. If gambling were illegal, people would find other ways to test their luck for an income. This would mean that the country would not collect any tax revenue, and gambling activities would still be present. Thanks to the Interactive Gambling Act 2001, all these issues are minimized. The fines for illegal gambling in the country go up to A$14,375 or 6 months in prison, and no casino operator or punter wants to risk paying a large fine when they can gamble legally.

Punters Can Generate an Income

This leaves more money for the punters to spend on whatever they like. They can use their winnings to buy various things, which increases revenue in different industries. Local businesses usually benefit the most from this situation, and small businesses are the backbone of the economy.

Online Gambling Increases the Worth of Other Industries

The rise of online gambling has also led to the growth of other industries. To create and maintain an online casino, personnel from different markets are required. Web developers are needed to create and maintain the platform, marketing teams promote the casino, and collaboration with software providers is essential to fill the game library. Additionally, an office is needed, and it must be furnished with interiors, computers, and other devices. All of these things contribute to different markets in the economy.

Development of Virtual Reality Entertainment

Online pokies in Australia are not the only option offered by online gambling platforms. They also offer all sorts of casino games, including live casino games. Recently, VR gaming has become a new option in the iGaming industry. This is still a new type of gambling that will undoubtedly evolve in the future. However, since it entered the online gaming industry, it will definitely help this technology rise. Many casinos are looking for new and innovative ways of gaming to satisfy players. This pushes the development of VR entertainment and with that, the rise of a new industry.

Generating Money From Gaming Licenses

Every entity that operates in the Australian gambling industry must obtain a gaming license. This includes online casinos, betting sites, game developers, and pokies apps, all of which must fulfill certain requirements and follow the regulator’s strict rules. Every operator must also pay a fee that depends on the license type. For instance, land-based casinos must pay a license fee of A$276,300 per quarter period in advance. On the other hand, site licensing costs up to A$7,310, and the licensing period is indefinite. It’s worth noting that these fees only apply to the Queensland territory, and each state has its own fees.

Growth in the eSports Industry

Finally, the eSports industry has also been on the rise in recent years. The super entertaining gaming events that take place in eSports found their way into online betting sites, and more punters started learning about these events. eSports betting opened doors for many people who want to engage in this type of gaming, and many fans of this new sport started placing bets on their favorite eSports events. This shows us that both the eSports and betting industries are rising together, which has a significant impact on the Australian economy.

Conclusion

Many people ask whether gambling is good for the economy, and the answer isn’t very complicated. If the industry is regulated properly, it can provide a significant income for the country’s budget. The gambling industry creates many jobs and collects a lot of money from taxes and licensing. The Australian online gambling market alone is worth A$6.8 billion, and it’s still on the rise. While gambling may be a pastime activity for some, it’s a significant industry for the country that drastically increases the budget.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes