We can all agree that gambling is one of the most widespread sorts of entertainment. With that in mind, nobody should be surprised that many governments from all over the globe have decided to use this industry as an efficient way for them to raise revenue. By doing so, governments have a chance to finance a wide array of different branches that require additional finances.
For instance, taking higher taxes from the gambling industry offers a chance for the government to finance education, and infrastructure, and even help with creating additional workplaces. Naturally, the ways this additional money can be invested in nothing short of exceptional. When you understand just how much money is generated by the industry, it becomes clear why this is the case.
For that reason, the governments have created legislation that helps with regulating this field. A good example of successful legislation is the one we have in Australia. As you probably know, Australians love to gamble, and if you want to learn more about their habits, then you should visit casinohub.com.
Today, we want to provide you with the impacts of the gambling industry on the country’s economy.
Australians Gamble, A Lot
The first thing we want to point out is that Australians are gambling a lot on an annual level. If you take a look at some reports, you will see that Australians lose around A$25 billion every year on both online and brick-and-mortar casinos. If you compare them to some other countries, you will see that they are one of the heaviest gamblers in the world per capita.
The most interesting thing is that this amount is higher than in some countries and regions where gambling is quite an important thing for the local economy, like Singapore or Hong Kong. The legislation regarding the gambling industry is not a new thing in Australia, and you can trace its origins to the early 1980s. So, you can see that this habit was quite widespread back then.
We’ve mentioned that the losses per capita in Australia surpass A$1292, which is quite high. Most people in the world who gamble choose to bet only smaller amounts of money. With that in mind, it would be quite a mistake not to introduce a tax on these figures and reap some benefits both for the government and the population of a certain country.
The Evolution of the Local Industry
In 2015, which was the first major year for the Australian online department of the gambling industry. You will see that this was the first time when a vast amount of money was gathered through taxes. At that time, the online aspect represented around 25% of the total amount.
Naturally, as people tend to opt for online casinos rather than brick-and-mortar ones later, this percentage has increased significantly. In 2022, the percentage has skyrocketed to new heights and it now represents roughly 80% of the income for the industry.
Not only that the number of players has risen during the last couple of years, but we can also see that the regulation has become much more detailed, which made it much more efficient. Plus, we can see that the taxable percentage has increased as well. All this will help the government to be more efficient in the future.
COVID-19 and Gambling
Another thing we believe it is interested to mention when it comes to Australia and its gambling industry is the period of COVID-19. We can see that this was the time were a lot of new online casinos started to emerge. If you take a look at the local surveys, you will see that this number is around was around 100, which is nothing short of exceptional.
The reason why this happens is quite obvious since people spent all their time in their homes, both work and free time. It was probably the only sector that didn’t experience any hardships during this period. People stayed at their homes, they had more time to spend on activities they prefer, and it’s no surprise gambling was one of the major ones.
On the other hand, we can see that the real casinos needed to be closed for them to comply with the regulations introduced as a result of the pandemic. Therefore, the focus shifted from these to a high number of online casinos. The government needed to make the regulation much more clear on these aspects, and help itself reap more benefits in the future, which will ensure growth.
What are the Pros and Cons?
As with any other occurrence out there, the gambling industry has its downsides in Australia. Naturally, the first thing is that a certain number of gamblers spend too much time and money on these sites. As you know, it can hurt an individual’s well-being and behavior as well.
When it comes to the benefits, we would like to say that they are numerous. For instance, we can see that the amount of money the government can gather as a result of this action is enormous, and it is useful in a wide array of different fields out there. When it comes to individual benefits, it is quite clear that players can enjoy practically all their favorite games.
In Australia, the most popular casino game is slot machines. They are so popular here that they even got a nickname. They are frequently addressed as pokies, and you will see that people rather use that nickname than slot machines. With that in mind, you will see why so many people are interested in undertaking this activity in the first place.
Understanding the impact of the gambling industry on the Australian economy is quite easy. However, it is important to take a look at a couple of studies before you can draw some conclusions. Here, we’ve provided you with the key takeaways from several of these. We are certain you will find this insight to be quite helpful for you to comprehend the industry much better in the future.