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Online Gambling: Is it Helping Our Economy or Provoking Gambling Disorders?

It is estimated that the gambling industry contributes upwards of around $137.5 billion U.S. dollars annually, with a projected forecast of $511 billion by 2019, according to the online statistic platform, Statistica. However, this is only one portion of the gambling industry. The online gambling segment is forecasted to reach almost $60 billion by 2020 and shows no signs of slowing down anytime soon.

A Little History of Online Gaming

Online gambling sites first appeared in the mid-90’s, with the best sites operating out of Antigua and Barbuda due to the islands’ Free Trade and Processing Act. It was around this time that the internet’s largest software provider, Microgaming, was rising to prominence.

Fast forward to today, and internet users now have access to hundreds of online gambling platforms. From virtual casinos to online poker, and everything in between, this gambling outlet is popular due to its convenience. You can play without ever setting foot outside of the house.

Online Gambling & the Economy

It’s clear that the online gambling segment is bringing in billions of dollars, while providing millions of workers with jobs and casinos with tax credits. When it comes to the employment aspect, online gambling sites require a significant number of workers to not only build but also to run and maintain the platforms efficiently.

As far as taxes go, the American Gaming Association reported that in 2011 the casino industry claimed $25 billion in total revenue and almost $3 billion in taxes. All of the money made by taxing gambling profits has been reinvested back into the economy, which is beneficial at both the state and global level.

But Wait, There’s More

While online gambling may be pumping more money into the economy, legalized online and sports betting in Freehold, NJ, and across our nation may also be enabling more gambling disorders. As we previously mentioned, online gambling is more convenient than ever. Gamblers simply log into their gambling site of choice via desktop, laptop, tablet, or smartphone right from their couch.

Internet gambling in America right now is at an all-time high as it has become more and more popular amongst the teenage demographic and accepted by society.

It’s hard not to notice a correlation between the growing population of people with a gambling disorder and the rise of online gambling. However, politicians are more concerned with boosting the economy.

The question remains: at what cost is online gambling helping our economy?

Leave us a comment and let us know what you think!

The CCGNJ is available 24 hours a day, seven days a week via our hotline 1-800-GAMBLER. If you or a loved one is suffering from a problem with sports betting in Monmouth, NJ, or any other type of gambling disorder, call our free and confidential hotline today.