How gambling shapes the global business landscape
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There is a lot more to the gambling industry than meets the eye, in terms of the global business landscape
Gambling can be considered not only a fun hobby but also an industry that has generated a lot of much-needed revenues for governments. Gambling helps fund a variety of social necessities like education, health, and infrastructure. Some of the world’s most popular tourist destinations like Las Vegas and Macau wouldn’t exist without gambling.
The gambling industry provides a lot of jobs. In the United States, the gambling industry is worth an estimated $261 billion and it employs about 1.8 million people including those who work at land-based casino resorts. Sports betting alone employs about 46,000 people in the United Kingdom between the land-based shops and the top online bookmakers, and the popularity of gambling continues to rise, as nowadays you don’t need much money for it: there are £5 deposit betting sites or online casinos with even smaller deposit requirements.
However, we must also consider that gambling has a huge impact on other sectors that you may not even associate with gambling.
Software Engineers
If you played at online casinos back in the late 1990s, then you may recall that your gaming options were very limited. Those early sites didn’t offer a lot beyond a few slots and some table games. This has a lot to do with the fact that there were only a handful of software companies like Microgaming and NetEnt making casino games and sports betting platforms.
These days, top online casinos offer hundreds or even thousands of games from dozens of innovative software companies. If you have ever placed an online sports bet, then you can thank a software provider for building the platform that allows you to do it. Without these talented creators, we wouldn’t have any online casino games to play.
Regulators and Enforcement
Someone has to keep gambling operators honest. And those folks are gambling regulators. The United Kingdom Gambling Commission has about 250 employees on its payroll which doesn’t seem like a lot. Nor does the 150ish workers at the MGA.
However, the number of people in this sector becomes far more significant when you consider how many gambling jurisdictions and governments have their own regulators. Let’s not forget about entities like law enforcement that are tasked with combating gambling in regions that prohibit it.
Content Providers and Affiliates
If you conduct a quick internet search of a given online casino, you will inevitably be inundated with expert reviews, betting guides, and all sorts of other interesting gambling resources. Well, somebody had to put all of that stuff out there. Top affiliates can make hefty chunks of cash by promoting gambling sites. In a lot of cases, those affiliates employ countless people like freelance writers, SEO specialists, and marketing professionals.
Payment Providers
Payment providers make a killing off of the gambling industry. This is especially true for the most popular companies like Visa, Mastercard, and PayPal. These three payment services alone combine to employ about 100,000 workers who facilitate billions of dollars in gambling transactions every year. In turn, these companies earn billions in profits. While these workers process a lot more than gambling transactions,
The Rich and Famous
Some of the most popular online slots include Guns N’ Roses, Narcos, and The Dark Knight. Of course, using a name brand along with images of famous people or characters involves special licenses and royalties. While it isn’t always the case, the celebrities depicted in these branded games usually end up receiving a cut as do other stakeholders.
In Closing
As you can see, there is a lot more to the gambling industry than meets the eye in terms of the global business landscape. And while gambling will likely always be a contentious issue, it will also continue to benefit modern society in a variety of ways.
