When it comes to the question is gambling good for the economy, the population of the United Kingdom is very much divided.
There are many people that consider gambling has a negative effect on the economy, because most people that gamble lose money. The money that people spend on gambling could therefore have been spent on other goods, products, or services.
Many people also consider that losing gamblers can also be bad for the social economy, with irresponsible gamblers more likely to have problems with domestic relationships. Be it that arguments caused by the problem of not being able to pay bills, not buying essentials, or getting into debt are possible causes for domestic abuse and divorce.
But for responsible gamblers, most forms of gambling are just ways to blow off a bit of steam and relax, with the added possibility of winning money that could help you live a better life, be it in small ways or in a life-changing way.
Many forms of gambling also have positive effects on the economy, and we’ve shown this in more detail below.
Is Lottery Gambling Good For The Economy?
The National Lottery started in 1994 in the United Kingdom, and it’s now possible to bet on many other big lotteries around the world. While most lottery players lose, they get a decent amount of enjoyment for their money, and they know that they could be the next lottery millionaire.
Companies that run lotteries also make a profit for shareholders, while these companies also employ people that otherwise may be unemployed. These are definitely positives when it comes to the question of whether gambling is good for the economy.
Of course, the proceeds from National Lottery in the United Kingdom have been used to great effect.
The National Lottery in the UK has helped over 500,000 different projects, with approximately 20% going towards grassroots sporting projects that would not have got off the ground without this funding.
20% of National Lottery proceeds also go towards arts projects, while another 20% helps the maintenance of some of the United Kingdom’s heritage sights. The remaining 40% is budgeted for health, education, the environment, and charities. The economy would certainly be worse if this money had to be found from Government budgets.
Just in the year between April 1, 2019 to March 31, 2020, the National Lottery raised £1,835.1 million for National Lottery projects. It also paid £948.6 million to the government in lottery duty to help the UK economy. Meanwhile, retailers earned over £300 million from National Lottery ticket sales, giving the small business economy a boost.
Is Gambling On Sports Good For The Economy?
If you’re not a fan of sports, you probably won’t agree that gambling on sports is good for the economy. But for many, a world without professional sports to watch would be a world not worth living in – and a lot of professional sports are supported by the profits made from people gambling on sports.
While grassroots sports such as junior football and athletics have been bolstered by the proceeds from the National Lottery, some professional sports are partly funded by the revenue from sports betting.
Advertisements for big betting companies can be seen on many professional sports grounds and on a variety of kits, all of which are paid for, helping some clubs stay afloat.
Is Gambling On Horse Racing Good For The Economy?
While there are some people that think horse racing should be banned completely, the first thing to remember about horse racing is it is a massive employer in the United Kingdom and other countries. Horse racing starts with breeders that carefully combine bloodlines in the hope of finding the next wonder horse.
These horses are normally bought by wealthy owners that are keen to invest their own money in a hobby that they love, as not many owners profit from horse racing. But what owners do is pay for their horses to be trained by professional horse racing trainers, who in turn employ a variety of staff such as head lads or head girls, stable staff, vets, and farriers.
There are then horse food suppliers, people who make and repair horseboxes, and that’s before we’ve even got to the racecourse. There are over 50 racecourses in the United Kingdom alone, and these in turn employ catering staff and ground staff. Many racecourses also stage concerts for some of the biggest stars of the music industry so, as you can see, stopping horse racing would have a massive negative effect on the industry.
But horse racing can’t survive without betting, because betting and horse racing simply go hand in hand. The chance to pick a winner is what attracts people to racecourses, so you could say that betting on horse racing keeps thousands of people in employment and helps the economy.
While there’s no argument that bookmakers make £millions from people betting on horse racing, you only need to go through the race cards on any given day to realise just how many races bookmakers sponsor. So, they also do their part to keep this massive boost to the economy going. Of course, bookmakers also employ many people to work online, in their shops, on the course, and at their offices.
You might think that gambling to keep an industry going is a vicious cycle, but it’s a cycle that would be detrimental to the economy if it stopped.
Other Parts Of The Economy That Gambling Helps
There are also many other jobs that are created by people’s desire to gamble, such as journalists, photographers, presenters, and tipsters. Many of which work for sites that are sponsored by bookmakers such as Sky Sports and Sky Sports Racing.
Here at Betting Gods, we aren’t affiliated with or sponsored by any bookmakers, but the careers of our tipsters are also directly linked to the positive impact that gambling has on the economy.
We also try and help the economy out further by making a profit for our subscribers, so that they can spend this extra money on things they might not normally be able to afford. If you want to help make gambling good for your economy, check out horse racing tipsters and sports tipsters.