The attitude of ordinary people and entire states to casinos is ambiguous. Many governments consider gambling businesses to be the source of crime and deception, while others are more loyal and ready to accept it with some restrictions. At the same time, most countries of the world have rather strict regulations, which brings significant revenues to the budget and for some cities and states, even half of their income. So, what revenues do casinos bring to the economies of various states?
Responsible Taxpayers
All over the world, billions of dollars are received from various casinos in the form of taxes. This is a reason why governments turn a blind eye to some side effects from such activities, primarily related to gambling addiction. Although, in recent years, both real and the best live dealer casinos on the Internet have done a lot to prevent the mass occurrence of this phenomenon. Now, let's explore several cases when casino activities have brought significant economic benefits to the states.
1) Malta
In Malta, there are about 300 gambling companies registered. It is noteworthy that the number of issued licenses for online casinos has grown by almost 6 times over the last years bringing a huge profit to the national economy. The total annual revenue from Maltese casinos is about 1.1 billion euros and this amount continues to grow. So, the Maltese government receives around 70 million euros in the form of taxes, licenses, and fines, which is a huge amount for a small island state. So, gambling revenues give more than 11% of the national economy.
2) Singapore
Singapore is the world leader in the rapid development of many areas of business, including gambling. Casinos in Singapore focus primarily on foreigners. Local residents need to pay an impressive amount for visiting the gambling house. The ban on gambling activities in Singapore was eliminated in 2010, and today local casinos bring about $2 billion to the state budget, which makes up almost 7% of all tax revenues.
3) Macau
This Chinese city is the capital of the Asian gambling business. More than 50% of the city's tax revenues are gambling revenues. There are more than 50 casinos here, but the taxes on their activities are very high – 35-40%. The highest taxes are for VIP tables. In total, only the VIP market in Macau brings about $5 billion to the local economy.
Conclusion
The data given for several states clearly indicates that gambling activities bring large revenues to national budgets, support the social sphere, and create jobs. However, there are also Monaco, EU countries, Canada, Australia, South Korea, the USA, Great Britain, and others that allow casinos to work legally. They even try to create the most favorable conditions for gambling establishments knowing how much profit they could bring to the state budget.
