How The Gambling Industry Influenced The Economy Of Canada

Industry

Canada began gambling in 1969 when the criminal code of Canada was changed so that the provinces and territories of the country could raise funds by selling regulated lotteries. Since then Canada has grown its gambling business steadily by legalizing betting and gambling on events like racing, commercial casino houses, Bingo, lotteries, video lottery terminals etc. All the most betting is done legally under government supervision, a certain amount of gambling is done illegally in private betting houses, non-governmental lotteries and gaming houses, and online gambling.

gambling

Recent research has found that over 100 thousand Canadian are employed in the gambling and gaming sectors. It also states that this is truly perceptive and may have even more. There are several direct and indirect effects of this among the people in Canada. According to a recent statistical study, the number of people employed in this sector easily exceeds 267 thousand full-time employees. This means that it has had a direct influence on the amount of revenue generated and the salaries of the employees.

According to the director of the Canadian gaming association, the gaming sector has exploded in the past few years and has seen a large rise in the usage of machines related to it. It has become a popular form of entertainment throughout the length of the country. So popular in fact that it has been termed the most important and attended forms of entertainment in Canada.

The gambling market(Must Watch) adds a whopping 15 billion dollars into the local market via direct and indirect sources. Around 40% of this money is used to pay the employees and for buying more gambling-related equipment, products and services. When it comes to the gambling sector in the hospitality department, gaming-based entertainment accounts for the revenues generated by fully operational resorts and restaurants, besides the accommodation related services that bring a large chunk of revenue to the country. Related businesses like alcohol, food, accommodation, non-gaming related entertainment etc. also gross roughly 700 million dollars in total each year. In fact, a large part of the money that Canada required back in 1976 to organize the Montreal Olympics came from the gambling sector alone.

the gambling sector

Conclusion

So it is evident how much the Canadian economy depends on its gambling sector. This may set an example for other countries trying to step foot into this industry. It may be a good investment for fast-developing countries like India, China, Japan, South Korea, Taiwan etc. Countries such as Malta, Algeria, Isle of Man etc. have already started being lenient on their gambling laws and have started to reap results from it, and so should other countries.

 

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