-
Casinos for you
AGA Report Showcases the Economic Benefits of Regulated Gambling in 2023
By Shane Addinall Oct 11, 2023 IndustryThe recent AGA report, researched by Oxford Economics, shows the value of a well-regulated licensed gambling sector to local governments, education programs, and other community-facing initiatives.The ideal time to study the positive impact of licensed casino gambling on a country is when you can review a recently regulated market. Earlier this week, the American Gaming Association (AGA) released a report entitled ‘National Economic Impact of the US Gaming Industry 2023’, breaking down how the industry has enhanced the economy through job creation and direct revenue influx.
AGA President and CEO Bill Miller commented on this at G2E 2023, saying:
Quote"The US gaming industry delivers long-term growth and impact to communities, generating significant tax revenue, creating strong jobs, supporting local small businesses, and funding critical community priorities.”
Join us as we learn how the local economy has benefited from legal land-based and online gambling.
The Industry Directly Increased Cash Flow
Oxford Economics reviewed the commercial viability of licensed and regulated gambling in 45 states and the District of Columbia (including commercial and tribal gaming venues).
The report outlines the following notable points:
- Contributes $328.6 billion to the US economy.
- Generates $104 billion in wages and salaries across the country.
- Generates $52.7 billion in tax revenue to federal, state, and local governments.
The report further claims that when comparing the year-to-date revenue figures for 2022 and 2023, the current year is trending 11% ahead of the previous year.
Driving Much-Needed Local Job Creation
While the revenues generated by the gambling sector in the US support more than 1.8 million jobs nationwide in ancillary services, the AGA reported that its direct employment is equally impressive.
The Oxford report found that the country's online and land-based gambling operations provide more than 700,000 jobs across a broad spectrum of technical proficiencies. For context, this means that games of chance account for 1 in 33 employment opportunities in the leisure and hospitality vertical.
It has also created more jobs in the US than the “air transportation, postal service or motion picture and video sectors” combined.
Vital Financial Resources for Community Projects
To truly judge the merit of an industry, you must continue the review beyond the income level, as the funds must flow downstream to support local businesses, underfunded communities, and grassroots initiatives.
In addition to the 1.8 million supported jobs and the 700,000 direct jobs the sector funds, the AGA shared that a review of the gaming industry finances showed that $53 billion in tax-related funding had been applied to community-facing programs.
The report details the education, infrastructure and economic development programs this income supports and notes that it also supplies "supplemental revenue for state general funds”.
You might also like