The World Economy and Gaming: How Two Things are Connected Today

Gaming

Popular culture associates the image of casino entertainment with a longing for good old Las Vegas, where players go all-black or roll the dice to win big. Today, this is not so. The reality of 2022 is that the industry is being dominated by the migration of casinos to digital format, and that trend is visibly affecting the global economy.

The current state of casino performance is closely tied to the world economy. It has never happened before in the history of the game on the same scale. The expansion of the latest technologies, such as VR and mobile gaming applications, has targeted new users who had not shown an interest in gaming in the real world.

What the figures say today

The latest reports indicate a steady and expected growth of offline casino establishments and the rapid advancement of digital channels. According to the latest Research and Markets report, the forecast period from 2018 to 2022 will show a growth of 5.9% of the compound annual growth rate, with a total of 565,000 million dollars in revenue.

The figures only show the dynamics of growth, but what about the factors that feed it? Among the most popular are the increase in urbanization, the increase in users in mobile gaming applications, and new players who invest more in online services. In particular, VR gaming is the most promising growth segment in casinos, sports betting, and lotteries. It shows nearly a quarter of the growth in those areas.

Mobile gambling also breaks the bank

The mobile market is also influencing the growing economic impact of gambling. Recent data indicates that mobile gambling transactions increased by 95% last year. From a global perspective, mobile games contribute half of the revenue to the gaming industry, within which casino products take a good part.

People enjoy the convenience of downloading online games that include a full casino experience, from poker to slots. Developers prefer freemium models so that these products do not create barriers for newbies to enter the gaming world. Fortunately, many online casinos like the best Norwegian online casinos also offer reputable online payment methods on their website.

What opponents say about casinos and economic growth

Parties that view gaming as inferior to global and local economies often make several bold claims. They see gambling as a detrimental business that degrades the economy. This factor leads to an unfair redistribution of finances in the hands of a small number of entrepreneurs. Among the drawbacks discussed in games of chance linked to the economy, you can find the following:

  • Increase in poverty rates among the middle and lower classes.
  • Tax evasion, money laundering.
  • Illegal activities in the shadow of casinos are not allowed by law.
  • Public anxiety increased suicide rates.

Of course, there are at least several cases for each argument in the list. But people should know that the old casinos don’t have such a big market share today. For the most part, electronic gambling has standardized casino services, only the final product available to players, without any shady plot.

The real economic impact of gambling in today’s world

However, it is difficult to deny that there is not only the occasional economic impact of gambling today. Online casinos and mobile applications create global changes in the functioning of the economy. Countries that host gambling tend to have higher employment rates and better budget support. A prominent example of a country that has experienced the benefits of legalized gambling is the United States.

What’s more, digital casinos also create a space for the growth of specialists in marketing and web development. While in other industries the niches are full, digital gaming is always a good platform to launch the career of new graduates.

Some countries already recognize gambling as a source of extra income to mitigate the fiscal crisis. Online casinos have become part of the digital culture in social networks and app stores, so you have to take them into account.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.