HOW MUCH MONEY IS THE GAMBLING INDUSTRY WORTH?
Gambling in overall has been on a steady increase, more so with the introduction of online gambling. People can now place wagers from any place in the world and at any time. Making deposits and cashing out has never been this easy. And with this added convenience comes growth in this thriving industry. The question is, how much is this industry worth at present?
You have probably wondered how much money bookmakers make and what they contribute to the economy. It could be that you saw some winnings and wondered how a bookie could afford that much. Well, if such questions have lingered in your mind, here is some information that could prove useful:
Gambling Population
Let us start with the number of people gambling in the world at present. You probably know a gambler given that 26% of the population has gambled at one point or the other. That points to more than 1.5 billion people placing wagers. Annually, at least 4.2 people participate in gambling, and you can see how high that number is. Online gambling has fast increased in popularity, and it accounts for a considerable percentage of this. Take the UK, for example, which is a region home to many punters. At least 17% of the people living in the country participate in online gambling. Annually, the country records revenue averaging £5.3 billion.
The US is not behind in this as it is also home to a large population of gamblers. Online gambling has been on the increase over the years. In the year 2018, the country recorded revenues of $306.5 billion resulting from online gambling. From these figures, you can see that this industry is on the rise, with billions of dollars in play. We should not ignore the gambling industry because it is big part of the world’s economy and in some points it is not influenced by global events – find out why.
Average Consumer Spending
How much are people spending on gambling? How much would people need to spend on gambling for bookies to earn a tidy profit? Well, in Australia, gamblers part way with an average of $900 every year. Singaporeans are not far behind on this as the average figure per person is $890. You probably thought that Las Vegas would lead in this regard, but this is not the case. Americans come in as the third with a spending of $505 per person. Other countries record expenditure of less than $500 per head. The closest to this figure is Ireland at $490. The UK is way behind on this spending and records a value of $377 per head. However, when you consider the number of people participating in betting, you can see why this figure is no small fete.
Gambling by Region
Some regions top when it comes to gambling as this industry contributes a lot to their economies. The following are key examples in this case:
Macau- While gambling is illegal in Mainland China, it accounts for most of the economic activities in this city. In 2018, half of the revenue came from gambling, with a recorded $38 billion. Tourism and other activities account for the other half.
The United States- Anyone who is into gambling knows that Las Vegas is the place to be for table and slot games. It thus comes as no surprise that this country averages $261 billion in gambling revenues. And that is not all. This industry has provided more than 1.8 million job opportunities for people in the country. While gambling may be restricted to some states, the industry is quite profitable.
The United Kingdom- For a long time, the UK has been home to some of the top bookies in the market. Thanks to the relaxation of some laws, the gambling industry is taking off at a fast pace. In 2018 alone, the sector accounted for $14.4 billion of the country’s revenue. It may not look like much, but with the current growth rate, the industry could contribute much more. It helps to note that 32% of the population gambles weekly.