There is a strong correlation between casinos and the Australian economy. Rated on per capita bases, Australia is among the economies in the world with the most prolific gamblers. This high gambling rate has been fuelled by several factors. Firstly, the gambling laws in Australia are quite friendly to allow gambling companies to set up gambling operations in the country.
As a result of this, multiple companies have set their gambling operations within Australia, increasing the intake of gambling among Australians. In addition to this, the tourists who regularly visit the country are known to spend much on casino-related activities thus providing an incentive for casino operators to increase the number of casino machines and also open new casino facilities.
How Casinos have Affected the Australian Economy
The Australian federal government reaps handsomely from the casino and gambling sector. It is estimated that 30% of the Australians have at one point or another engaged in one form of gambling. Casino facilities are provided as stand-alone facilities and can also be found in social and entertainment areas such as hotels and clubs. In these places, you will find different forms of gambling including lotteries and poker. Online Blackjack Australia also provides another means through which players can participate in casino games.
The Australian federal government has increased the tax levied on casino operators in an effort to curb gambling vice in the country. Such a strategy is yet to bare fruits and more casinos are opening instead of closing. The state governments collect significant revenue from the casino industry thus contributing to higher gross domestic income.
Alongside this, the casinos provide employment opportunities thus absorbing part of the workforce and reducing the unemployment rate. The major casino companies have also been quite philanthropic and some sponsor nationwide sports, competitions, and other socially uplifting projects.
Looking keenly into the casino landscape, you will realize that the big beneficiaries are the casino owners and government. The common citizen, especially, those who have been addicted to gambling gain little economically. In realization of such economic and social imbalances, the government in collaboration with Australasian Casino Association (ACA) have set up several programs to foster responsible gambling and rehabilitate those who have been addicted.
The Key Drivers of Casino Growth in Australia
- High Number of Tourists
- A Ready Home Market
- Friendly Laws and Regulations
- Attractive Wins and Jackpots
The Range of Games Offered in Australian Casinos
There are various games offered in Australian casinos. The major types are listed below:
- Aruze Blackjack
- Caribbean Stud
- Four Card Poker
- Vegas Star roulette
- Pay Gow
Alongside these games, there are variations which stem from these games. These variations include Online Blackjack Australia, rapid roulette which is a variation of the normal roulette game, and Vegas baccarat.
The Cost-Benefit Analysis of Casinos in the Australian Economy
Casinos have contributed greatly to the Australian economy. The economic contributions stem from 4 key sections. First, there is revenue generation from international tourists and interstate tourists who flock the country to enjoy the various casino services.
Secondly, the consumers benefit from increased competition in the gaming industry which forces the companies to improve their services and provide better quality gaming products. The third is capital flow which is key in growing the economy. The fourth way is through import substitution where the local citizens spend their gaming money within the country instead of spending it in offshore gaming companies.
On the downside, Casino and other gaming undertakings have been strongly linked with gambling addiction. While it is true that gaming companies offer different social benefits to the Australian community, a deeper analysis of the magnitude of addiction should also be taken into consideration.
The choice of whether to spend money on gaming is personal but excessive consumption of these gaming services may lead to an overdrive making some players succumb to addiction. But the good news is that most gamers in Australia do it as a pastime and not necessarily out of compulsion and drive to make big wins. The few who fall victim to gambling addiction are helped through the promotion of responsible gaming and rehabilitation.
Casinos are key contributors to the Australian economy. While there are social ills associated with casino gaming, the benefits far-outweigh the disadvantages. The government, therefore, needs to be more stringent on regulating casino operation and promote responsible gambling while still providing an enabling legal environment for the growth of this industry.