Study finds gambling contributes $260 Billion to US Economy

A recent Oxford Economics report has found that gambling contributes $261.1 billion into the US economy in 2017. In that amount, $40.8 billion is in the form of local, state and federal taxes.

According to the report, the industry created 1.8 million jobs and $74 billion was disbursed as benefits, wages, and gratuity. Just to add perspective to the figures, the gambling tax revenue is sufficient to pay salaries of over 690 000 new school teachers.

The job creation by the gambling industry is about 1 million more than that in the previous year.

This was attributed to the increasing availability and popularity of legalised online real money gaming, especially in states such as Delaware, Nevada, New Jersey, and Pennsylvania.

Gaming machines billed as being primarily responsible for this year’s 15.7 per cent increased slot revenue Q2 results are at the newly opened MGM Springfield, Massachusetts, and Hard Rock and Ocean Resort, Atlantic City. According to Eilers and Krejcik Gaming’s Todd Eilers, the increased interest in reel-based games was not confined to the US. Canada’s revenues for the same games grew by the same figure in the same period.

Source: GamingPost