When it comes to discussing the major effects of the gambling-powered segment on the Canadian economy, it is worth admitting that this industry is the state’s most wide-scale and economically profitable sector of entertainment. In fact, there is more than that. The latest comprehensive research on this matter has revealed that over 100,000 Canadian residents are fully employed in the gaming-centered industry sector, which therefore proves that the impact of this segment on the economy of the state is truly perceptible and even more pronounced than it could be expected. Let’s discuss the details regarding the major effects of the slots machine market on the economic condition of Canada and the local population in particular.
Essential industry segment grows at an immense speed
As far as the gaming-based segment is concerned, there are numerous indirect and direct effects produced by the gaming-related activities on the population of the state. In fact, the overall number of full-time job positions empowered by this segment in Canada alone has recently reached over 267,000. The statistics of the recent years claims that these figures have translated into huge revenues in terms of the direct income generated by laborers in this segment in the form of salaries and additional revenues.
The Director behind the Canadian Gaming Association claims that over the recent years, the gaming segment has expanded at a rapid speed and has long turned into an essential sphere of entertainment across the entire state. It now becomes clear that this segment has drawn increasingly large quantities of employees from the local population, so that it has long become one of the most highly demanded job sectors across the nation.
When it comes to discussing the specific districts where the gambling-based industry is flourishing, it is worth admitting that Ontario leads the way ahead having over 100,000 jobs in this segment being followed by such regions as Quebec and Alberta among some others (http://canadiangaming.ca/employment-impact-of-gaming-industry-in-canada-much-greater-than-previously-understood/). The figures include only direct job opportunities across the local casino operations, while the indirect ones could amount to even more pronounced statistics that is generally omitted by the regulatory bodies.
So, what are the effects of the gambling entertainment on the local economy exactly?
Here is what we have found out in this respect:
- The gambling-based market contributes more than 15 billion dollars to the local economy through direct sources with the major part of these revenues being allocated for governmental services and associated programs as well as charity work. Around 40% of the entire amount is directed to paying out the wages and salaries to local workers apart from being used for buying diverse associated products and services (https://www.cbc.ca/news/business/economic-impact-of-gambling-tops-15b-industry-1.751204).
- When it comes to discussing the contribution of gambling-driven industry into the hospitality segment, gaming entertainment is accountable for the revenues generated by fully operational restaurants and resort areas apart from the accommodation-related services that contribute a lot to the economy of the state.
- Among others, the gambling-based industry derives over 700 million dollars in non-gambling associated profits, such as the respective goods and services purchased by casino visitors including food, beverages and various non-gaming means of entertainment.
As such, it can be admitted that the gambling-powered segment has a tremendous value for the country’s GDP as well as overall economic state across the nation. This means that in the long-term perspective, this segment could just as well be liable to replace some other sectors of activity by providing many new job positions inside this industry and contributing to the economy of the state to even greater extent.