6bn In Australian Coffers Due To Pokies Boom

Tia Winter | 27 September 2018

Pokies BoomAustralians and gambling have always gone hand in hand. The economy also benefits greatly from gambling profits, and recent reports have shown that wagering activities are once again on the rise.

The enthusiasm for the electronic gaming machine (EGMs) has now all but exploded Down Under. Between 2016 and 2017, over a 12-month period, EGMs accounted for over $5.8bn in revenue for the state, and created more than 45 000 jobs in the sector.

In addition, income generated from both state and the commonwealth taxes just missed hitting the $4bn mark. Tourists playing EGMs, as well as the sale of some actual EGM machines to buyers abroad brought in a further $203m.

These numbers come from a report compiled by the Centre for International Economics after the Gaming Technologies Association conducted a study. The GTA was interested in seeing what the impact was of the machines on the economy, and the results painted a very accurate picture of the current state of play,

In addition to the figures, the study also showed that Australians are spending almost double playing on these machines than they did a decade ago.

Spurring On Job Creation

With the revenue from these machines, jobs have been created. In pubs and clubs nearly 43 000 people have been employed, and in casinos almost 2000 more. Another 2000 jobs in manufacturing have been filled, so it is not just the hospitality sector that benefits. At a time when employment rates are falling in other sectors, this is a real coup, and definitely gives the local economy a much-needed boost.

Clearly, the EGM is a favourite Down Under, and Australia ranks near the top of the countries that most love their gambling. Betting is almost a national pastime, and the EGM comes up a lot as the preferred way to gamble.

These machines are also readily accessible, and with the government clamping down on online wagering activities, an increasing number of players are going to be gambling in pubs and clubs again, as this is where they’ll have access to the desired entertainment options.

Taxes Put to Good Use

There have been marked increases in gambling taxes recently too, and this has helped push up profits, and in turn, aid the economy. Taxes are put to good use in the civil sector and Australia’s love of pokies is also ensuring that residents receive adequate health care that roads and infrastructure are kept in good condition, and generally, high standards are maintained across all government-controlled entities.

With $4bn in taxes paid in just one year it is easy to see just how good gambling is for the economy, and why the government has worked so hard to regulate it, and ensure that it works for all parties involved.

Source:

http://www.vegasslotsonline.com/news/2018/09/14/australian-economy-benefiting-from-6bn-slots-boom/