Gambling is a fast-growing market that promotes the development of other related industries such as marketing, advertising, IT, design. Today, the world is waiting for a new technological breakthrough in cyberspace, and online casinos are the virtual institutions that a large number of players around the world are interested in. However, online gambling is not allowed in all countries and many casino enthusiasts have to use loopholes in order to use online casino services.
Legalization of gambling benefits not only fans of casino online games, but also the country’s economy.
Legalization of casinos contributes to the development of the country’s economy and has the following benefits:
- Brings significant tax revenues;
- creates new jobs;
- promotes the development of related industries;
- Contributes to the financing of current and future government projects;
- creates new conditions for parallel economic sectors, enabling the growth of businesses;
- develops digitalization.
Legalization has also opened opportunities for an honest and transparent gambling industry. This, in turn, will help attract investment to the country and the emergence of new technologies.
The global legalization of online gambling is important, especially now when the Covid-19 pandemic is widespread. The coronavirus has caused damage to the world economy and every country faces the challenge of overcoming these difficult times. Many countries have to show all their ingenuity and find alternative ways to fill their budgets. And online casinos, as strange as it may sound, are one of those industries that can help a country’s economy web series review.
WHAT HAPPENED DURING CORONA
Gambling is in human nature and for many gamblers, the ban on visiting land-based casinos during the pandemic has become a big problem. However, if there is a legalization of online gambling halls, players will not have to leave their homes to visit the land-based gambling hall, but only use the Internet to access the best online casino Austria.
In general, there are two main advantages of legalization: The country receives revenue from the virtual platform and fills the budget.
Gambling enthusiasts stay at home and enjoy their favorite pastime, so the number of coronavirus patients does not grow and the country’s economy is not burdened.
Statistics show that the growth of digitalization during the pandemic contributes to the development of online entertainment. People prefer to play in online real money casinos and prefer to stay at home.
The new German State Gambling Treaty, which came into force on July 1, 2021 and regulates the legal situation in Germany, will also have an impact on the Austrian gambling market. First of all, it should be noted that sports betting is not considered gambling in Austria and therefore does not fall under the Austrian gambling monopoly. Any German online casino can now obtain a German license as long as it meets the necessary requirements, including restrictions on advertising, amount of bets and games. But the average Austrian is not so easily restricted.
On the one hand, it is possible to legally use the services of online casinos with a German license, but on the other hand, these gambling platforms offer a much lower casino payout ratio, which reduces the amount of winnings. This leads to the fact that many players start using the services of online gambling halls that do not have a German license and offer a higher payout rate, which can reduce the popularity of a good online casino in Germany.
Since the number of customers in casinos licensed in Germany will be insignificant, the revenue will also be low. This could lead to the closure of the platform and the country’s economy would lose its taxpayer. It is also worth mentioning that European online gambling halls are also regulated by licenses with strict requirements in their countries, and this is the reason why many Austrians use their services biographypark.