The gambling business, like any other sector of economic activity, does not exist in a vacuum. In order to function, it needs to interact with dozens of other suppliers of goods and services, hire and train employees, invest in infrastructure and social responsibility projects. If you are interested in the entertainment sphere, or gambling in particular, below you will find some ideas for earning money on related services.
Why Is It Profitable to Invest in Gambling?
In the process of formation, any sector of the economy conducts a commercial activity. New economic areas are especially actively developing after their legalization. In addition to the direct royalties that legal gaming organizers use to fund the state budget, they also generate profits in other sectors of the economy by purchasing goods and services, renting premises, and other means of production. Also, some people earn a lot of money in online casinos like real money casino list Canada. How many sectors of the economy are stimulated by the organizers of gambling?
Legislative regulation of gambling in various countries is quite strict, so it is not easy to go through the procedures for obtaining licenses and launching a business. This requires lawyers and business consultants, especially if a foreign company plans to obtain a license without experience in an off-shore jurisdiction.
2) Recruiting and training of personnel
The gaming market is completely new in some states, so the search and training of personnel require a lot of time and resources. Relevant institutions are actively investing in HR and recruiting, which not only contributes to an increase in the number of formal jobs but also provides an opportunity for companies specializing in finding and hiring personnel to earn money.
3) Rent and repair of premises
If we are talking about land-based institutions (casinos, slot machine halls, offline poker rooms), then they invest tens of millions of dollars in renting and renovating premises to bring them in line with licensing requirements. Some organizers are even building new four- and five-star hotels in order to open casinos there.
4) Purchase, certification, maintenance of equipment
For example, one modern slot machine costs 15-20,000 dollars on average. There are also the costs of its maintenance, software support, etc.
5) Investment in IT
For online gambling organizers, the main products are their online platforms and applications. Their development, improvement, and maintenance require constant investments. Some companies rely on their own IT departments, while others outsource the tasks, but in both cases, they invest tens of millions of dollars in IT.
6) Marketing, advertising, and PR
Legal gaming business, providing entertainment services, is designed to give positive emotions. And one of the most effective tools for communicating their mission and attracting clients for legal organizers is advertising and PR. Besides, the gambling industry is one of the largest advertisers in both online and offline segments, along with FMCG goods and retail technology. Socially responsible gambling advertising must comply with many rules, the observance of which is also associated with economic consequences for this business:
- Sponsorship contracts. Most gambling providers, especially in the betting industry, sponsor sports events and teams in various sports;
- Projects in the field of social responsibility and charity. Legal casinos actively invest in social responsibility projects and donate to charity. This makes it possible to better convey the real value of the gambling business to society and create a positive social effect outside the gaming sphere.
This is not a complete list of spheres in which the gambling business generates turnover directly or indirectly. There is also the purchase of furniture, uniforms for employees, the cost of maintaining the infrastructure of gambling facilities, renting offices, transport services, as well as dozens of other areas in which this business acts as a customer and pays money. This is also the reason why the positive effect of the legalization of gambling for the national economies will only increase.