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The Bottom Line

A three part article series this past week about the effects of the land and online casino gambling industries on the US economy had a couple of valid points mixed in with some of the more far-fetched ideas. The article really focused on the notion that gambling takes money away from the functioning economy and places those funds in the private sector rather than contributing to the employment rates and consumer demand for products. The article goes on to link the land and online casinos as a threat to the US national security. This is one of the points that seems to have less of a strong foundation and factual backing according to economic theory, but many of the other points have validity and have been theorized by economists as well as the University of Illinois professor authoring the articles.

The theory behind claiming that the land and online casinos weaken the economy is sound. Economists theorize that if gambling were banned, then every dollar put into the economy would bring back three times the effect. Gamblers currently spend their discretionary income at the land and online casino gambling venues – if they were unable to funnel their money into what than amounts to private bank accounts they would be buying additional products and boosting the economy. Once the money is put into the economy, there is an increased demand for products and services and more money flowing through businesses and back into the pockets of consumers in the way of wages.

Without the land and online casinos, the economist intimate that companies would have to employ more US citizens to keep up with the consumer demand – which then forms a cyclical process where more people are then earning money and funneling that back into the economy. This whole process would hypothetically significantly boost the US economy, but all rests on eliminating gambling from the US, which is not very likely in the long run.