According to a study by Oxford Economics, the gambling industry in the United States was worth $240 billion in 2013. The study also found that 1.7 million people were employed by either directly by the casinos or by the manufacturers of the machines used in gaming establishments.
The results include $38 billion in taxes at the local, state and federal level that the industry paid in 2013 for fees, property and income taxes and more. This study also addressed tribal gambling and legal online gambling that have been left out of previous studies.
The results of the study were announced at the American Gaming Association news conference on Tuesday in Las Vegas.
“We’ve known for a long time that our industry’s contributions have gone underestimated, but these numbers are bigger than even we anticipated,” said Geoff Freeman, president and CEO of the American Gaming Association. “This further underscores the importance of our message to policymakers: work with us as partners so that gaming can innovate, reinvest and create even more jobs."
The study shows that business linkages through the gambling industry have an even greater economic impact than was thought, and that the industry supports many local communities indirectly through employment generation, as well. As an example, RawOnlineCasino.com has seen remarkable growth since the site launched.
“What got the gambling industry to this point isn't going to keep it thriving, though,” said Geoff Freeman, the association's president, to the Associated Press. “With growing competition, the industry needs to seek regulatory changes that can help make the business more efficient and free up companies to be more innovative.”
The largest example of this was when four casinos closed in Atlantic City this year, putting 8,000 people out of work.
The changing regulations surrounding online and tribal gambling have affected how Americans look at legalized gambling. According to a poll by the American Gaming Association, American voters look at casino gaming favorably by a 2-1 margin, and a majority say that casinos should not have to pay more taxes than any other business.
“Voters recognize that casinos are a mainstream form of entertainment and an economic driver that supports jobs and boosts growth in communities across the nation,” said Freeman.