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07 Sep 09 Total spending on gambling increases this year

The gambling industry is growing faster and faster. It is generating larger amounts of revenue and that’s why people invest so much on this industry. Gambling institutions are almost found in all countries and those countries that do not allow such endeavors are considering making gambling legal taking into account some constraints that have to be established to control this type of industry.

Last year, total spending on the gambling industry has proved to be bigger than that of last year. The 2008-2009 annual report has deemed this to be true although it was found out that the real growth, considering inflation, was negative. This was perhaps the impact of the financial downturn especially during the early months of last year where the global economy was at its worst.

“The results for 2008/09 continued to show an increase in gross gambling revenue (GGR) around the country. The GGR increased by 1.94 percent, from R15.618 billion in 2007/08, to R15.921 billion in 2008/09”, this was stated in the National Gambling Board’s 2008/09 annual report and analysis of data.

Statistics shows that most of the bulk in revenue came from the casinos with 84.4% and betting only got second place with 10.3% of the total revenue derived from gambling activities. More people opt for gambling houses and casinos because of the comfort and relaxation it gives when playing in comparison to betting in race tracks and such. Online gambling is also popular now-a-days with the current technological advancements that are prevalent in our society today.

The National Gambling Board’s 2008-2009 annual report which ended March 31 of this year also included the 36 licensed casinos that are presently operating all around the country and listed 21, 944 slot machines that are up and running. Seven hundred ninety-eight gaming tables were also recorded. It was found out that gambling taxes declared, surged up to R1.539 billion from that of last year’s annual report. There were no statements regarding the amount of money the gamblers won in lotteries, casinos and other gaming houses.

The decrease in costumer spending for last year has been offset by this year’s large increase in gambling revenue. Money spent on gambling has indeed increased during this fiscal year and this proves to be good for investors in the gambling industry as well as the local governments since there would also be an increase in the taxes earned from this particular industry.

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