Internet sports betting industry is one of the great economic growth stories in the past fifteen years. In fact, the sports betting industry is the epitome of grass roots organic innovation. Just a decade a half ago the gambling industry did not exist. But the foresight of several individuals, combined with the entrepreneurial spirit and the advent of Internet technology led to the creation of what has become a huge sector that came out of nowhere. It would be impossible to calculate its overall impact on the global economy but just the jobs created alone by the Internet sports betting have changed the face of economies in developing economies around several regions of the world.
There are of course downsides to any kind of economic development and the development of the Internet sports betting sector is certainly no exception. There are of course the dangers of addiction that Internet sports betting presents, but that disease is neither the creation of Internet sports betting, nor would it cease to exist if Internet sports betting ceased to exist. But aside from this inherent danger that exists with any type gambling whether its cards or sports betting the overall impact of the industry has been quite positive.
Take for example countries in the Caribbean Basin such as Antigua or Aruba. These island nation’s economies have certainly be improved by the creation of the Internet sports betting industry. The Internet sports betting industry has created thousands of jobs in this region which has helped to pull many people out of poverty. For decades Latin America and the Caribbean basin have suffered from high unemployment rates and the inability to create new jobs. The industry has provided a well paying solution to these problems in many cases.
The foreign direct investment in these countries has also employed other sectors of the local work force such as the IT and construction sectors and the taxes paid by sports betting companies go to build infrastructure and schools in many depressed economies. The rise of the industry has been far from perfect but the benefits created by the Internet sports industry certainly seem to outweigh the drawbacks