Online gaming not good for the economy?

Who could’a knew? From Gambling News:

Report Argues New Jersey iGaming Has Harmed the Economy

The gambling industry can provide significant economic boosts to certain areas, creating new jobs and generating millions in tax money. This argument continues to be used by proponents of the industry in many states where certain verticals are not yet legal. However, a recent report shows that New Jersey’s online casino industry is not as beneficial as initially expected.

According to research commissioned by the Campaign for Fairer Gambling, $2.4 billion has been wagered online since 2022. This activity has ended up decreasing the state’s economic activity by roughly $180 million, experts add.

NERA Economic Consulting, which did the research, believes that if this $2.4 billion was spent elsewhere, the benefits for the state would have been much greater. According to the consultancy, spending this money in other sectors would have paid out more in wages across the state, which would then have been spent in other parts of the economy.

For comparison, the $2.4 billion spent on online gambling paid $110 million in wages, which ended up generating $22 million in spending. However, another recreational industry would have paid out $1 billion in wages, generating $200 million in spending, according to NERA.

To make matters worse, much of the tax money generated by the vertical end up offset by the costs tied to online gambling-related issues, according to a study by the National Institute for Economic and Social Research in London.

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17 Responses to Online gaming not good for the economy?

  1. grim says:

    Curious, 737 Max grounded, but my flight not showing cancelled yet. Have a flight waiver available, but looks like weather issues. However, if I try to change my seat, the app crashes. BBC reported that United grounding 79 planes.

    79 planes seems like something that isn’t so easy to navigate around. What’s the odds on my flight?

  2. 1987 Condo says:

    Fortunately the “Weed” industry will fill the gap…..

  3. Juice Box says:

    Grim – Pack a chute…… “United said earlier suspended service on about 45 MAX 9s for inspections but had resumed flights with 33 airplanes.”

  4. Fast Eddie says:

    So, the Defense Secretary is in ICU and nobody tells the President of the United States? It makes you wonder how much other bullshittery is going on while everyone is in their own little world.

  5. Juice Box says:

    Obese 70 year old running around probably hernia surgery.

  6. BRT says:

    Biden isn’t making any actual decisions.

  7. Very Stable Genius says:

    Must be really stressful situation for Boeing CEO. Hopefully board will approve additional million shares in comp to keep him motivated and engaged.

    grim says:
    January 7, 2024 at 7:21 am
    Curious, 737 Max grounded, but my flight not showing cancelled yet. Have a flight waiver available, but looks like weather issues. However, if I try to change my seat, the app crashes. BBC reported that United grounding 79 planes.

    79 planes seems like something that isn’t so easy to navigate around. What’s the odds on my flight?

  8. BRT says:

    I have some Boeing stock in my IRA. Ironically sold half at the beginning of the week when it failed to break upward trendline. Hope that’s enough shield me from whatever is coming tomorrow.

  9. Very Stable Genius says:

    Lauren Boebert’s Ex Called The Cops After Physical Fight in Public on Saturday Night

    Roger Sollenberger
    Senior Political Reporter
    Updated Jan. 07, 2024 2:05PM EST
    Published Jan. 07, 2024 11:08AM EST

    On Saturday night, three years to the day after supporters of Donald Trump attacked the U.S. Capitol building, election objecting Rep. Lauren Boebert (R-CO) is the subject of an active police investigation into an alleged physical altercation with her ex-husband, Jayson Boebert, at a restaurant in her district Saturday night.

    The Silt Police Department confirmed an “active investigation” in a phone call Saturday night, but would not comment further

  10. Phoenix says:

    Wall Street-backed landlord buys 264 Las Vegas homes in $98M deal – even though Sin City has nation’s worst housing shortage – as study shows corporate sharks could own FORTY percent of all US homes by 2030

  11. SmallGovConservative says:

    Fast Eddie says:
    January 7, 2024 at 12:50 pm
    “So, the Defense Secretary is in ICU and nobody tells the President of the United States? It makes you wonder…”

    It gets better Ed, the diversity-hire Deputy Sec Def was on vacation in Puerto Rico while do-nothing Austin was in the ICU. All while the war continues in Europe and the middle east is on fire. Combine these two dopes with Blinken the twink and SlowJoe and it’s truly Keystone Cops stuff.

  12. 3b says:

    Phoenix: Will the politicians of either party do anything about that? No. They are both bought and paid for by the wealthy and powerful.

  13. Chad Powers says:

    It appears the most transparent administration in history is anything but. There were obviously protocols, regulations or even, God forbid, some laws that were broken. Very happy the adults are back in charge at the White House, but some of them are wearing adult diapers and aren’t changing them very often. But no problem, we’re going to support the Ukraine as long as it takes, even through no one is really accountable or even in their office.

    ————————
    Fast Eddie says:
    January 7, 2024 at 12:50 pm
    “So, the Defense Secretary is in ICU and nobody tells the President of the United States? It makes you wonder…”

    It gets better Ed, the diversity-hire Deputy Sec Def was on vacation in Puerto Rico while do-nothing Austin was in the ICU. All while the war continues in Europe and the middle east is on fire. Combine these two dopes with Blinken the twink and SlowJoe and it’s truly Keystone Cops stuff.

  14. Phoenix says:

    Hehe

    Outsourced door plugs, missing nuts, and overheating parts that can blow the engines.

    Hehe. No quality left in America due to unchecked Capitalism.

    Beyond the door plug, other problems have cropped up. In December, the FAA said it was monitoring inspections for loose bolts in the rudder control system on some Max aircraft. Boeing recommended the inspections after an overseas airline discovered a bolt with a missing nut, while Boeing found an undelivered aircraft with an improperly tightened nut. The FAA said Sunday that no other instances of the issue have been reported.

    In August, the FAA issued a directive saying that in some conditions, the anti-ice system on Max engines could overheat if left running for more than five minutes. That could cause the engine to break apart, putting passengers sitting behind the wing in danger and potentially forcing the plane to make an emergency landing away from an airport.

  15. Phoenix says:

    Guy with a 3 month contract and no bennies bolting an aircraft together. I’m sure he really gives a rats azz if he forgets a few bolts. Cheaper is better says the American Capitalist corporation.

    Buy your kid a parachute before his next flight. Hehe.

    We know who runs this Government, and it ain’t you Voter.

    But the relatively clean appearance of the break suggests a manufacturing issue with Boeing supplier Spirit AeroSystems — a problem that went undetected for the several weeks that the new plane had been in service.

    “I’m an Airframe & Powerplant mechanic. I’m always getting job notices from companies like Spirit wanting to hire people on 3-6 month short-term contracts. They avoid paying any benefits, but many contract workers are just learning how things are done properly when they’re let go.”

  16. Hughesrep says:

    Strap into a tube full of jet fuel assembled by the lowest bidder. What could go wrong?

  17. Boomer Remover says:

    Blew up the snow tube, jumped in the car and drove to Harriman, NY yesterday. Got all the snow we wanted with none of the shoveling.

    A band of rain is forecast to sweep through the state on Tuesday night. ~ 4″ rain. High winds as well.

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