As practice shows, many countries make huge money on gambling. Thanks to this activity, places like Las Vegas and Macau have made a revolution in the sphere of entertainment. Every year, land-based and online casinos, along with slot machine halls, replenish the budgets of the richest countries by billions of dollars, and for some states, this activity became one of the main sources of income. For this purpose, leaders of these states agreed to bring the entire gambling business out of the shadows, to allow companies to earn honestly, and to allow people to spend their money, as well as learn how to win at slots. Here are the top 5 countries that make more money from legalized gambling taxation than you might have imagined.
Top 5 States By Tax Income From Gambling
1) China
Even though gambling is officially prohibited in mainland China, Macau and Hong Kong are considered the world’s gaming capitals. According to various estimates, gambling companies in these and other cities in China generate $37.9 billion per year. That is why China is one of the leading countries in the implementation of various technologies for tracking cash flows and combating illegal gambling.
2) The USA
The center of gambling in the United States is not only Las Vegas, but also many other states, whose total revenue is about $30.4 billion a year. Now more US states are preparing to legalize gambling and sports betting, companies are developing technologies for paying in casinos with cryptocurrency, and even Elon Musk is going to build his own tunnel for one of the new casinos in Nevada. Some experts also suggest that in the next few years, New York may become the new Las Vegas.
3) Japan
Gambling in Japan makes almost $20 billion annually. For this reason, the Japanese decided to build a new casino resort in Yokohama, and even involved investors from Galaxy Entertainment Group Ltd, Genting Singapore Ltd, Melco Resorts and Entertainment Ltd. Some of these businesses operate in Macau, Singapore and other countries, and some represent the global entertainment industry.
4) South Korea
Another Asian country that also receives a lot of money from casinos is South Korea. This business with a $5.6 billion turnover makes its contribution to the state’s budget. One of the largest Korean gambling operators is Grand Korea Leisure Company Limited, which due to quarantine experienced financial troubles, continues to bring significant taxes into the state treasury.
5) Germany
Germany closes the top-five countries that make the most money on gambling in the world. Although Germany shares this position with the UK - countries receive about $4.5 billion a year from their gambling establishments. At the same time, more than half of this money ends up in the country’s budget due to the complex tax system. Millions of dollars are paid to the state budgets after the legalization of gambling. Perhaps, this example should be followed by other states to help generate additional tax revenue for helpful social services.
Casino Conclusion
The casino industry continues to grow, both online and offline. More countries will continue legalizing or easing restrictions on casinos to increase tourism and boost their tax revenue.
