The Social Impact of Casino Gaming in New York Communities

For some lawmakers, the legalization of casinos and gambling itself is a moral issue that's been tackled and debated time and time again. The old perception of gambling is that casinos are run by thugs and mobsters, thus many communities shy away from allowing casinos so close to home. Of course, there are also proven benefits to the legalization of gambling and having a casino join a particular community. A large, well established casino can bring jobs to a small community, along with tax dollars that are well needed to fund a plethora of community efforts. A casino can operate as an engine to kickstart the economy, especially for disenfranchised areas

Casinos can employ hundreds of thousands of people. Back in 2017 according to Oxford Economics, the 2017 commercial casino industry employed over 361,000 people. Some vendors and supplies even commit to providing opportunities to women and minorities first. This industry is truly unique from a social perspective. Most businesses will only be willing to locate to a particular state or community if they're allowed a tax abatement, while the casino industry is the exact opposite. The social concerns of the casino industry are undeniable. Where casinos thrive, communities do. Wagers are higher, there's high employment overall. Similar to any other growing industry that has a positive impact on the community. As time has gone on and attitudes have changed, casinos have become less of a moral issue and more of an economic one.

Obviously, problem gambling can still be an issue However, problem gamblers are a very small percentage of Americans as a whole. In the U.S. at one point problem gambling made up 1.4 percent of the population. Most Americans will gamble recreationally if they decide to gamble at all. Of course, many industries make money in the US based on vices that can theoretically become a problem. Most casinos encourage responsible gambling practices. After all, it doesn't benefit their industry to have addicted gamblers who ruin their lives over a slot game or blackjack.

Gambling is regulated on a state level, whether you're making bets on a sportsbook or betting on horse racing. Every state has a different history, and New Yorks's history is rich and fascinating. For New Yorkers, most of the older population remember that gambling laws have historically limited gambling to casinos on Indian reservations. However, the Empire State has seen a lot of changes. Back in 2014, an amendment was approved to the New York constitution that allowed casinos within the state.

Mayor Eric Adams hopes casinos would boost the economy, and considering problem gambling makes up such a small percentage of the American population, it is no wonder casinos are being looked at as an alternative way to fuel the community, especially when so many small communities in New York are economically suffering, as this state is famously expensive. New York has some of the heaviest gambling tax rates in the entire nation. There is a 51% rate on gambling operators' revenue, which tops every other US state. NY bettors pay up to 12.7% tax on winnings. Gambling winnings have a 2% federal tax rate applied to them, and the New York State tax rates vary from 4% to 10.9% depending on your annual income. Overall, economy you cannot overlook the benefits casinos would have socially and economically on communities.